Asahi Life Asset Management CO. LTD. Makes New $311,000 Investment in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Asahi Life Asset Management CO. LTD. acquired a new stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 168 shares of the bank's stock, valued at approximately $311,000.

Several other large investors have also recently modified their holdings of FCNCA. Farther Finance Advisors LLC raised its stake in First Citizens BancShares by 360.9% during the fourth quarter. Farther Finance Advisors LLC now owns 212 shares of the bank's stock worth $448,000 after buying an additional 166 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its position in First Citizens BancShares by 45.1% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 235 shares of the bank's stock worth $496,000 after acquiring an additional 73 shares during the period. Thrivent Financial for Lutherans raised its position in First Citizens BancShares by 46.5% in the fourth quarter. Thrivent Financial for Lutherans now owns 35,962 shares of the bank's stock worth $75,997,000 after acquiring an additional 11,408 shares during the period. Intech Investment Management LLC raised its position in First Citizens BancShares by 68.7% in the fourth quarter. Intech Investment Management LLC now owns 1,044 shares of the bank's stock worth $2,206,000 after acquiring an additional 425 shares during the period. Finally, Xponance Inc. raised its position in First Citizens BancShares by 15.7% in the fourth quarter. Xponance Inc. now owns 1,119 shares of the bank's stock worth $2,364,000 after acquiring an additional 152 shares during the period. Institutional investors own 78.01% of the company's stock.

Insider Buying and Selling

In related news, CEO Frank B. Holding, Jr. purchased 350 shares of the company's stock in a transaction dated Friday, May 2nd. The shares were purchased at an average price of $1,610.00 per share, with a total value of $563,500.00. Following the acquisition, the chief executive officer directly owned 2,758 shares in the company, valued at $4,440,380. The trade was a 14.53% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 13.40% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on FCNCA shares. Cowen started coverage on shares of First Citizens BancShares in a research report on Wednesday, May 14th. They issued a "buy" rating on the stock. UBS Group reissued a "buy" rating and issued a $2,410.00 price target on shares of First Citizens BancShares in a research note on Wednesday, July 9th. Wall Street Zen cut shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a research note on Monday, April 28th. Citigroup upped their price objective on shares of First Citizens BancShares from $1,900.00 to $2,050.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. Finally, Barclays lowered their price target on shares of First Citizens BancShares from $2,568.00 to $2,400.00 and set an "equal weight" rating for the company in a report on Friday, April 25th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, First Citizens BancShares presently has an average rating of "Moderate Buy" and an average price target of $2,299.50.

First Citizens BancShares Trading Up 0.2%

NASDAQ FCNCA traded up $3.62 during trading on Wednesday, hitting $2,084.48. The company had a trading volume of 69,019 shares, compared to its average volume of 89,148. The company's fifty day moving average is $1,925.05 and its 200-day moving average is $1,939.56. The company has a market cap of $27.70 billion, a price-to-earnings ratio of 11.94, a price-to-earnings-growth ratio of 0.96 and a beta of 0.64. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.77. First Citizens BancShares, Inc. has a one year low of $1,473.62 and a one year high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its earnings results on Thursday, April 24th. The bank reported $37.79 earnings per share for the quarter, topping analysts' consensus estimates of $37.72 by $0.07. The firm had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.22 billion. First Citizens BancShares had a net margin of 17.10% and a return on equity of 11.98%. On average, sell-side analysts predict that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Friday, May 30th were given a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a yield of 0.37%. The ex-dividend date was Friday, May 30th. First Citizens BancShares's dividend payout ratio (DPR) is 4.47%.

First Citizens BancShares Profile

First Citizens BancShares, Inc operates as the holding company for First-Citizens Bank & Trust Company that provides retail and commercial banking services to individuals, businesses, and professionals. The company's deposit products include checking, savings, money market, and time deposit accounts.