Alberta Investment Management Corp Has $77.64 Million Stock Holdings in First Citizens BancShares, Inc. $FCNCA

Key Points

• Alberta Investment Management Corp increased its stake in First Citizens BancShares by 11.4% in the fourth quarter, ending with 36,176 shares valued at about $77.64 million.
• First Citizens BancShares reported Q1 earnings of $44.86 per share, topping analyst estimates, though revenue came in slightly below expectations at $2.14 billion.
• The company recently paid a quarterly dividend of $2.10 per share, and CEO Frank B. Holding, Jr. also bought additional shares in a recent insider transaction.

Alberta Investment Management Corp lifted its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 11.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 36,176 shares of the bank's stock after purchasing an additional 3,700 shares during the period. Alberta Investment Management Corp owned about 0.29% of First Citizens BancShares worth $77,640,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its holdings in shares of First Citizens BancShares by 4.4% during the third quarter. JPMorgan Chase & Co. now owns 435,278 shares of the bank's stock worth $778,785,000 after purchasing an additional 18,190 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in First Citizens BancShares by 117,518.9% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 205,833 shares of the bank's stock valued at $441,755,000 after acquiring an additional 205,658 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in First Citizens BancShares by 0.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 124,061 shares of the bank's stock valued at $266,273,000 after acquiring an additional 492 shares during the last quarter. Morgan Stanley increased its position in First Citizens BancShares by 31.8% during the 4th quarter. Morgan Stanley now owns 123,048 shares of the bank's stock valued at $264,087,000 after purchasing an additional 29,681 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in First Citizens BancShares by 11.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 122,317 shares of the bank's stock valued at $262,514,000 after purchasing an additional 12,303 shares during the period. Institutional investors own 78.01% of the company's stock.

First Citizens BancShares Stock Down 1.9%

First Citizens BancShares stock opened at $2,068.75 on Tuesday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.67. First Citizens BancShares, Inc. has a 12-month low of $1,623.76 and a 12-month high of $2,232.21. The firm's fifty day moving average is $1,991.72 and its 200 day moving average is $2,010.63. The company has a market capitalization of $23.98 billion, a PE ratio of 11.90, a PEG ratio of 1.61 and a beta of 0.62.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its earnings results on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, beating the consensus estimate of $43.31 by $1.55. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.The company had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.20 billion. During the same period last year, the business posted $37.79 EPS. As a group, sell-side analysts predict that First Citizens BancShares, Inc. will post 177.84 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 29th were issued a dividend of $2.10 per share. The ex-dividend date was Friday, May 29th. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. First Citizens BancShares's payout ratio is currently 4.83%.

Insider Activity at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. bought 528 shares of the stock in a transaction dated Friday, June 5th. The shares were bought at an average cost of $1,813.37 per share, with a total value of $957,459.36. Following the completion of the transaction, the chief executive officer directly owned 64,100 shares of the company's stock, valued at $116,237,017. This trade represents a 0.83% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders purchased a total of 7,286 shares of company stock worth $12,722,668 in the last ninety days. Insiders own 14.63% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on FCNCA shares. Keefe, Bruyette & Woods reduced their price objective on shares of First Citizens BancShares from $2,375.00 to $2,300.00 and set an "outperform" rating on the stock in a research note on Thursday, April 9th. Deutsche Bank Aktiengesellschaft downgraded shares of First Citizens BancShares from a "buy" rating to a "hold" rating and set a $2,154.00 target price for the company. in a research note on Wednesday, April 8th. JPMorgan Chase & Co. dropped their target price on shares of First Citizens BancShares from $2,200.00 to $2,150.00 and set a "neutral" rating on the stock in a report on Friday, April 24th. Citigroup reaffirmed a "neutral" rating on shares of First Citizens BancShares in a research report on Friday, April 24th. Finally, Zacks Research raised First Citizens BancShares from a "strong sell" rating to a "hold" rating in a research report on Monday, March 30th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $2,215.91.

First Citizens BancShares Profile

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.

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