174 Shares in First Citizens BancShares, Inc. $FCNCA Purchased by Alyeska Investment Group L.P.

Key Points

• Alyeska Investment Group L.P. acquired 174 shares of First Citizens BancShares, Inc. for approximately $323,000, marking a new position in the bank's stocks.
• Several other institutional investors also increased their stakes in First Citizens BancShares, leading to an ownership of 78.01% of the stock by institutional investors.
• Recent analyst reviews have mostly been positive with seven buy ratings and a consensus price target of $2,291.17 for the stock.

Alyeska Investment Group L.P. acquired a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 174 shares of the bank's stock, valued at approximately $323,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. increased its holdings in First Citizens BancShares by 2.3% in the 1st quarter. JPMorgan Chase & Co. now owns 401,167 shares of the bank's stock worth $743,815,000 after acquiring an additional 9,070 shares in the last quarter. Egerton Capital UK LLP lifted its position in First Citizens BancShares by 21.7% in the first quarter. Egerton Capital UK LLP now owns 124,773 shares of the bank's stock valued at $231,344,000 after buying an additional 22,257 shares during the last quarter. GAMMA Investing LLC lifted its position in First Citizens BancShares by 169,861.1% in the first quarter. GAMMA Investing LLC now owns 122,372 shares of the bank's stock valued at $226,892,000 after buying an additional 122,300 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in First Citizens BancShares by 83.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 107,523 shares of the bank's stock valued at $227,198,000 after buying an additional 48,994 shares during the last quarter. Finally, Nuveen LLC acquired a new stake in shares of First Citizens BancShares during the first quarter worth about $149,963,000. Hedge funds and other institutional investors own 78.01% of the company's stock.

Insider Activity at First Citizens BancShares

In related news, insider Hope Holding Bryant bought 409 shares of the company's stock in a transaction on Thursday, August 7th. The shares were purchased at an average cost of $1,630.00 per share, with a total value of $666,670.00. Following the completion of the transaction, the insider directly owned 1,764 shares of the company's stock, valued at approximately $2,875,320. This represents a 30.18% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Frank B. Holding, Jr. bought 600 shares of the company's stock in a transaction on Thursday, August 7th. The stock was bought at an average cost of $1,698.75 per share, for a total transaction of $1,019,250.00. Following the completion of the transaction, the chief executive officer directly owned 32,300 shares of the company's stock, valued at $54,869,625. This trade represents a 1.89% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 1,494 shares of company stock valued at $2,485,986. Corporate insiders own 13.40% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Jefferies Financial Group assumed coverage on shares of First Citizens BancShares in a research report on Wednesday, May 21st. They set a "hold" rating and a $2,050.00 price target on the stock. TD Cowen began coverage on shares of First Citizens BancShares in a research note on Thursday, May 15th. They issued a "buy" rating and a $2,400.00 price target on the stock. UBS Group reissued a "buy" rating and issued a $2,410.00 price objective on shares of First Citizens BancShares in a report on Wednesday, July 9th. JPMorgan Chase & Co. lifted their price objective on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Finally, Cowen reiterated a "buy" rating on shares of First Citizens BancShares in a research report on Monday, July 28th. Seven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, First Citizens BancShares currently has an average rating of "Moderate Buy" and a consensus target price of $2,291.17.

First Citizens BancShares Trading Up 0.5%

FCNCA traded up $10.37 during midday trading on Friday, hitting $1,974.80. The company's stock had a trading volume of 119,896 shares, compared to its average volume of 136,513. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.76. First Citizens BancShares, Inc. has a 52-week low of $1,473.62 and a 52-week high of $2,412.93. The firm has a market cap of $25.51 billion, a P/E ratio of 11.65 and a beta of 0.71. The firm has a 50-day moving average price of $1,993.88 and a two-hundred day moving average price of $1,889.63.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings results on Friday, July 25th. The bank reported $44.78 earnings per share for the quarter, topping analysts' consensus estimates of $39.08 by $5.70. The firm had revenue of $2.38 billion during the quarter, compared to analysts' expectations of $2.21 billion. First Citizens BancShares had a return on equity of 11.32% and a net margin of 16.37%. On average, research analysts anticipate that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be given a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Friday, August 29th. First Citizens BancShares's dividend payout ratio is currently 4.60%.

First Citizens BancShares Company 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.