Assenagon Asset Management S.A. Has $1.18 Million Stock Position in First Citizens BancShares, Inc. $FCNCA

Key Points

• Assenagon Asset Management cut its First Citizens BancShares position by 89.2% in the second quarter, leaving it with 569 shares valued at approximately $1.18 million. Institutional investors collectively own 78.01% of the stock.
• First Citizens reported quarterly revenue of $2.43 billion and EPS of $57.09, exceeding consensus estimates. CEO Frank B. Holding Jr. also purchased 528 shares, while insiders own 14.63% of the company.
• Analysts maintain a generally cautious outlook, with the stock carrying a consensus “Hold” rating and a $2,278.31 price target. The company declared a quarterly dividend of $2.10 per share, representing a 0.4% annualized yield.

Assenagon Asset Management S.A. lessened its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 89.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 569 shares of the bank's stock after selling 4,687 shares during the quarter. Assenagon Asset Management S.A.'s holdings in First Citizens BancShares were worth $1,184,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. increased its position in shares of First Citizens BancShares by 117,518.9% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 205,833 shares of the bank's stock valued at $441,755,000 after buying an additional 205,658 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in First Citizens BancShares by 1.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 125,947 shares of the bank's stock valued at $237,333,000 after acquiring an additional 1,886 shares during the period. Morgan Stanley lifted its holdings in shares of First Citizens BancShares by 31.8% during the fourth quarter. Morgan Stanley now owns 123,048 shares of the bank's stock worth $264,087,000 after buying an additional 29,681 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of First Citizens BancShares by 11.2% in the fourth 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 buying an additional 12,303 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its holdings in First Citizens BancShares by 20.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 91,876 shares of the bank's stock valued at $174,048,000 after buying an additional 15,788 shares during the period. 78.01% of the stock is owned by institutional investors.

Insider Activity

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 528 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was purchased at an average cost of $1,813.37 per share, with a total value of $957,459.36. Following the completion of the acquisition, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders acquired 1,250 shares of company stock valued at $2,316,557 in the last 90 days. 14.63% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on FCNCA shares. Wall Street Zen upgraded First Citizens BancShares from a "sell" rating to a "hold" rating in a research report on Saturday, June 27th. Jefferies Financial Group restated a "hold" rating and issued a $2,300.00 target price on shares of First Citizens BancShares in a report on Thursday, July 23rd. Weiss Ratings raised First Citizens BancShares from a "hold (c+)" rating to a "buy (b)" rating in a research report on Tuesday. Citigroup reiterated a "neutral" rating on shares of First Citizens BancShares in a research report on Friday, July 24th. Finally, The Goldman Sachs Group upped their target price on shares of First Citizens BancShares from $2,100.00 to $2,340.00 and gave the stock a "neutral" rating in a report on Tuesday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat, First Citizens BancShares presently has an average rating of "Hold" and a consensus price target of $2,278.31.

First Citizens BancShares Trading Up 1.0%

Shares of FCNCA stock opened at $2,291.33 on Friday. First Citizens BancShares, Inc. has a 1 year low of $1,623.76 and a 1 year high of $2,296.30. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.00 and a quick ratio of 1.00. The stock's 50 day simple moving average is $2,134.16 and its two-hundred day simple moving average is $2,024.78. The company has a market cap of $25.87 billion, a PE ratio of 12.25, a price-to-earnings-growth ratio of 1.73 and a beta of 0.62.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its earnings results on Thursday, July 23rd. The bank reported $57.09 EPS for the quarter, topping analysts' consensus estimates of $0.41 by $56.68. First Citizens BancShares had a net margin of 16.28% and a return on equity of 12.07%. The business had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.16 billion. Research analysts predict that First Citizens BancShares, Inc. will post 190.06 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be paid a dividend of $2.10 per share. The ex-dividend date is Monday, August 31st. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. First Citizens BancShares's dividend payout ratio is 4.49%.

About First Citizens BancShares

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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