Assenagon Asset Management S.A. Purchases 2,816 Shares of First Citizens BancShares, Inc. $FCNCA

Key Points

• Assenagon Asset Management increased its stake in First Citizens BancShares by 115.4% in Q1, buying 2,816 additional shares and bringing its total position to 5,256 shares worth about $9.9 million.
• Institutional ownership remains high, with several other hedge funds and asset managers also adding to or initiating positions; institutions now own 78.01% of the stock.
• Analyst sentiment is mixed but mostly cautious, with the stock currently carrying an average “Hold” rating and an average price target of $2,215.91, while recent earnings beat EPS estimates and the company paid a quarterly dividend of $2.10 per share.

Assenagon Asset Management S.A. boosted its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 115.4% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 5,256 shares of the bank's stock after purchasing an additional 2,816 shares during the quarter. Assenagon Asset Management S.A.'s holdings in First Citizens BancShares were worth $9,906,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of FCNCA. Steph & Co. raised its holdings in First Citizens BancShares by 71.4% in the first quarter. Steph & Co. now owns 36 shares of the bank's stock worth $68,000 after buying an additional 15 shares during the last quarter. Signal Advisors Wealth LLC bought a new stake in shares of First Citizens BancShares during the first quarter valued at approximately $211,000. SG Americas Securities LLC raised its holdings in First Citizens BancShares by 231.3% in the 1st quarter. SG Americas Securities LLC now owns 10,986 shares of the bank's stock worth $20,705,000 after acquiring an additional 7,670 shares during the last quarter. Sheets Smith Wealth Management raised its holdings in First Citizens BancShares by 0.8% in the 1st quarter. Sheets Smith Wealth Management now owns 2,910 shares of the bank's stock worth $5,484,000 after acquiring an additional 23 shares during the last quarter. Finally, Rockefeller Capital Management L.P. lifted its position in First Citizens BancShares by 28.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 374 shares of the bank's stock valued at $804,000 after acquiring an additional 82 shares in the last quarter. 78.01% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FCNCA has been the subject of a number of research analyst reports. Zacks Research raised First Citizens BancShares from a "strong sell" rating to a "hold" rating in a report on Monday, March 30th. Citigroup reaffirmed a "neutral" rating on shares of First Citizens BancShares in a report on Friday, April 24th. Piper Sandler set a $2,050.00 price objective on First Citizens BancShares in a research report on Friday, April 24th. TD Cowen reduced their price objective on First Citizens BancShares from $2,500.00 to $2,300.00 and set a "buy" rating for the company in a report on Monday, April 27th. Finally, Wall Street Zen upgraded First Citizens BancShares from a "sell" rating to a "hold" rating in a report on Saturday. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, First Citizens BancShares currently has an average rating of "Hold" and an average price target of $2,215.91.

Insider Buying and Selling

In other news, CEO Frank B. Holding, Jr. bought 528 shares of the stock in a transaction on Friday, June 5th. The shares were bought at an average price of $1,813.37 per share, with a total value of $957,459.36. Following the completion of the acquisition, the chief executive officer owned 64,100 shares in the company, valued at $116,237,017. The trade was a 0.83% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders acquired a total of 7,190 shares of company stock worth $12,573,868 in the last three months. 14.63% of the stock is currently owned by corporate insiders.

First Citizens BancShares Trading Up 0.1%

Shares of FCNCA stock opened at $2,080.89 on Monday. The company has a current ratio of 1.00, a quick 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 stock has a market capitalization of $24.12 billion, a P/E ratio of 11.97, a P/E/G ratio of 1.60 and a beta of 0.62. The firm's 50 day moving average is $2,014.37 and its 200 day moving average is $2,021.24.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share for the quarter, beating analysts' consensus estimates of $43.31 by $1.55. The business had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.20 billion. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. During the same period in the previous year, the business earned $37.79 EPS. Research analysts expect that First Citizens BancShares, Inc. will post 175.61 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 15th. Investors of record on Friday, May 29th were issued a $2.10 dividend. The ex-dividend date of this dividend 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 presently 4.83%.

First Citizens BancShares Company 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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