Asset Management One Co. Ltd. Grows Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Asset Management One Co. Ltd. raised its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 3.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,802 shares of the bank's stock after buying an additional 139 shares during the period. Asset Management One Co. Ltd.'s holdings in First Citizens BancShares were worth $7,049,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in FCNCA. Sei Investments Co. raised its holdings in shares of First Citizens BancShares by 69.6% in the fourth quarter. Sei Investments Co. now owns 3,031 shares of the bank's stock valued at $6,404,000 after acquiring an additional 1,244 shares in the last quarter. Kingswood Wealth Advisors LLC purchased a new position in First Citizens BancShares during the 1st quarter valued at about $439,000. Janney Montgomery Scott LLC increased its position in First Citizens BancShares by 5.3% during the 1st quarter. Janney Montgomery Scott LLC now owns 3,991 shares of the bank's stock valued at $7,402,000 after purchasing an additional 202 shares during the period. Raymond James Financial Inc. bought a new stake in shares of First Citizens BancShares in the 4th quarter valued at about $39,739,000. Finally, Assetmark Inc. lifted its position in shares of First Citizens BancShares by 57.7% in the 4th quarter. Assetmark Inc. now owns 5,363 shares of the bank's stock worth $11,332,000 after purchasing an additional 1,962 shares during the period. 78.01% of the stock is owned by hedge funds and other institutional investors.

First Citizens BancShares Stock Performance

NASDAQ FCNCA traded up $86.84 on Tuesday, hitting $2,043.31. 99,922 shares of the company's stock traded hands, compared to its average volume of 88,813. The firm's 50-day moving average price is $1,857.94 and its two-hundred day moving average price is $1,939.91. The firm has a market capitalization of $27.16 billion, a PE ratio of 11.70, a P/E/G ratio of 0.91 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 1-year low of $1,473.62 and a 1-year high of $2,412.93.

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

First Citizens BancShares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Friday, May 30th were issued a $1.95 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $7.80 annualized dividend and a dividend yield of 0.38%. First Citizens BancShares's dividend payout ratio (DPR) is presently 4.47%.

Insider Activity

In related news, CEO Frank B. Holding, Jr. bought 350 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The shares were purchased at an average cost of $1,610.00 per share, with a total value of $563,500.00. Following the completion of the acquisition, the chief executive officer directly owned 2,758 shares in the company, valued at approximately $4,440,380. The trade was a 14.53% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 13.19% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Cowen assumed coverage on shares of First Citizens BancShares in a report on Wednesday, May 14th. They set a "buy" rating on the stock. The Goldman Sachs Group reduced their target price on First Citizens BancShares from $2,535.00 to $2,200.00 and set a "buy" rating on the stock in a research report on Tuesday, March 18th. Piper Sandler raised First Citizens BancShares from a "neutral" rating to an "overweight" rating and set a $2,250.00 price target for the company in a report on Tuesday, March 11th. JPMorgan Chase & Co. boosted their price target on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an "overweight" rating in a research note on Tuesday. Finally, TD Cowen assumed coverage on shares of First Citizens BancShares in a research report on Thursday, May 15th. They issued a "buy" rating and a $2,400.00 price objective for the company. One research analyst has rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $2,311.17.

About First Citizens BancShares

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.