First Citizens BancShares, Inc. (NASDAQ:FCNCA) Holdings Boosted by Assetmark Inc.

Key Points

• Assetmark Inc. increased its stake in First Citizens BancShares by 11.9%, acquiring 640 additional shares, bringing its total holdings to 6,003 shares valued at approximately $11.13 million.
• Institutional investors, including various hedge funds, own 78.01% of First Citizens BancShares, reflecting a strong institutional interest in the company.
• First Citizens BancShares reported a notable earnings per share of $44.78 for the last quarter, surpassing analysts’ estimates by $5.70.

Assetmark Inc. increased its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 11.9% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 6,003 shares of the bank's stock after acquiring an additional 640 shares during the period. Assetmark Inc.'s holdings in First Citizens BancShares were worth $11,130,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of FCNCA. MassMutual Private Wealth & Trust FSB lifted its stake in First Citizens BancShares by 54.5% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank's stock worth $32,000 after purchasing an additional 6 shares in the last quarter. Community Bank N.A. acquired a new position in shares of First Citizens BancShares in the first quarter worth $44,000. Johnson Financial Group Inc. purchased a new stake in shares of First Citizens BancShares during the 4th quarter worth $77,000. Wayfinding Financial LLC purchased a new stake in shares of First Citizens BancShares during the 1st quarter worth $64,000. Finally, Toth Financial Advisory Corp lifted its position in shares of First Citizens BancShares by 263.6% during the 1st quarter. Toth Financial Advisory Corp now owns 40 shares of the bank's stock worth $74,000 after purchasing an additional 29 shares during the last quarter. 78.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. purchased 350 shares of First Citizens BancShares stock in a transaction dated Friday, May 2nd. The shares were acquired at an average price of $1,610.00 per share, with a total value of $563,500.00. Following the completion of the transaction, the chief executive officer owned 2,758 shares of the company's stock, valued at approximately $4,440,380. This trade represents a 14.53% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 13.19% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on FCNCA shares. TD Cowen started coverage on shares of First Citizens BancShares in a report on Thursday, May 15th. They issued a "buy" rating and a $2,400.00 target price for the company. Jefferies Financial Group assumed coverage on shares of First Citizens BancShares in a research note on Wednesday, May 21st. They set a "hold" rating and a $2,050.00 price target on the stock. Wall Street Zen lowered shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a research report on Monday, April 28th. Cowen reissued a "buy" rating on shares of First Citizens BancShares in a research report on Monday. Finally, Barclays lowered their price target on shares of First Citizens BancShares from $2,568.00 to $2,400.00 and set an "equal weight" rating for the company in a report on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $2,291.17.

First Citizens BancShares Trading Down 0.2%

FCNCA stock traded down $4.14 during midday trading on Wednesday, hitting $2,027.76. 15,820 shares of the company's stock were exchanged, compared to its average volume of 84,126. First Citizens BancShares, Inc. has a 1-year low of $1,473.62 and a 1-year high of $2,412.93. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.77. The business has a 50-day simple moving average of $1,957.65 and a two-hundred day simple moving average of $1,937.92. The stock has a market capitalization of $26.95 billion, a PE ratio of 11.95 and a beta of 0.64.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its earnings results on Friday, July 25th. The bank reported $44.78 earnings per share for the quarter, beating the consensus estimate of $39.08 by $5.70. The business had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.21 billion. First Citizens BancShares had a return on equity of 11.30% and a net margin of 16.37%. On average, sell-side analysts predict that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be paid a dividend of $1.95 per share. The ex-dividend date is Friday, August 29th. This represents a $7.80 annualized dividend and a dividend yield of 0.38%. First Citizens BancShares's dividend payout ratio is presently 4.60%.

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.