BI Asset Management Fondsmaeglerselskab A S Has $19.11 Million Stock Position in First Citizens BancShares, Inc. $FCNCA

Key Points

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BI Asset Management Fondsmaeglerselskab A S grew its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 45.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,304 shares of the bank's stock after purchasing an additional 3,218 shares during the period. BI Asset Management Fondsmaeglerselskab A S owned approximately 0.08% of First Citizens BancShares worth $19,105,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Teacher Retirement System of Texas bought a new position in shares of First Citizens BancShares during the 1st quarter valued at about $2,642,000. Bank of New York Mellon Corp lifted its position in shares of First Citizens BancShares by 1.9% in the first quarter. Bank of New York Mellon Corp now owns 40,553 shares of the bank's stock worth $75,190,000 after purchasing an additional 772 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in shares of First Citizens BancShares by 16.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 190 shares of the bank's stock worth $352,000 after purchasing an additional 27 shares in the last quarter. Kingswood Wealth Advisors LLC purchased a new stake in shares of First Citizens BancShares in the first quarter worth approximately $439,000. Finally, DAVENPORT & Co LLC purchased a new stake in shares of First Citizens BancShares in the first quarter worth approximately $221,000. Institutional investors own 78.01% of the company's stock.

First Citizens BancShares Price Performance

Shares of NASDAQ FCNCA traded up $50.36 during midday trading on Friday, reaching $1,987.99. 155,176 shares of the company traded hands, compared to its average volume of 143,805. The firm has a market cap of $25.68 billion, a PE ratio of 11.73 and a beta of 0.64. The stock's 50-day simple moving average is $1,982.21 and its 200-day simple moving average is $1,901.33. First Citizens BancShares, Inc. has a 12 month low of $1,473.62 and a 12 month high of $2,412.93. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.04 and a current ratio of 1.04.

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 (EPS) for the quarter, beating analysts' consensus estimates of $39.08 by $5.70. First Citizens BancShares had a return on equity of 11.32% and a net margin of 16.37%.The business had revenue of $2.38 billion during the quarter, compared to analysts' expectations of $2.21 billion. As a group, equities analysts anticipate that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

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

Analysts Set New Price Targets

Several equities analysts recently weighed in on FCNCA shares. 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. TD Cowen initiated coverage on First Citizens BancShares in a report on Thursday, May 15th. They set a "buy" rating and a $2,400.00 price target on the stock. Cowen reiterated a "buy" rating on shares of First Citizens BancShares in a report on Monday, July 28th. Jefferies Financial Group initiated coverage on shares of First Citizens BancShares in a research note on Wednesday, May 21st. They issued a "hold" rating and a $2,050.00 price objective on the stock. Finally, UBS Group restated a "buy" rating and issued a $2,410.00 price objective on shares of First Citizens BancShares in a research note on Wednesday, July 9th. Seven analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, First Citizens BancShares presently has a consensus rating of "Moderate Buy" and a consensus target price of $2,291.17.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, insider Hope Holding Bryant purchased 409 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The stock was acquired at an average cost of $1,630.00 per share, with a total value of $666,670.00. Following the completion of the acquisition, the insider directly owned 1,764 shares of the company's stock, valued at $2,875,320. This represents a 30.18% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Olivia Britton Holding purchased 409 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The stock was acquired at an average cost of $1,630.00 per share, with a total value of $666,670.00. Following the completion of the acquisition, the insider directly owned 1,764 shares of the company's stock, valued at $2,875,320. The trade was a 30.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 1,494 shares of company stock valued at $2,485,986 over the last ninety days. 13.19% of the stock is owned by insiders.

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.