Blueshift Asset Management LLC Invests $260,000 in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Key Points

• Blueshift Asset Management LLC has made a new investment of approximately $260,000 in First Citizens BancShares, acquiring 140 shares of the bank's stock.
• Several institutional investors have significantly increased their holdings in First Citizens BancShares, with GAMMA Investing LLC raising its position by over 169,861%.
• Analysts have mixed ratings for the stock, with a consensus price target of $2,291.17 and various buy, hold, and sell recommendations from different firms.

Blueshift Asset Management LLC purchased a new stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 140 shares of the bank's stock, valued at approximately $260,000.

Other institutional investors also recently modified their holdings of the company. Commerce Bank lifted its stake in First Citizens BancShares by 0.9% in the first quarter. Commerce Bank now owns 22,400 shares of the bank's stock worth $41,532,000 after acquiring an additional 206 shares during the period. US Bancorp DE boosted its position in shares of First Citizens BancShares by 16.2% during the first quarter. US Bancorp DE now owns 866 shares of the bank's stock valued at $1,606,000 after buying an additional 121 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new position in First Citizens BancShares in the first quarter worth about $3,873,000. Tredje AP fonden lifted its position in shares of First Citizens BancShares by 101.7% during the 1st quarter. Tredje AP fonden now owns 12,171 shares of the bank's stock valued at $22,566,000 after buying an additional 6,137 shares in the last quarter. Finally, XTX Topco Ltd lifted its position in shares of First Citizens BancShares by 101.3% during the 1st quarter. XTX Topco Ltd now owns 475 shares of the bank's stock valued at $881,000 after buying an additional 239 shares in the last quarter. 78.01% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

FCNCA has been the subject of several research reports. TD Cowen began coverage on 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. UBS Group reaffirmed a "buy" rating and set a $2,410.00 target price on shares of First Citizens BancShares in a report on Wednesday, July 9th. JPMorgan Chase & Co. increased 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 report on Tuesday, July 1st. Cowen reiterated a "buy" rating on shares of First Citizens BancShares in a research report on Monday, July 28th. Finally, Piper Sandler set a $2,150.00 price objective on First Citizens BancShares and gave the stock a "neutral" rating in a research report on Monday, July 28th. 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's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $2,291.17.

Insider Activity at First Citizens BancShares

In other news, major shareholder Olivia Britton Holding purchased 66 shares of the stock in a transaction dated Tuesday, July 29th. The shares were purchased at an average cost of $1,735.00 per share, with a total value of $114,510.00. Following the completion of the acquisition, the insider owned 121,926 shares in the company, valued at $211,541,610. This represents a 0.05% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 13.40% of the stock is currently owned by corporate insiders.

First Citizens BancShares Stock Down 0.8%

Shares of FCNCA stock traded down $15.28 during trading hours on Thursday, hitting $1,833.47. 16,698 shares of the company were exchanged, compared to its average volume of 86,072. The business has a 50 day moving average of $1,967.74 and a two-hundred day moving average of $1,930.05. First Citizens BancShares, Inc. has a 52 week low of $1,473.62 and a 52 week high of $2,412.93. The company has a market capitalization of $24.37 billion, a PE ratio of 10.80 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 (NASDAQ:FCNCA - Get Free Report) last issued its quarterly earnings data on Friday, July 25th. The bank reported $44.78 earnings per share for the quarter, topping the consensus estimate of $39.08 by $5.70. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.30%. The business had revenue of $2.38 billion during the quarter, compared to analysts' expectations of $2.21 billion. Analysts anticipate that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

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

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.