E. Ohman J or Asset Management AB Has $28.54 Million Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

E. Ohman J or Asset Management AB cut its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 15.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,392 shares of the bank's stock after selling 2,899 shares during the period. E. Ohman J or Asset Management AB owned approximately 0.11% of First Citizens BancShares worth $28,539,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Vest Financial LLC bought a new position in First Citizens BancShares during the 1st quarter valued at $1,557,000. Triangle Securities Wealth Management boosted its stake in First Citizens BancShares by 19.0% during the 1st quarter. Triangle Securities Wealth Management now owns 282 shares of the bank's stock valued at $523,000 after purchasing an additional 45 shares in the last quarter. Whipplewood Advisors LLC boosted its stake in First Citizens BancShares by 10,900.0% during the 1st quarter. Whipplewood Advisors LLC now owns 110 shares of the bank's stock valued at $204,000 after purchasing an additional 109 shares in the last quarter. GAMMA Investing LLC boosted its stake in First Citizens BancShares by 169,861.1% during the 1st quarter. GAMMA Investing LLC now owns 122,372 shares of the bank's stock valued at $226,892,000 after purchasing an additional 122,300 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its holdings in First Citizens BancShares by 54.5% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank's stock worth $32,000 after buying an additional 6 shares in the last quarter. Institutional investors and hedge funds own 78.01% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on FCNCA. TD Cowen initiated coverage on shares of First Citizens BancShares in a report on Thursday, May 15th. They set a "buy" rating and a $2,400.00 target price for the company. Wall Street Zen lowered First Citizens BancShares from a "hold" rating to a "sell" rating in a research note on Monday, April 28th. Jefferies Financial Group initiated coverage on First Citizens BancShares in a research note on Wednesday, May 21st. They set a "hold" rating and a $2,050.00 price objective for the company. The Goldman Sachs Group reduced their price objective on First Citizens BancShares from $2,535.00 to $2,200.00 and set a "buy" rating for the company in a research note on Tuesday, March 18th. Finally, Barclays reduced their price objective on First Citizens BancShares from $2,568.00 to $2,400.00 and set an "equal weight" rating for the company in a research note on Friday, April 25th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, First Citizens BancShares has a consensus rating of "Moderate Buy" and an average price target of $2,340.33.

Insider Activity at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. acquired 350 shares of First Citizens BancShares stock in a transaction that occurred on Friday, May 2nd. The stock was purchased 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 now owns 2,758 shares in the company, valued at approximately $4,440,380. This trade represents a 14.53% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 13.40% of the company's stock.

First Citizens BancShares Stock Down 1.3%

Shares of First Citizens BancShares stock traded down $24.56 during midday trading on Monday, hitting $1,831.72. The company's stock had a trading volume of 83,866 shares, compared to its average volume of 87,731. The firm has a market capitalization of $24.34 billion, a P/E ratio of 9.67, a PEG ratio of 0.94 and a beta of 0.64. The stock has a 50-day simple moving average of $1,786.20 and a 200-day simple moving average of $1,973.96. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68. 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 issued its earnings results on Thursday, April 24th. The bank reported $37.79 EPS for the quarter, topping the consensus estimate of $37.72 by $0.07. The business had revenue of $2.30 billion during the quarter, compared to analysts' expectations of $2.22 billion. First Citizens BancShares had a return on equity of 13.22% and a net margin of 18.55%. As a group, sell-side analysts expect that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be given a dividend of $1.95 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $7.80 dividend on an annualized basis and a yield of 0.43%. First Citizens BancShares's payout ratio is 4.47%.

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.