E. Ohman J or Asset Management AB Sells 12,398 Shares of First Citizens BancShares, Inc. $FCNCA

Key Points

• E. Ohman Jor Asset Management AB cut its First Citizens BancShares stake by 95.8%, selling 12,398 shares and retaining 540 shares valued at approximately $1.12 million. Institutional investors collectively own 78.01% of the company.
• Analysts remain broadly cautious, with a consensus “Hold” rating and an average price target of $2,278.31, despite several firms raising their targets.
• First Citizens reported quarterly earnings and revenue above expectations, while its stock traded near its 12-month high. The bank also declared a quarterly dividend of $2.10 per share, implying a 0.4% annual yield.

E. Ohman J or Asset Management AB reduced its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 95.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 540 shares of the bank's stock after selling 12,398 shares during the period. E. Ohman J or Asset Management AB's holdings in First Citizens BancShares were worth $1,124,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Hiddenite Capital Partners LP bought a new position in shares of First Citizens BancShares during the 4th quarter worth approximately $6,868,000. Check Capital Management Inc. CA boosted its stake in First Citizens BancShares by 21.0% in the 4th quarter. Check Capital Management Inc. CA now owns 42,788 shares of the bank's stock valued at $91,831,000 after buying an additional 7,424 shares in the last quarter. Barr E S & Co. grew its position in First Citizens BancShares by 33.2% in the fourth quarter. Barr E S & Co. now owns 5,995 shares of the bank's stock valued at $12,866,000 after acquiring an additional 1,495 shares during the period. PNC Financial Services Group Inc. grew its position in First Citizens BancShares by 181.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,438 shares of the bank's stock valued at $3,087,000 after acquiring an additional 927 shares during the period. Finally, United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund acquired a new position in First Citizens BancShares during the fourth quarter worth $5,226,000. Institutional investors own 78.01% of the company's stock.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Piper Sandler upped their price objective on shares of First Citizens BancShares from $2,050.00 to $2,100.00 and gave the stock a "neutral" rating in a research note on Monday, July 27th. Truist Financial lifted their target price on shares of First Citizens BancShares from $2,150.00 to $2,323.00 and gave the company a "hold" rating in a research note on Tuesday, July 28th. Jefferies Financial Group reissued a "hold" rating and issued a $2,300.00 target price on shares of First Citizens BancShares in a report on Thursday, July 23rd. Keefe, Bruyette & Woods restated a "market perform" rating and set a $2,300.00 price target on shares of First Citizens BancShares in a research report on Thursday, July 9th. Finally, Barclays raised their price target on First Citizens BancShares from $2,346.00 to $2,376.00 and gave the company an "equal weight" rating in a report on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $2,278.31.

Insiders Place Their Bets

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. acquired 528 shares of the business's stock in a transaction that occurred on Friday, June 5th. The shares were acquired at an average cost of $1,813.37 per share, for a total transaction of $957,459.36. Following the completion of the acquisition, the chief executive officer directly owned 64,100 shares of the company's stock, valued at approximately $116,237,017. This represents a 0.83% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have purchased 1,250 shares of company stock valued at $2,316,557 in the last quarter. Corporate insiders own 14.63% of the company's stock.

First Citizens BancShares Price Performance

First Citizens BancShares stock opened at $2,253.13 on Wednesday. The business's 50-day simple moving average is $2,119.10 and its 200 day simple moving average is $2,020.65. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.67. The stock has a market cap of $26.11 billion, a price-to-earnings ratio of 12.05, a P/E/G ratio of 1.71 and a beta of 0.62. First Citizens BancShares, Inc. has a 12-month low of $1,623.76 and a 12-month high of $2,289.99.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The bank reported $57.09 earnings per share for the quarter, topping the consensus estimate of $0.41 by $56.68. The firm had revenue of $2.43 billion during the quarter, compared to analysts' expectations of $2.16 billion. First Citizens BancShares had a return on equity of 11.98% and a net margin of 16.28%. As a group, research analysts anticipate that First Citizens BancShares, Inc. will post 190.06 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be issued a $2.10 dividend. This represents a $8.40 annualized dividend and a yield of 0.4%. The ex-dividend date is Monday, August 31st. First Citizens BancShares's dividend payout ratio is currently 4.49%.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.

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