First Citizens BancShares, Inc. $FCNCA Shares Sold by E. Ohman J or Asset Management AB

Key Points

• E. Ohman J or Asset Management AB reduced its stake in First Citizens BancShares by 17.5%, ending up with 12,705 shares valued at approximately $24.86 million.
• Recent analyst reports show a mixed sentiment, with ratings including a "buy" from UBS and a "hold" from Jefferies, while the average price target stands at $2,291.17.
• The company recently announced a quarterly dividend of $1.95, translating to an annualized yield of 0.4%, with an upcoming payment date on September 15th.

E. Ohman J or Asset Management AB trimmed its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 17.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,705 shares of the bank's stock after selling 2,687 shares during the quarter. E. Ohman J or Asset Management AB owned 0.10% of First Citizens BancShares worth $24,857,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. JT Stratford LLC lifted its holdings in First Citizens BancShares by 0.4% in the 4th quarter. JT Stratford LLC now owns 1,247 shares of the bank's stock valued at $2,635,000 after acquiring an additional 5 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its holdings 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 valued at $32,000 after acquiring an additional 6 shares during the last quarter. Cresset Asset Management LLC lifted its holdings in First Citizens BancShares by 3.8% in the 1st quarter. Cresset Asset Management LLC now owns 163 shares of the bank's stock valued at $302,000 after acquiring an additional 6 shares during the last quarter. M&T Bank Corp lifted its holdings in First Citizens BancShares by 1.3% in the 1st quarter. M&T Bank Corp now owns 632 shares of the bank's stock valued at $1,172,000 after acquiring an additional 8 shares during the last quarter. Finally, Venturi Wealth Management LLC lifted its holdings in First Citizens BancShares by 3.8% in the 1st quarter. Venturi Wealth Management LLC now owns 221 shares of the bank's stock valued at $410,000 after acquiring an additional 8 shares during the last quarter. 78.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on FCNCA shares. Jefferies Financial Group started coverage on shares of First Citizens BancShares in a report on Wednesday, May 21st. They issued a "hold" rating and a $2,050.00 price target for the company. UBS Group restated a "buy" rating and set a $2,410.00 price objective on shares of First Citizens BancShares in a report on Wednesday, July 9th. Citigroup boosted their price objective on First Citizens BancShares from $1,900.00 to $2,050.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. Cowen restated a "buy" rating on shares of First Citizens BancShares in a report on Monday, July 28th. Finally, JPMorgan Chase & Co. boosted their price objective on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Seven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $2,291.17.

First Citizens BancShares Trading Up 0.5%

NASDAQ:FCNCA opened at $1,974.80 on Monday. The stock's 50 day moving average price is $1,993.88 and its 200 day moving average price is $1,887.66. 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 $25.51 billion, a P/E ratio of 11.65 and a beta of 0.71. 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 data on Friday, July 25th. The bank reported $44.78 EPS for the quarter, topping 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 firm had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.21 billion. On average, research analysts forecast that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The company also recently disclosed 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. The ex-dividend date is Friday, August 29th. This represents a $7.80 dividend on an annualized basis and a yield of 0.4%. First Citizens BancShares's dividend payout ratio is currently 4.60%.

Insider Buying and Selling

In other news, major shareholder Olivia Britton Holding acquired 409 shares of the company's stock in a transaction that occurred on Thursday, August 7th. The shares were purchased at an average price of $1,630.00 per share, for a total transaction of $666,670.00. Following the completion of the acquisition, the insider owned 1,764 shares of the company's stock, valued at approximately $2,875,320. This represents a 30.18% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Frank B. Holding, Jr. bought 600 shares of the firm's stock in a transaction on Thursday, August 7th. The shares were bought at an average cost of $1,698.75 per share, with a total value of $1,019,250.00. Following the transaction, the chief executive officer directly owned 32,300 shares of the company's stock, valued at approximately $54,869,625. This trade represents a 1.89% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 1,494 shares of company stock worth $2,485,986. Insiders own 13.19% of the company's stock.

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.

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