First Citizens BancShares, Inc. $FCNCA Stake Lessened 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 cut its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 17.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). 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 approximately 0.10% of First Citizens BancShares worth $24,857,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also bought and sold shares of FCNCA. Focus Partners Wealth boosted its position in First Citizens BancShares by 47.7% during the 4th quarter. Focus Partners Wealth now owns 229 shares of the bank's stock valued at $505,000 after acquiring an additional 74 shares in the last quarter. OMERS ADMINISTRATION Corp raised its stake in First Citizens BancShares by 19.9% during the 4th quarter. OMERS ADMINISTRATION Corp now owns 422 shares of the bank's stock valued at $892,000 after buying an additional 70 shares during the last quarter. Quantinno Capital Management LP raised its stake in First Citizens BancShares by 60.3% during the 4th quarter. Quantinno Capital Management LP now owns 508 shares of the bank's stock valued at $1,074,000 after buying an additional 191 shares during the last quarter. Snowden Capital Advisors LLC grew its position in shares of First Citizens BancShares by 7.1% during the 4th quarter. Snowden Capital Advisors LLC now owns 241 shares of the bank's stock valued at $509,000 after acquiring an additional 16 shares during the period. Finally, Toronto Dominion Bank grew its position in shares of First Citizens BancShares by 6.3% during the 4th quarter. Toronto Dominion Bank now owns 1,300 shares of the bank's stock valued at $2,747,000 after acquiring an additional 77 shares during the period. 78.01% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. JPMorgan Chase & Co. upped their target price on shares of 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. UBS Group reiterated a "buy" rating and issued a $2,410.00 price target on shares of First Citizens BancShares in a research note on Wednesday, July 9th. Piper Sandler set a $2,150.00 price objective on shares of First Citizens BancShares and gave the stock a "neutral" rating in a research report on Monday, July 28th. Citigroup upped their target price on shares of First Citizens BancShares from $1,900.00 to $2,050.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. Finally, Cowen restated a "buy" rating on shares of First Citizens BancShares in a research note on Monday, July 28th. Seven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, First Citizens BancShares currently has an average rating of "Moderate Buy" and an average target price of $2,291.17.

First Citizens BancShares Price Performance

Shares of NASDAQ FCNCA traded down $25.17 during trading on Friday, hitting $1,870.79. The company had a trading volume of 89,930 shares, compared to its average volume of 98,068. The stock has a fifty day simple moving average of $1,977.53 and a two-hundred day simple moving average of $1,885.88. First Citizens BancShares, Inc. has a fifty-two week low of $1,473.62 and a fifty-two week high of $2,412.93. The firm has a market capitalization of $24.17 billion, a price-to-earnings ratio of 11.03 and a beta of 0.71. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.76.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings results on Friday, July 25th. The bank reported $44.78 earnings per share for the quarter, topping analysts' consensus estimates of $39.08 by $5.70. The firm had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.21 billion. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.32%. On average, research analysts expect that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, August 29th were paid a dividend of $1.95 per share. The ex-dividend date was 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 First Citizens BancShares news, insider Hope Holding Bryant bought 409 shares of the company's stock in a transaction on Thursday, August 7th. The stock was purchased at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the acquisition, the insider owned 1,764 shares of the company's stock, valued at $2,875,320. The trade was a 30.18% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Olivia Britton Holding purchased 409 shares of the firm's stock in a transaction on Thursday, August 7th. The shares were purchased at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the completion of the purchase, the insider directly owned 1,764 shares in the company, 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 a total of 1,494 shares of company stock worth $2,485,986 in the last 90 days. Company insiders own 13.40% 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.