First Citizens BancShares, Inc. $FCNCA Stake Boosted by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management S.A. increased its stake in First Citizens BancShares, Inc. by 510.6%, acquiring a total of 1,270 shares valued at approximately $2.48 million.
• The bank reported earnings of $44.78 per share, significantly exceeding analysts' expectations, and generated revenues of $2.38 billion during the last quarter.
• First Citizens BancShares declared a quarterly dividend of $1.95 per share, with a yield of 0.4% and a low dividend payout ratio of 4.60%.

Assenagon Asset Management S.A. boosted its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 510.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,270 shares of the bank's stock after purchasing an additional 1,062 shares during the quarter. Assenagon Asset Management S.A.'s holdings in First Citizens BancShares were worth $2,485,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. MassMutual Private Wealth & Trust FSB lifted its position in shares of First Citizens BancShares by 54.5% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank's stock worth $32,000 after buying an additional 6 shares during the last quarter. SVB Wealth LLC bought a new position in shares of First Citizens BancShares in the 1st quarter worth about $35,000. Community Bank N.A. bought a new position in shares of First Citizens BancShares in the 1st quarter worth about $44,000. Wayfinding Financial LLC bought a new position in shares of First Citizens BancShares in the 1st quarter worth about $64,000. Finally, Brooklyn Investment Group lifted its position in shares of First Citizens BancShares by 32.1% in the 1st quarter. Brooklyn Investment Group now owns 37 shares of the bank's stock worth $67,000 after buying an additional 9 shares during the last quarter. 78.01% of the stock is owned by institutional investors and hedge funds.

First Citizens BancShares Stock Performance

FCNCA stock opened at $1,864.30 on Friday. The company has a 50-day simple moving average of $1,951.86 and a 200 day simple moving average of $1,886.05. The company has a market capitalization of $24.09 billion, a P/E ratio of 11.00 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, Inc. has a fifty-two week low of $1,473.62 and a fifty-two week high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued 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 company had revenue of $2.38 billion during 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%. Sell-side analysts predict 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 declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were given a dividend of $1.95 per share. The ex-dividend date was Friday, August 29th. This represents a $7.80 annualized dividend and a dividend yield of 0.4%. First Citizens BancShares's dividend payout ratio (DPR) is 4.60%.

Insider Transactions at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. acquired 600 shares of the business's stock in a transaction dated Thursday, August 7th. The stock was acquired at an average price of $1,698.75 per share, for a total transaction of $1,019,250.00. Following the completion of the acquisition, the chief executive officer directly owned 32,300 shares in the company, valued at $54,869,625. This represents a 1.89% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, insider Hope Holding Bryant bought 409 shares of the firm's stock in a transaction that occurred on Thursday, August 7th. The shares were purchased at an average cost of $1,630.00 per share, with a total value of $666,670.00. Following the purchase, the insider directly owned 1,764 shares of the company's stock, valued at approximately $2,875,320. This represents a 30.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 1,494 shares of company stock valued at $2,485,986. Corporate insiders own 13.40% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on FCNCA shares. Piper Sandler set a $2,150.00 price target on shares of First Citizens BancShares and gave the stock a "neutral" rating in a research report on Monday, July 28th. Cowen restated a "buy" rating on shares of First Citizens BancShares in a research report on Monday, July 28th. Citigroup raised their price target on shares of First Citizens BancShares from $1,900.00 to $2,050.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. JPMorgan Chase & Co. lifted their price objective on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Finally, UBS Group reissued a "buy" rating and set a $2,410.00 target price on shares of First Citizens BancShares in a research note on Wednesday, July 9th. Seven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $2,291.17.

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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