First Citizens BancShares, Inc. $FCNCA Stock Position Lifted by Alberta Investment Management Corp

Key Points

• Alberta Investment Management Corp increased its stake in First Citizens BancShares by 11.4% in the fourth quarter, ending with 36,176 shares valued at about $77.6 million. Several other hedge funds also boosted or initiated positions, and institutional investors now own 78.01% of the stock.
• CEO Frank B. Holding, Jr. bought 528 shares in early June, and insiders purchased a total of 7,190 shares worth $12.6 million over the past 90 days. Insider ownership stands at 14.63% of the company.
• First Citizens BancShares recently reported strong quarterly earnings of $44.86 per share, topping analyst expectations, while also paying a quarterly dividend of $2.10 per share. Despite the solid results, analysts currently rate the stock a consensus “Hold” with a target price of $2,215.91.

Alberta Investment Management Corp raised its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 11.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 36,176 shares of the bank's stock after buying an additional 3,700 shares during the quarter. Alberta Investment Management Corp owned 0.29% of First Citizens BancShares worth $77,640,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Hiddenite Capital Partners LP bought a new stake in First Citizens BancShares during the fourth quarter worth $6,868,000. Citigroup Inc. boosted its holdings in shares of First Citizens BancShares by 23.4% in the 3rd quarter. Citigroup Inc. now owns 16,938 shares of the bank's stock valued at $30,305,000 after purchasing an additional 3,215 shares in the last quarter. Check Capital Management Inc. CA increased its stake in shares of 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 purchasing an additional 7,424 shares during the last quarter. Barr E S & Co. increased its stake in shares of First Citizens BancShares by 33.2% in the 4th quarter. Barr E S & Co. now owns 5,995 shares of the bank's stock valued at $12,866,000 after purchasing an additional 1,495 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in shares of First Citizens BancShares by 122.2% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,440 shares of the bank's stock worth $5,237,000 after buying an additional 1,342 shares in the last quarter. 78.01% of the stock is owned by institutional investors and hedge funds.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 528 shares of the firm's stock in a transaction dated Friday, June 5th. The stock was bought at an average cost of $1,813.37 per share, with a total value of $957,459.36. Following the completion of the transaction, the chief executive officer directly owned 64,100 shares in the company, valued at approximately $116,237,017. The trade was a 0.83% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders purchased a total of 7,190 shares of company stock worth $12,573,868 in the last ninety days. Insiders own 14.63% of the company's stock.

First Citizens BancShares Trading Down 0.9%

FCNCA opened at $2,071.62 on Friday. First Citizens BancShares, Inc. has a twelve month low of $1,623.76 and a twelve month high of $2,232.21. 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 company has a fifty day moving average of $2,001.74 and a 200-day moving average of $2,014.84. The stock has a market cap of $24.01 billion, a PE ratio of 11.91, a price-to-earnings-growth ratio of 1.61 and a beta of 0.62.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its earnings results on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, beating the consensus estimate of $43.31 by $1.55. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.The company had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.20 billion. During the same quarter in the prior year, the company earned $37.79 EPS. On average, sell-side analysts predict that First Citizens BancShares, Inc. will post 175.61 EPS for the current year.

First Citizens BancShares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 29th were issued a dividend of $2.10 per share. The ex-dividend date was Friday, May 29th. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. First Citizens BancShares's payout ratio is currently 4.83%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on FCNCA shares. Wall Street Zen lowered shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a report on Saturday, June 13th. JPMorgan Chase & Co. cut their target price on shares of First Citizens BancShares from $2,200.00 to $2,150.00 and set a "neutral" rating on the stock in a research report on Friday, April 24th. Zacks Research raised shares of First Citizens BancShares from a "strong sell" rating to a "hold" rating in a research note on Monday, March 30th. Citigroup reaffirmed a "neutral" rating on shares of First Citizens BancShares in a research note on Friday, April 24th. Finally, Weiss Ratings cut First Citizens BancShares from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $2,215.91.

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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