Harbor Capital Advisors Inc. Boosts Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Harbor Capital Advisors Inc. grew its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 24.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,801 shares of the bank's stock after purchasing an additional 1,125 shares during the quarter. Harbor Capital Advisors Inc.'s holdings in First Citizens BancShares were worth $10,756,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. JPMorgan Chase & Co. increased its stake in shares of First Citizens BancShares by 35.7% in the fourth quarter. JPMorgan Chase & Co. now owns 392,097 shares of the bank's stock worth $828,510,000 after acquiring an additional 103,137 shares during the period. FMR LLC lifted its stake in First Citizens BancShares by 10.5% in the 4th quarter. FMR LLC now owns 357,629 shares of the bank's stock valued at $755,677,000 after buying an additional 34,097 shares in the last quarter. Capital International Investors boosted its holdings in First Citizens BancShares by 78.2% in the 4th quarter. Capital International Investors now owns 172,723 shares of the bank's stock worth $364,967,000 after buying an additional 75,785 shares during the last quarter. Norges Bank acquired a new position in shares of First Citizens BancShares during the fourth quarter valued at approximately $298,426,000. Finally, GAMMA Investing LLC lifted its position in shares of First Citizens BancShares by 169,861.1% in the first quarter. GAMMA Investing LLC now owns 122,372 shares of the bank's stock valued at $226,892,000 after acquiring an additional 122,300 shares in the last quarter. Hedge funds and other institutional investors own 78.01% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Jefferies Financial Group assumed coverage on First Citizens BancShares in a report on Wednesday, May 21st. They set a "hold" rating and a $2,050.00 target price on the stock. Wall Street Zen downgraded First Citizens BancShares from a "hold" rating to a "sell" rating in a research note on Monday, April 28th. The Goldman Sachs Group lowered their price target on shares of First Citizens BancShares from $2,535.00 to $2,200.00 and set a "buy" rating on the stock in a research report on Tuesday, March 18th. TD Cowen initiated coverage on shares of First Citizens BancShares in a research report on Thursday, May 15th. They set a "buy" rating and a $2,400.00 price objective for the company. Finally, Cowen assumed coverage on shares of First Citizens BancShares in a research note on Wednesday, May 14th. They issued a "buy" rating for the company. One investment analyst has rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, First Citizens BancShares currently has a consensus rating of "Moderate Buy" and an average price target of $2,340.33.

Insider Transactions at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. acquired 350 shares of the stock in a transaction on Friday, May 2nd. The shares were bought at an average price of $1,610.00 per share, with a total value of $563,500.00. Following the acquisition, the chief executive officer now owns 2,758 shares of the company's stock, valued at $4,440,380. This trade represents a 14.53% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 13.40% of the company's stock.

First Citizens BancShares Stock Up 0.2%

FCNCA traded up $4.05 on Friday, reaching $1,845.32. The company's stock had a trading volume of 22,280 shares, compared to its average volume of 87,608. The company has a market capitalization of $24.52 billion, a price-to-earnings ratio of 9.74, a P/E/G ratio of 0.94 and a beta of 0.64. 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 company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68. The stock has a 50 day moving average of $1,801.48 and a two-hundred day moving average of $1,969.03.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its earnings results on Thursday, April 24th. The bank reported $37.79 EPS for the quarter, beating analysts' consensus estimates of $37.72 by $0.07. The firm had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.22 billion. First Citizens BancShares had a net margin of 18.55% and a return on equity of 13.22%. As a group, analysts forecast that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be issued a $1.95 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.42%. First Citizens BancShares's payout ratio is 4.47%.

First Citizens BancShares Profile

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.