Assenagon Asset Management S.A. Trims Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Assenagon Asset Management S.A. lessened its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 83.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 208 shares of the bank's stock after selling 1,087 shares during the quarter. Assenagon Asset Management S.A.'s holdings in First Citizens BancShares were worth $386,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB increased its stake in First Citizens BancShares by 54.5% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank's stock worth $32,000 after acquiring an additional 6 shares during the last quarter. Duncker Streett & Co. Inc. acquired a new stake in First Citizens BancShares during the fourth quarter worth $36,000. SBI Securities Co. Ltd. acquired a new stake in First Citizens BancShares during the fourth quarter worth $40,000. Toth Financial Advisory Corp increased its stake in First Citizens BancShares by 263.6% during the first quarter. Toth Financial Advisory Corp now owns 40 shares of the bank's stock worth $74,000 after acquiring an additional 29 shares during the last quarter. Finally, Johnson Financial Group Inc. acquired a new stake in First Citizens BancShares during the fourth quarter worth $77,000. Hedge funds and other institutional investors own 78.01% of the company's stock.

Insider Buying and Selling at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. bought 350 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The stock was purchased at an average price of $1,610.00 per share, with a total value of $563,500.00. Following the purchase, 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 position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. 13.19% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Cowen assumed coverage on First Citizens BancShares in a research note on Wednesday, May 14th. They issued a "buy" rating for the company. Piper Sandler raised First Citizens BancShares from a "neutral" rating to an "overweight" rating and set a $2,250.00 price objective for the company in a research note on Tuesday, March 11th. TD Cowen assumed coverage on First Citizens BancShares in a research note on Thursday, May 15th. They issued a "buy" rating and a $2,400.00 price objective for the company. Wall Street Zen cut First Citizens BancShares from a "hold" rating to a "sell" rating in a research note on Monday, April 28th. Finally, The Goldman Sachs Group lowered their target price on First Citizens BancShares from $2,535.00 to $2,200.00 and set a "buy" rating for the company in a research note on Tuesday, March 18th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $2,340.33.

First Citizens BancShares Stock Performance

NASDAQ FCNCA traded up $19.19 on Monday, hitting $1,889.51. 75,778 shares of the company's stock were exchanged, compared to its average volume of 88,384. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.04 and a quick ratio of 1.04. The firm's 50-day moving average price is $1,828.04 and its two-hundred day moving average price is $1,945.05. 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 cap of $25.11 billion, a price-to-earnings ratio of 10.82, a P/E/G ratio of 0.87 and a beta of 0.64.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The bank reported $37.79 earnings per share for the quarter, topping analysts' consensus estimates of $37.72 by $0.07. The business had revenue of $2.30 billion for the quarter, compared to analysts' expectations of $2.22 billion. First Citizens BancShares had a return on equity of 11.98% and a net margin of 17.10%. On average, research analysts expect that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Friday, May 30th were issued a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.41%. The ex-dividend date was Friday, May 30th. First Citizens BancShares's dividend payout ratio is currently 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.