Charles Schwab Investment Management Inc. Increases Stock Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Charles Schwab Investment Management Inc. increased its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 6.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 50,701 shares of the bank's stock after purchasing an additional 2,977 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.37% of First Citizens BancShares worth $94,006,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Federated Hermes Inc. lifted its stake in First Citizens BancShares by 1,375.0% in the fourth quarter. Federated Hermes Inc. now owns 236 shares of the bank's stock valued at $499,000 after buying an additional 220 shares during the period. Advisory Services Network LLC raised its position in shares of First Citizens BancShares by 12.4% during the fourth quarter. Advisory Services Network LLC now owns 227 shares of the bank's stock worth $480,000 after purchasing an additional 25 shares during the period. Raymond James Financial Inc. acquired a new position in shares of First Citizens BancShares during the fourth quarter worth approximately $39,739,000. Sterling Capital Management LLC raised its position in shares of First Citizens BancShares by 22.8% during the fourth quarter. Sterling Capital Management LLC now owns 710 shares of the bank's stock worth $1,500,000 after purchasing an additional 132 shares during the period. Finally, Barclays PLC raised its position in shares of First Citizens BancShares by 18.1% during the fourth quarter. Barclays PLC now owns 8,495 shares of the bank's stock worth $17,949,000 after purchasing an additional 1,300 shares during the period. Institutional investors own 78.01% of the company's stock.

Insider Buying and Selling at First Citizens BancShares

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

First Citizens BancShares Stock Down 2.8%

FCNCA stock traded down $53.89 during midday trading on Friday, reaching $1,871.35. The company had a trading volume of 118,526 shares, compared to its average volume of 122,256. First Citizens BancShares, Inc. has a 1 year low of $1,473.62 and a 1 year high of $2,412.93. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.76. The company has a market capitalization of $24.18 billion, a P/E ratio of 11.04 and a beta of 0.64. The company has a 50 day moving average of $1,972.91 and a two-hundred day moving average of $1,911.80.

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 (EPS) for the quarter, topping the consensus estimate of $39.08 by $5.70. The company 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, equities research analysts expect 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 announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be paid a $1.95 dividend. This represents a $7.80 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Friday, August 29th. First Citizens BancShares's dividend payout ratio is presently 4.60%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. JPMorgan Chase & Co. lifted their target price on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. TD Cowen began coverage on shares of First Citizens BancShares in a research report on Thursday, May 15th. They issued a "buy" rating and a $2,400.00 price objective on the stock. Wall Street Zen cut shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a research report on Monday, April 28th. Barclays decreased their price objective on shares of First Citizens BancShares from $2,568.00 to $2,400.00 and set an "equal weight" rating on the stock in a research report on Friday, April 25th. Finally, Citigroup lifted 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 note on Wednesday, July 2nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target 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.