Skandinaviska Enskilda Banken AB publ Acquires 1,700 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Key Points

• Skandinaviska Enskilda Banken AB publ increased its stake in First Citizens BancShares by 82.4% in the first quarter, now owning 3,763 shares worth approximately $6.98 million.
• CEO Frank B. Holding, Jr. bought 350 shares of First Citizens BancShares at $1,610 each, raising his holdings to 2,758 shares valued at around $4.44 million, marking a 14.53% increase in his position.
• Analysts have mixed ratings for First Citizens BancShares, with UBS maintaining a "buy" rating and a $2,410 target price, while Barclays reduced their target from $2,568 to $2,400.

Skandinaviska Enskilda Banken AB publ boosted its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 82.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,763 shares of the bank's stock after purchasing an additional 1,700 shares during the period. Skandinaviska Enskilda Banken AB publ's holdings in First Citizens BancShares were worth $6,977,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Stevens Capital Management LP acquired a new position in First Citizens BancShares in the first quarter valued at about $211,000. Hedeker Wealth LLC raised its position in shares of First Citizens BancShares by 41.2% in the 1st quarter. Hedeker Wealth LLC now owns 264 shares of the bank's stock valued at $489,000 after acquiring an additional 77 shares during the period. Assetmark Inc. boosted its stake in First Citizens BancShares by 11.9% during the 1st quarter. Assetmark Inc. now owns 6,003 shares of the bank's stock worth $11,130,000 after acquiring an additional 640 shares during the last quarter. Cetera Investment Advisers grew its holdings in First Citizens BancShares by 5.8% during the first quarter. Cetera Investment Advisers now owns 1,538 shares of the bank's stock valued at $2,852,000 after purchasing an additional 85 shares during the period. Finally, Avantax Advisory Services Inc. increased its stake in First Citizens BancShares by 12.8% in the first quarter. Avantax Advisory Services Inc. now owns 229 shares of the bank's stock valued at $425,000 after purchasing an additional 26 shares in the last quarter. Institutional investors and hedge funds own 78.01% of the company's stock.

Insiders Place Their Bets

In other news, CEO Frank B. Holding, Jr. purchased 350 shares of the stock in a transaction on Friday, May 2nd. The shares were acquired at an average price of $1,610.00 per share, with a total value of $563,500.00. Following the completion of the acquisition, the chief executive officer directly owned 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 SEC, which is available through the SEC website. Company insiders own 13.40% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on FCNCA shares. TD Cowen initiated coverage on First Citizens BancShares in a report on Thursday, May 15th. They set a "buy" rating and a $2,400.00 target price on the stock. Wall Street Zen cut First Citizens BancShares from a "hold" rating to a "sell" rating in a research note on Monday, April 28th. JPMorgan Chase & Co. raised their target price on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Jefferies Financial Group began coverage on shares of First Citizens BancShares in a research report on Wednesday, May 21st. They set a "hold" rating and a $2,050.00 price target on the stock. Finally, Cowen restated a "buy" rating on shares of First Citizens BancShares in a research note on Monday. One research analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat, First Citizens BancShares presently has an average rating of "Hold" and a consensus target price of $2,291.17.

First Citizens BancShares Stock Up 0.3%

First Citizens BancShares stock traded up $5.75 on Thursday, hitting $2,022.77. 19,974 shares of the stock traded hands, compared to its average volume of 84,491. First Citizens BancShares, Inc. has a 1 year low of $1,473.62 and a 1 year high of $2,412.93. The firm has a market cap of $26.88 billion, a P/E ratio of 11.94 and a beta of 0.64. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.77. The business's fifty day simple moving average is $1,957.65 and its 200 day simple moving average is $1,937.92.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings results on Friday, July 25th. The bank reported $44.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $39.08 by $5.70. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.30%. The company had revenue of $2.38 billion for the quarter, compared to analysts' expectations of $2.21 billion. As a group, sell-side analysts forecast that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be issued a $1.95 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $7.80 dividend on an annualized basis and a yield of 0.39%. First Citizens BancShares's dividend payout ratio is currently 4.60%.

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.