Fjarde AP Fonden Fourth Swedish National Pension Fund Has $7.17 Million Stock Holdings in First Citizens BancShares, Inc. $FCNCA

Key Points

• Fjarde AP Fonden increased its stake in First Citizens BancShares by 43.3% in the first quarter, buying an additional 1,150 shares and bringing its total holding to 3,805 shares worth about $7.17 million.
• First Citizens BancShares recently posted strong quarterly results, reporting $44.86 EPS and beating analyst estimates, though revenue came in slightly below expectations.
• Analysts currently have a mixed but cautious view on the stock: the consensus rating is Hold, with an average price target of $2,243.75.

Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 43.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,805 shares of the bank's stock after purchasing an additional 1,150 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in First Citizens BancShares were worth $7,171,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Hilton Head Capital Partners LLC acquired a new position in shares of First Citizens BancShares during the 4th quarter worth $26,000. Harbor Investment Advisory LLC increased its position in First Citizens BancShares by 150.0% during the 4th quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank's stock worth $32,000 after purchasing an additional 9 shares in the last quarter. Reflection Asset Management acquired a new position in First Citizens BancShares during the 4th quarter worth approximately $45,000. Allworth Financial LP lifted its stake in First Citizens BancShares by 21.7% in the 3rd quarter. Allworth Financial LP now owns 28 shares of the bank's stock valued at $51,000 after purchasing an additional 5 shares during the last quarter. Finally, UMB Bank n.a. grew its stake in shares of First Citizens BancShares by 50.0% during the fourth quarter. UMB Bank n.a. now owns 24 shares of the bank's stock worth $52,000 after buying an additional 8 shares during the last quarter. 78.01% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on FCNCA shares. Citigroup reaffirmed a "neutral" rating on shares of First Citizens BancShares in a report on Wednesday. JPMorgan Chase & Co. raised their price objective on shares of First Citizens BancShares from $2,150.00 to $2,350.00 and gave the company a "neutral" rating in a report on Wednesday, July 1st. Piper Sandler set a $2,050.00 target price on shares of First Citizens BancShares in a research report on Friday, April 24th. Keefe, Bruyette & Woods decreased their price target on shares of First Citizens BancShares from $2,375.00 to $2,300.00 and set an "outperform" rating for the company in a research report on Thursday, April 9th. Finally, TD Cowen cut their target price on First Citizens BancShares from $2,500.00 to $2,300.00 and set a "buy" rating on the stock in a report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $2,243.75.

First Citizens BancShares Stock Performance

FCNCA opened at $2,082.99 on Monday. The company has a fifty day moving average price of $2,019.87 and a two-hundred day moving average price of $2,022.70. First Citizens BancShares, Inc. has a 1-year low of $1,623.76 and a 1-year high of $2,232.21. The company has a market cap of $24.14 billion, a P/E ratio of 11.98, a price-to-earnings-growth ratio of 1.59 and a beta of 0.62. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.67.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued 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 during the quarter, compared to the consensus estimate of $2.20 billion. During the same period last year, the business posted $37.79 EPS. Analysts predict that First Citizens BancShares, Inc. will post 175.42 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, May 29th were paid a $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Friday, May 29th. First Citizens BancShares's dividend payout ratio (DPR) is 4.83%.

Insider Activity at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. acquired 528 shares of the firm's stock in a transaction dated Friday, June 5th. The stock was purchased at an average price of $1,813.37 per share, for a total transaction of $957,459.36. Following the completion of the acquisition, the chief executive officer directly owned 64,100 shares in the company, valued at $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 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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