Fjarde AP Fonden Fourth Swedish National Pension Fund Grows Position in First Citizens BancShares, Inc. $FCNCA

Key Points

• The Fjarde AP Fonden Fourth Swedish National Pension Fund increased its holdings in First Citizens BancShares by 11.7%, acquiring an additional 400 shares, bringing its total to 3,815 shares valued at approximately $7.07 million.
• First Citizens BancShares recently reported quarterly earnings of $44.78 per share, surpassing analyst expectations of $39.08, alongside a revenue of $2.38 billion.
• The company announced a quarterly dividend of $1.95 per share, with a payout ratio of 4.60%, reflecting ongoing confidence in its financial performance.

Fjarde AP Fonden Fourth Swedish National Pension Fund grew its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 11.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,815 shares of the bank's stock after buying an additional 400 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in First Citizens BancShares were worth $7,073,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Barclays PLC boosted its stake in First Citizens BancShares by 18.1% during the 4th 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. Mariner LLC boosted its stake in First Citizens BancShares by 26.8% during the 4th quarter. Mariner LLC now owns 1,191 shares of the bank's stock worth $2,516,000 after purchasing an additional 252 shares during the period. XTX Topco Ltd acquired a new stake in First Citizens BancShares during the 4th quarter worth $499,000. Guggenheim Capital LLC boosted its stake in First Citizens BancShares by 37.5% during the 4th quarter. Guggenheim Capital LLC now owns 176 shares of the bank's stock worth $372,000 after purchasing an additional 48 shares during the period. Finally, Ontario Teachers Pension Plan Board acquired a new stake in First Citizens BancShares during the 4th quarter worth $397,000. Institutional investors and hedge funds own 78.01% of the company's stock.

Insider Transactions at First Citizens BancShares

In other news, insider Hope Holding Bryant purchased 409 shares of the stock in a transaction dated Thursday, August 7th. The stock was acquired at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the completion of the acquisition, the insider directly owned 1,764 shares in the company, valued at $2,875,320. This represents a 30.18% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Frank B. Holding, Jr. purchased 600 shares of the stock in a transaction dated Thursday, August 7th. The shares were 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 acquisition, the chief executive officer owned 32,300 shares of the company's stock, valued at approximately $54,869,625. This represents a 1.89% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 1,494 shares of company stock worth $2,485,986 over the last ninety days. 13.19% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on FCNCA shares. TD Cowen started coverage on shares of First Citizens BancShares in a research note on Thursday, May 15th. They set a "buy" rating and a $2,400.00 price target for the company. Jefferies Financial Group started coverage on shares of First Citizens BancShares in a research note on Wednesday, May 21st. They set a "hold" rating and a $2,050.00 price target for the company. Wall Street Zen cut shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a research note on Monday, April 28th. Barclays cut their price objective on shares of First Citizens BancShares from $2,568.00 to $2,400.00 and set an "equal weight" rating for the company in a research report on Friday, April 25th. Finally, UBS Group restated a "buy" rating and set a $2,410.00 price objective on shares of First Citizens BancShares in a research report on Wednesday, July 9th. Seven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, First Citizens BancShares currently has a consensus rating of "Moderate Buy" and a consensus target price of $2,291.17.

First Citizens BancShares Price Performance

NASDAQ:FCNCA traded up $21.9940 during mid-day trading on Wednesday, hitting $1,923.4140. 78,802 shares of the company's stock traded hands, compared to its average volume of 91,005. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.04 and a current ratio of 1.04. The firm's 50 day simple moving average is $1,975.69 and its 200 day simple moving average is $1,907.69. 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 market cap of $24.85 billion, a PE ratio of 11.35 and a beta of 0.64.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its earnings results on Friday, July 25th. The bank reported $44.78 earnings per share for the quarter, beating the consensus estimate of $39.08 by $5.70. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.32%. The firm had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.21 billion. Sell-side 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 will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be issued a dividend of $1.95 per share. The ex-dividend date is Friday, August 29th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.4%. First Citizens BancShares's payout ratio is 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.