Malaga Cove Capital LLC Takes Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Key Points

• Malaga Cove Capital LLC acquired a position in First Citizens BancShares worth $714,000, purchasing 385 shares during the first quarter.
• Analysts have increased their target prices for First Citizens BancShares, with JPMorgan raising the target from $2,100 to $2,250 and Citigroup from $1,900 to $2,050.
• The company announced a quarterly dividend of $1.95 per share, which will be paid on September 15th, representing an annualized yield of 0.4%.

Malaga Cove Capital LLC acquired a new stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 385 shares of the bank's stock, valued at approximately $714,000.

A number of other large investors have also added to or reduced their stakes in the stock. GAMMA Investing LLC grew its position in shares of First Citizens BancShares by 169,861.1% during the first quarter. GAMMA Investing LLC now owns 122,372 shares of the bank's stock worth $226,892,000 after purchasing an additional 122,300 shares in the last quarter. Capital International Investors raised its holdings in shares of First Citizens BancShares by 78.2% in the fourth quarter. Capital International Investors now owns 172,723 shares of the bank's stock worth $364,967,000 after buying an additional 75,785 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in First Citizens BancShares by 83.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 107,523 shares of the bank's stock worth $227,198,000 after purchasing an additional 48,994 shares during the period. FMR LLC increased its holdings in First Citizens BancShares by 10.5% during the 4th quarter. FMR LLC now owns 357,629 shares of the bank's stock worth $755,677,000 after purchasing an additional 34,097 shares during the period. Finally, Castlekeep Investment Advisors LLC purchased a new position in shares of First Citizens BancShares in the 4th quarter valued at $66,972,000. Hedge funds and other institutional investors own 78.01% of the company's stock.

Analysts Set New Price Targets

FCNCA has been the subject of several analyst reports. Cowen reissued a "buy" rating on shares of First Citizens BancShares in a report on Monday, July 28th. Jefferies Financial Group began coverage on First Citizens BancShares in a report on Wednesday, May 21st. They issued a "hold" rating and a $2,050.00 price target for the company. Piper Sandler set a $2,150.00 price target on First Citizens BancShares and gave the stock a "neutral" rating in a report on Monday, July 28th. Wall Street Zen lowered First Citizens BancShares from a "hold" rating to a "sell" rating in a research note on Monday, April 28th. Finally, JPMorgan Chase & Co. boosted their price objective on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $2,291.17.

Insider Activity

In other news, major shareholder Olivia Britton Holding purchased 66 shares of First Citizens BancShares stock in a transaction on Tuesday, July 29th. The stock was purchased at an average price of $1,735.00 per share, with a total value of $114,510.00. Following the transaction, the insider directly owned 121,926 shares in the company, valued at $211,541,610. The trade was a 0.05% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 13.19% of the company's stock.

First Citizens BancShares Stock Down 0.7%

Shares of First Citizens BancShares stock traded down $13.87 on Wednesday, hitting $1,848.75. 165,648 shares of the company traded hands, compared to its average volume of 86,340. The company has a market cap of $24.57 billion, a PE ratio of 10.91 and a beta of 0.64. First Citizens BancShares, Inc. has a 12-month low of $1,473.62 and a 12-month high of $2,412.93. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.77. The company has a 50-day moving average price of $1,967.45 and a 200 day moving average price of $1,930.62.

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

First Citizens BancShares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be given a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Friday, August 29th. First Citizens BancShares's payout ratio is presently 4.60%.

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.