Mediolanum International Funds Ltd Raises Stock Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Key Points

• Mediolanum International Funds Ltd increased its holdings in First Citizens BancShares by 71% during the first quarter, bringing their stake to approximately $3.95 million.
• Numerous institutional investors have recently modified their stakes in First Citizens BancShares, leading to 78.01% of the company's stock being owned by such investors.
• First Citizens BancShares reported strong quarterly earnings, exceeding analysts' expectations with earnings per share of $44.78 and revenue of $2.38 billion.

Mediolanum International Funds Ltd lifted its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 71.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,154 shares of the bank's stock after buying an additional 894 shares during the period. Mediolanum International Funds Ltd's holdings in First Citizens BancShares were worth $3,953,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. MassMutual Private Wealth & Trust FSB boosted its position in First Citizens BancShares by 54.5% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank's stock valued at $32,000 after buying an additional 6 shares during the last quarter. Community Bank N.A. bought a new position in shares of First Citizens BancShares in the 1st quarter worth $44,000. Johnson Financial Group Inc. bought a new position in shares of First Citizens BancShares in the 4th quarter worth $77,000. Wayfinding Financial LLC bought a new position in shares of First Citizens BancShares in the 1st quarter worth $64,000. Finally, Toth Financial Advisory Corp boosted its position in shares of First Citizens BancShares by 263.6% in the 1st quarter. Toth Financial Advisory Corp now owns 40 shares of the bank's stock worth $74,000 after purchasing an additional 29 shares during the last quarter. 78.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on FCNCA. 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 research report on Tuesday, July 1st. 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. Citigroup lifted their price target on First Citizens BancShares from $1,900.00 to $2,050.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. Jefferies Financial Group began coverage on First Citizens BancShares in a report on Wednesday, May 21st. They set a "hold" rating and a $2,050.00 price target for the company. Finally, Cowen reiterated a "buy" rating on shares of First Citizens BancShares in a report on Monday. One analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $2,291.17.

Insiders Place Their Bets

In related news, CEO Frank B. Holding, Jr. bought 350 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The stock was bought at an average cost of $1,610.00 per share, with a total value of $563,500.00. Following the completion of the purchase, the chief executive officer owned 2,758 shares of the company's stock, valued at approximately $4,440,380. The trade was a 14.53% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 13.40% of the company's stock.

First Citizens BancShares Stock Up 0.3%

FCNCA traded up $6.10 during midday trading on Thursday, reaching $2,023.12. The company's stock had a trading volume of 22,808 shares, compared to its average volume of 84,503. The firm has a market capitalization of $26.89 billion, a price-to-earnings 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. First Citizens BancShares, Inc. has a 1 year low of $1,473.62 and a 1 year high of $2,412.93. The stock's 50-day moving average is $1,957.65 and its 200-day moving average is $1,937.92.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its quarterly earnings data 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. 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 the consensus estimate of $2.21 billion. As a group, research analysts expect that First Citizens BancShares, Inc. will post 167.59 EPS 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 paid a dividend of $1.95 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $7.80 annualized dividend and a yield of 0.39%. First Citizens BancShares's payout ratio is 4.60%.

First Citizens BancShares Company 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.