Meeder Asset Management Inc. Acquires 465 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Meeder Asset Management Inc. grew its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 11,625.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 469 shares of the bank's stock after buying an additional 465 shares during the period. Meeder Asset Management Inc.'s holdings in First Citizens BancShares were worth $870,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in FCNCA. Sei Investments Co. boosted its position in shares of First Citizens BancShares by 69.6% during the 4th quarter. Sei Investments Co. now owns 3,031 shares of the bank's stock valued at $6,404,000 after purchasing an additional 1,244 shares in the last quarter. LPL Financial LLC boosted its holdings in First Citizens BancShares by 53.0% in the fourth quarter. LPL Financial LLC now owns 3,633 shares of the bank's stock worth $7,676,000 after acquiring an additional 1,258 shares in the last quarter. Korea Investment CORP boosted its holdings in First Citizens BancShares by 127.8% in the fourth quarter. Korea Investment CORP now owns 4,672 shares of the bank's stock worth $9,872,000 after acquiring an additional 2,621 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in First Citizens BancShares by 9.8% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 7,431 shares of the bank's stock worth $15,981,000 after acquiring an additional 666 shares in the last quarter. Finally, Allstate Corp bought a new position in First Citizens BancShares in the fourth quarter worth approximately $632,000. Institutional investors and hedge funds own 78.01% of the company's stock.

Insider Buying and Selling at First Citizens BancShares

In other First Citizens BancShares news, major shareholder Olivia Britton Holding bought 66 shares of the business's stock in a transaction on Tuesday, July 29th. The shares were acquired at an average cost of $1,735.00 per share, for a total transaction of $114,510.00. Following the purchase, the insider owned 121,926 shares in the company, valued at approximately $211,541,610. This trade represents a 0.05% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 13.40% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Piper Sandler set a $2,150.00 target price on First Citizens BancShares and gave the company a "neutral" rating in a report on Monday, July 28th. Barclays decreased their target price on 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. Cowen reissued a "buy" rating on shares of First Citizens BancShares in a research report on Monday, July 28th. JPMorgan Chase & Co. lifted their price target 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. Finally, UBS Group reiterated a "buy" rating and issued a $2,410.00 price target on shares of First Citizens BancShares in a research report on Wednesday, July 9th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $2,291.17.

First Citizens BancShares Trading Down 4.1%

FCNCA traded down $82.12 during midday trading on Friday, reaching $1,912.64. 119,140 shares of the company's stock traded hands, compared to its average volume of 75,601. The firm has a fifty day moving average of $1,966.04 and a two-hundred day moving average of $1,936.28. The stock has a market capitalization of $25.42 billion, a price-to-earnings ratio of 11.29 and a beta of 0.64. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.04 and a quick ratio of 1.04. First Citizens BancShares, Inc. has a 52 week low of $1,473.62 and a 52 week high of $2,412.93.

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, topping analysts' consensus estimates of $39.08 by $5.70. First Citizens BancShares had a return on equity of 11.30% and a net margin of 16.37%. The firm had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.21 billion. On average, equities analysts anticipate that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

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