Mitsubishi UFJ Asset Management Co. Ltd. Purchases 537 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in First Citizens BancShares by 7.2% during the first quarter, owning approximately $14.77 million worth of the bank's stock.
• Insider trading was notable, with CEO Frank B. Holding, Jr. buying 600 shares valued at over $1 million, indicating confidence in the company's future.
• First Citizens BancShares has received varying ratings from analysts, with a consensus rating of "Hold" and a target price of $2,291.17 following recent upgrades and downgrades.

Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 7.2% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,968 shares of the bank's stock after buying an additional 537 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.06% of First Citizens BancShares worth $14,774,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Federated Hermes Inc. grew its holdings in shares of First Citizens BancShares by 1,375.0% during the fourth quarter. Federated Hermes Inc. now owns 236 shares of the bank's stock valued at $499,000 after buying an additional 220 shares during the last quarter. Advisory Services Network LLC lifted its holdings in shares of First Citizens BancShares by 12.4% in the fourth quarter. Advisory Services Network LLC now owns 227 shares of the bank's stock valued at $480,000 after purchasing an additional 25 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of First Citizens BancShares in the fourth quarter worth $39,739,000. Bessemer Group Inc. boosted its stake in First Citizens BancShares by 3.4% during the 4th quarter. Bessemer Group Inc. now owns 801 shares of the bank's stock valued at $1,693,000 after acquiring an additional 26 shares during the last quarter. Finally, Sterling Capital Management LLC increased its holdings in shares of First Citizens BancShares by 22.8% in the 4th quarter. Sterling Capital Management LLC now owns 710 shares of the bank's stock worth $1,500,000 after acquiring an additional 132 shares during the period. 78.01% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

FCNCA has been the topic of a number of recent analyst reports. Wall Street Zen cut First Citizens BancShares from a "hold" rating to a "sell" rating in a research report on Monday, April 28th. JPMorgan Chase & Co. lifted 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 report on Tuesday, July 1st. Jefferies Financial Group initiated 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. Cowen reiterated a "buy" rating on shares of First Citizens BancShares in a report on Monday, July 28th. Finally, TD Cowen began coverage on First Citizens BancShares in a research report on Thursday, May 15th. They set a "buy" rating and a $2,400.00 price target for the company. One investment 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 presently has an average rating of "Hold" and a consensus price target of $2,291.17.

First Citizens BancShares Price Performance

FCNCA stock traded down $35.18 during trading on Friday, hitting $1,890.06. The company had a trading volume of 68,089 shares, compared to its average volume of 89,614. The company has a fifty day moving average price of $1,972.61 and a two-hundred day moving average price of $1,915.91. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.76. The company has a market cap of $25.12 billion, a P/E ratio of 11.15 and a beta of 0.64. First Citizens BancShares, Inc. has a fifty-two week low of $1,473.62 and a fifty-two week high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its quarterly earnings results on Friday, July 25th. The bank reported $44.78 EPS for the quarter, beating the consensus estimate of $39.08 by $5.70. First Citizens BancShares had a return on equity of 11.32% and a net margin of 16.37%. The firm had revenue of $2.38 billion during the quarter, compared to analysts' expectations of $2.21 billion. Equities research analysts expect that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be given 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 dividend yield of 0.4%. First Citizens BancShares's dividend payout ratio (DPR) is 4.60%.

Insider Activity at First Citizens BancShares

In other news, insider Hope Holding Bryant purchased 409 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The shares were bought at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the acquisition, the insider owned 1,764 shares of the company's stock, valued at approximately $2,875,320. This trade 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 this link. Also, major shareholder Olivia Britton Holding bought 409 shares of the stock in a transaction on Thursday, August 7th. The stock was purchased at an average price of $1,630.00 per share, with a total value of $666,670.00. Following the completion of the purchase, the insider owned 1,764 shares of the company's stock, valued at $2,875,320. This represents a 30.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 1,494 shares of company stock valued at $2,485,986 over the last 90 days. Corporate insiders own 13.40% of the company's stock.

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.