Mizuho Markets Cayman LP Acquires New Holdings in First Citizens BancShares, Inc. $FCNCA

Key Points

• Mizuho Markets Cayman LP disclosed a new position in First Citizens BancShares, buying 8,010 shares worth about $17.2 million in the fourth quarter. The stake represents roughly 0.06% of the company and about 0.9% of Mizuho’s portfolio.
• Institutional ownership remains high, with hedge funds and other institutional investors holding about 78.01% of the stock. Several firms, including JPMorgan Chase, Northwestern Mutual, and UBS, also recently increased their holdings.
• First Citizens reported better-than-expected quarterly earnings of $44.86 per share, topping analyst estimates, while revenue came in slightly below expectations. The company also announced a quarterly dividend of $2.10 per share, payable June 15.

Mizuho Markets Cayman LP acquired a new stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 8,010 shares of the bank's stock, valued at approximately $17,191,000. First Citizens BancShares accounts for approximately 0.9% of Mizuho Markets Cayman LP's holdings, making the stock its 20th biggest holding. Mizuho Markets Cayman LP owned approximately 0.06% of First Citizens BancShares as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. JPMorgan Chase & Co. increased its holdings in First Citizens BancShares by 4.4% during the third quarter. JPMorgan Chase & Co. now owns 435,278 shares of the bank's stock valued at $778,785,000 after buying an additional 18,190 shares during the period. Northwestern Mutual Wealth Management Co. increased its holdings in First Citizens BancShares by 117,518.9% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 205,833 shares of the bank's stock valued at $441,755,000 after buying an additional 205,658 shares during the period. Alliancebernstein L.P. increased its holdings in First Citizens BancShares by 16.3% during the third quarter. Alliancebernstein L.P. now owns 78,310 shares of the bank's stock valued at $140,109,000 after buying an additional 10,948 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in First Citizens BancShares by 57.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 76,088 shares of the bank's stock valued at $164,247,000 after buying an additional 27,789 shares during the period. Finally, UBS Group AG increased its holdings in First Citizens BancShares by 96.7% during the fourth quarter. UBS Group AG now owns 69,551 shares of the bank's stock valued at $149,269,000 after buying an additional 34,184 shares during the period. 78.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Barclays cut their price objective on shares of First Citizens BancShares from $2,456.00 to $2,346.00 and set an "equal weight" rating on the stock in a report on Monday, January 26th. JPMorgan Chase & Co. cut their price objective on shares of First Citizens BancShares from $2,200.00 to $2,150.00 and set a "neutral" rating on the stock in a report on Friday, April 24th. Citigroup restated a "neutral" rating on shares of First Citizens BancShares in a research note on Friday, April 24th. Keefe, Bruyette & Woods lowered their target price on shares of First Citizens BancShares from $2,375.00 to $2,300.00 and set an "outperform" rating for the company in a research note on Thursday, April 9th. Finally, Wall Street Zen downgraded shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a research note on Saturday, May 16th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $2,215.91.

Insider Transactions at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 5,940 shares of the firm's stock in a transaction that occurred on Tuesday, May 12th. The stock was bought at an average cost of $1,726.82 per share, for a total transaction of $10,257,310.80. Following the completion of the transaction, the chief executive officer directly owned 38,111 shares of the company's stock, valued at approximately $65,810,837.02. This trade represents a 18.46% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have acquired 6,198 shares of company stock worth $10,661,547 in the last three months. Insiders own 14.63% of the company's stock.

First Citizens BancShares Trading Up 0.1%

NASDAQ FCNCA opened at $1,991.55 on Friday. The company has a market capitalization of $23.08 billion, a PE ratio of 11.45, a P/E/G ratio of 1.52 and a beta of 0.63. The company has a fifty day moving average of $1,928.22 and a 200 day moving average of $1,985.72. First Citizens BancShares, Inc. has a 1 year low of $1,623.76 and a 1 year high of $2,232.21. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.00 and a quick ratio of 1.00.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $43.31 by $1.55. The company had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.20 billion. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. During the same period in the previous year, the firm posted $37.79 earnings per share. Research analysts forecast that First Citizens BancShares, Inc. will post 177.84 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Friday, May 29th will be given a dividend of $2.10 per share. The ex-dividend date is Friday, May 29th. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. First Citizens BancShares's payout ratio is currently 4.83%.

About First Citizens BancShares

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.

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