Quantitative Investment Management LLC Invests $272,000 in First Citizens BancShares, Inc. $FCNCA

Key Points

• Quantitative Investment Management LLC has established a new position in First Citizens BancShares, Inc. (NASDAQ: FCNCA), acquiring 147 shares valued at approximately $272,000.
• Several institutional investors have increased their stakes in First Citizens BancShares, with notable increases from JPMorgan Chase & Co. and Egerton Capital UK LLP, reflecting growing confidence in the bank.
• First Citizens BancShares recently announced a quarterly dividend of $1.95 per share, with a total annualized dividend representing a yield of 0.4%.

Quantitative Investment Management LLC purchased a new stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm purchased 147 shares of the bank's stock, valued at approximately $272,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. JPMorgan Chase & Co. grew its stake in First Citizens BancShares by 2.3% during the 1st quarter. JPMorgan Chase & Co. now owns 401,167 shares of the bank's stock worth $743,815,000 after buying an additional 9,070 shares during the last quarter. Egerton Capital UK LLP grew its stake in First Citizens BancShares by 21.7% during the 1st quarter. Egerton Capital UK LLP now owns 124,773 shares of the bank's stock worth $231,344,000 after buying an additional 22,257 shares during the last quarter. GAMMA Investing LLC grew its stake in First Citizens BancShares by 169,861.1% during the 1st quarter. GAMMA Investing LLC now owns 122,372 shares of the bank's stock worth $226,892,000 after buying an additional 122,300 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake 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 buying an additional 48,994 shares during the last quarter. Finally, Nuveen LLC acquired a new stake in First Citizens BancShares during the 1st quarter worth about $149,963,000. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, major shareholder Olivia Britton Holding acquired 409 shares of the firm's stock in a transaction that occurred on Thursday, August 7th. The shares were purchased at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the completion of the acquisition, the insider owned 1,764 shares of the company's stock, valued at approximately $2,875,320. The trade was a 30.18% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Frank B. Holding, Jr. acquired 600 shares of the firm's stock in a transaction that occurred on Thursday, August 7th. The stock was acquired at an average price of $1,698.75 per share, for a total transaction of $1,019,250.00. Following the completion of the acquisition, the chief executive officer directly owned 32,300 shares of the company's stock, valued at $54,869,625. The trade was a 1.89% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 1,494 shares of company stock worth $2,485,986. Insiders own 13.40% of the company's stock.

Analysts Set New Price Targets

A number of analysts have commented on FCNCA shares. TD Cowen started 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. Jefferies Financial Group initiated coverage on First Citizens BancShares in a report on Wednesday, May 21st. They issued a "hold" rating and a $2,050.00 price objective for the company. Cowen restated a "buy" rating on shares of First Citizens BancShares in a research note on Monday, July 28th. Piper Sandler set a $2,150.00 price objective on First Citizens BancShares and gave the stock a "neutral" rating in a research note on Monday, July 28th. Finally, Citigroup boosted their price objective on First Citizens BancShares from $1,900.00 to $2,050.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. Seven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, First Citizens BancShares currently has a consensus rating of "Moderate Buy" and a consensus price target of $2,291.17.

First Citizens BancShares Price Performance

Shares of FCNCA stock traded down $19.54 during trading hours on Friday, reaching $1,983.91. The company had a trading volume of 148,796 shares, compared to its average volume of 94,022. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a fifty day moving average of $1,995.95 and a 200-day moving average of $1,900.14. The company has a market capitalization of $25.63 billion, a price-to-earnings ratio of 11.71 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.

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

First Citizens BancShares Announces Dividend

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