RedJay Asset Management Inc. Purchases New Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

RedJay Asset Management Inc. acquired a new stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 1,500 shares of the bank's stock, valued at approximately $2,781,000. First Citizens BancShares makes up 1.5% of RedJay Asset Management Inc.'s investment portfolio, making the stock its 23rd biggest holding.

Several other large investors have also bought and sold shares of FCNCA. JPMorgan Chase & Co. raised its position in First Citizens BancShares by 35.7% in the 4th quarter. JPMorgan Chase & Co. now owns 392,097 shares of the bank's stock worth $828,510,000 after buying an additional 103,137 shares during the last quarter. FMR LLC grew its stake in shares of First Citizens BancShares by 10.5% in the fourth quarter. FMR LLC now owns 357,629 shares of the bank's stock worth $755,677,000 after acquiring an additional 34,097 shares during the period. Capital International Investors grew its stake in shares of First Citizens BancShares by 78.2% in the fourth quarter. Capital International Investors now owns 172,723 shares of the bank's stock worth $364,967,000 after acquiring an additional 75,785 shares during the period. Norges Bank purchased a new position in shares of First Citizens BancShares during the fourth quarter valued at approximately $298,426,000. Finally, GAMMA Investing LLC lifted its position in First Citizens BancShares by 169,861.1% during the first quarter. GAMMA Investing LLC now owns 122,372 shares of the bank's stock valued at $226,892,000 after purchasing an additional 122,300 shares during the period. 78.01% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 350 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The shares were bought at an average price of $1,610.00 per share, with a total value of $563,500.00. Following the completion of the purchase, the chief executive officer directly owned 2,758 shares in the company, valued at $4,440,380. This trade represents a 14.53% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 13.19% of the company's stock.

First Citizens BancShares Price Performance

FCNCA traded up $86.84 during trading on Tuesday, reaching $2,043.31. 99,922 shares of the company traded hands, compared to its average volume of 88,813. The company has a market cap of $27.16 billion, a P/E ratio of 11.70, a PEG ratio of 0.91 and a beta of 0.64. The company has a debt-to-equity ratio of 1.77, a quick ratio of 1.04 and a current ratio of 1.04. First Citizens BancShares, Inc. has a 12-month low of $1,473.62 and a 12-month high of $2,412.93. The firm has a fifty day simple moving average of $1,857.94 and a 200 day simple moving average of $1,939.91.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its earnings results on Thursday, April 24th. The bank reported $37.79 earnings per share for the quarter, beating the consensus estimate of $37.72 by $0.07. The company had revenue of $2.30 billion during the quarter, compared to analysts' expectations of $2.22 billion. First Citizens BancShares had a net margin of 17.10% and a return on equity of 11.98%. On average, equities analysts forecast that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Friday, May 30th were given a $1.95 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.38%. First Citizens BancShares's dividend payout ratio is currently 4.47%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Wall Street Zen downgraded shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a report on Monday, April 28th. JPMorgan Chase & Co. boosted their price objective on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an "overweight" rating in a research report on Tuesday. The Goldman Sachs Group lowered their target price on First Citizens BancShares from $2,535.00 to $2,200.00 and set a "buy" rating on the stock in a research report on Tuesday, March 18th. Piper Sandler raised First Citizens BancShares from a "neutral" rating to an "overweight" rating and set a $2,250.00 price objective on the stock in a research note on Tuesday, March 11th. Finally, TD Cowen initiated coverage on First Citizens BancShares in a research note on Thursday, May 15th. They set a "buy" rating and a $2,400.00 price objective for the company. One investment analyst has rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $2,311.17.

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.