Sumitomo Mitsui Trust Group Inc. Has $137.79 Million Holdings in First Citizens BancShares, Inc. $FCNCA

Key Points

• Sumitomo Mitsui Trust Group trimmed its position by 3.1% in Q4 and now owns 64,204 shares of First Citizens (about 0.52% of the company) valued at approximately $137.79 million.
• Analysts are mixed but the consensus rating is a "Moderate Buy" with a mean target price of $2,227.08 after several recent upgrades and downgrades.
• First Citizens reported a quarterly EPS beat ($51.27 vs. $44.24 est.) and $2.44B in revenue, and CEO Frank B. Holding Jr. recently bought 92 shares, leaving insiders with 14.63% ownership.

Sumitomo Mitsui Trust Group Inc. lessened its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 3.1% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 64,204 shares of the bank's stock after selling 2,072 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.52% of First Citizens BancShares worth $137,793,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Citigroup Inc. grew its stake in First Citizens BancShares by 23.4% in the third quarter. Citigroup Inc. now owns 16,938 shares of the bank's stock valued at $30,305,000 after acquiring an additional 3,215 shares during the period. Founders Financial Alliance LLC grew its stake in First Citizens BancShares by 484.7% in the third quarter. Founders Financial Alliance LLC now owns 1,532 shares of the bank's stock valued at $2,742,000 after acquiring an additional 1,270 shares during the period. AlphaQuest LLC grew its stake in First Citizens BancShares by 577.7% in the third quarter. AlphaQuest LLC now owns 759 shares of the bank's stock valued at $1,358,000 after acquiring an additional 647 shares during the period. Assenagon Asset Management S.A. grew its stake in First Citizens BancShares by 122.2% in the fourth quarter. Assenagon Asset Management S.A. now owns 2,440 shares of the bank's stock valued at $5,237,000 after acquiring an additional 1,342 shares during the period. Finally, AdvisorShares Investments LLC acquired a new stake in First Citizens BancShares in the third quarter valued at approximately $415,000. Institutional investors and hedge funds own 78.01% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on FCNCA shares. JPMorgan Chase & Co. restated a "neutral" rating and issued a $2,200.00 target price (down from $2,450.00) on shares of First Citizens BancShares in a report on Wednesday, April 1st. Truist Financial raised their target price on First Citizens BancShares from $2,050.00 to $2,150.00 and gave the company a "hold" rating in a report on Monday, January 26th. The Goldman Sachs Group lowered First Citizens BancShares from a "buy" rating to a "hold" rating and set a $2,300.00 target price on the stock. in a report on Tuesday, January 6th. Keefe, Bruyette & Woods dropped their target price on First Citizens BancShares from $2,375.00 to $2,300.00 and set an "outperform" rating on the stock in a report on Thursday, April 9th. Finally, Piper Sandler raised their target price on First Citizens BancShares from $2,000.00 to $2,100.00 and gave the company a "neutral" rating in a report on Thursday, January 29th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, First Citizens BancShares currently has an average rating of "Moderate Buy" and a consensus target price of $2,227.08.

Insider Buying and Selling

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 92 shares of the company's stock in a transaction that occurred on Thursday, March 19th. The shares were acquired at an average cost of $1,550.00 per share, for a total transaction of $142,600.00. Following the completion of the acquisition, the chief executive officer owned 2,841 shares of the company's stock, valued at $4,403,550. The trade was a 3.35% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders acquired 258 shares of company stock worth $404,236 in the last 90 days. Company insiders own 14.63% of the company's stock.

First Citizens BancShares Stock Performance

Shares of First Citizens BancShares stock opened at $2,000.81 on Tuesday. The business's fifty day simple moving average is $1,946.73 and its 200 day simple moving average is $1,946.63. The firm has a market capitalization of $23.88 billion, a P/E ratio of 12.07, a price-to-earnings-growth ratio of 1.48 and a beta of 0.65. First Citizens BancShares, Inc. has a 12 month low of $1,623.76 and a 12 month high of $2,232.21. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.72.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its quarterly earnings results on Friday, January 23rd. The bank reported $51.27 EPS for the quarter, topping analysts' consensus estimates of $44.24 by $7.03. The business had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.24 billion. First Citizens BancShares had a return on equity of 11.18% and a net margin of 15.21%. As a group, analysts anticipate that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Friday, February 27th were issued a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Friday, February 27th. First Citizens BancShares's dividend payout ratio (DPR) is 5.07%.

First Citizens BancShares Profile

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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