Sumitomo Mitsui Trust Group Inc. Purchases 7,046 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 12.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 61,877 shares of the bank's stock after purchasing an additional 7,046 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.46% of First Citizens BancShares worth $114,727,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Western Wealth Management LLC acquired a new stake in First Citizens BancShares during the first quarter valued at approximately $1,645,000. Invesco LLC bought a new position in shares of First Citizens BancShares in the first quarter valued at $200,000. Asset Management One Co. Ltd. lifted its position in shares of First Citizens BancShares by 3.8% during the 1st quarter. Asset Management One Co. Ltd. now owns 3,802 shares of the bank's stock valued at $7,049,000 after acquiring an additional 139 shares during the last quarter. Live Oak Private Wealth LLC lifted its position in shares of First Citizens BancShares by 427.3% during the 1st quarter. Live Oak Private Wealth LLC now owns 1,603 shares of the bank's stock valued at $2,972,000 after acquiring an additional 1,299 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. boosted its stake in shares of First Citizens BancShares by 16.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 190 shares of the bank's stock worth $352,000 after acquiring an additional 27 shares in the last quarter. 78.01% of the stock is currently owned by institutional investors.

First Citizens BancShares Stock Up 1.0%

Shares of NASDAQ FCNCA traded up $20.11 during mid-day trading on Thursday, reaching $2,094.02. The company had a trading volume of 45,360 shares, compared to its average volume of 88,532. 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 twelve month low of $1,473.62 and a twelve month high of $2,412.93. The stock's 50 day moving average is $1,863.97 and its 200-day moving average is $1,940.83. The stock has a market capitalization of $27.83 billion, a PE ratio of 11.99, a price-to-earnings-growth ratio of 0.95 and a beta of 0.64.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.22 billion. First Citizens BancShares had a net margin of 17.10% and a return on equity of 11.98%. As a group, equities analysts anticipate that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Friday, May 30th were given a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a yield of 0.37%. The ex-dividend date was Friday, May 30th. First Citizens BancShares's payout ratio is 4.47%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on FCNCA. TD Cowen started coverage on First Citizens BancShares in a research report on Thursday, May 15th. They issued a "buy" rating and a $2,400.00 price target for the company. The Goldman Sachs Group decreased their target price on shares of First Citizens BancShares from $2,535.00 to $2,200.00 and set a "buy" rating for the company in a report on Tuesday, March 18th. JPMorgan Chase & Co. boosted their price target on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an "overweight" rating in a report on Tuesday. Cowen began coverage on shares of First Citizens BancShares in a research report on Wednesday, May 14th. They issued a "buy" rating for the company. Finally, Wall Street Zen lowered shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a research note on Monday, April 28th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, First Citizens BancShares presently has an average rating of "Moderate Buy" and a consensus price target of $2,323.67.

Insider Buying and Selling

In related news, CEO Frank B. Holding, Jr. purchased 350 shares of First Citizens BancShares stock in a transaction on Friday, May 2nd. The stock was bought at an average price of $1,610.00 per share, with a total value of $563,500.00. Following the completion of the transaction, the chief executive officer directly owned 2,758 shares of the company's stock, valued at approximately $4,440,380. This represents a 14.53% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 13.40% of the stock is owned by insiders.

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.