Swedbank AB Boosts Position in First Citizens BancShares, Inc. $FCNCA

Key Points

• Swedbank AB increased its stake in First Citizens BancShares by 61% in the fourth quarter, owning 4,410 shares worth about $9.47 million after the purchase.
• Institutional ownership remains heavy, with 78.01% of the stock held by hedge funds and other institutions. Several other investors also added to or initiated positions during the quarter.
• First Citizens BancShares reported better-than-expected quarterly earnings of $44.86 per share, while analysts currently rate the stock a consensus “Hold” with an average price target of $2,202.08.

Swedbank AB boosted its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 61.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 4,410 shares of the bank's stock after purchasing an additional 1,671 shares during the quarter. Swedbank AB's holdings in First Citizens BancShares were worth $9,465,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Truist Financial Corp lifted its position in shares of First Citizens BancShares by 1.3% in the fourth quarter. Truist Financial Corp now owns 9,854 shares of the bank's stock valued at $21,149,000 after acquiring an additional 123 shares in the last quarter. Benjamin Edwards Inc. lifted its position in shares of First Citizens BancShares by 9.6% in the fourth quarter. Benjamin Edwards Inc. now owns 537 shares of the bank's stock valued at $1,153,000 after acquiring an additional 47 shares in the last quarter. Pines Wealth Management LLC purchased a new stake in shares of First Citizens BancShares in the fourth quarter valued at $208,000. PFA Pension Forsikringsaktieselskab purchased a new stake in shares of First Citizens BancShares in the fourth quarter valued at $3,154,000. Finally, Oppenheimer & Co. Inc. lifted its position in shares of First Citizens BancShares by 8.0% in the fourth quarter. Oppenheimer & Co. Inc. now owns 1,582 shares of the bank's stock valued at $3,395,000 after acquiring an additional 117 shares in the last quarter. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FCNCA has been the topic of several recent research reports. Truist Financial upped their price objective on First Citizens BancShares from $2,050.00 to $2,150.00 and gave the company a "hold" rating in a research report on Monday, January 26th. Citigroup restated a "neutral" rating on shares of First Citizens BancShares in a research report on Friday, April 24th. Keefe, Bruyette & Woods reduced their price objective on First Citizens BancShares from $2,375.00 to $2,300.00 and set an "outperform" rating on the stock in a research report on Thursday, April 9th. Weiss Ratings restated a "buy (b-)" rating on shares of First Citizens BancShares in a research report on Friday, March 27th. Finally, Piper Sandler set a $2,050.00 price objective on First Citizens BancShares in a research report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, First Citizens BancShares has an average rating of "Hold" and an average price target of $2,202.08.

First Citizens BancShares Stock Performance

First Citizens BancShares stock opened at $1,951.93 on Friday. The firm has a market capitalization of $23.31 billion, a P/E ratio of 11.23, a PEG ratio of 1.50 and a beta of 0.63. The stock has a fifty day moving average price of $1,926.53 and a 200 day moving average price of $1,973.76. First Citizens BancShares, Inc. has a 52 week low of $1,623.76 and a 52 week 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 released its earnings results on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, beating the consensus estimate of $43.31 by $1.55. The firm had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.20 billion. First Citizens BancShares had a return on equity of 11.37% and a net margin of 15.62%.During the same period in the prior year, the firm posted $37.79 earnings per share. Equities research analysts anticipate that First Citizens BancShares, Inc. will post 176.04 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

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 paid a $2.10 dividend. This represents a $8.40 annualized dividend and a yield of 0.4%. The ex-dividend date is Friday, May 29th. First Citizens BancShares's dividend payout ratio is presently 4.83%.

Insider Buying and Selling

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 134 shares of the company's stock in a transaction that occurred on Friday, March 13th. The stock was purchased at an average cost of $1,550.00 per share, for a total transaction of $207,700.00. Following the completion of the purchase, the chief executive officer owned 2,749 shares of the company's stock, valued at $4,260,950. This trade represents a 5.12% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders acquired 258 shares of company stock valued at $404,236 in the last ninety days. Corporate insiders own 14.63% of the company's stock.

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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