UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC Buys 14,060 Shares of First Citizens BancShares, Inc. $FCNCA

Key Points

• UBS Asset Management increased its stake in First Citizens BancShares by 13.1%, holding 121,583 shares worth approximately $225.4 million.
• Wall Street analysts maintain a Moderate Buy consensus on the stock, with price targets ranging from $2,150.00 to $2,410.00.
• The company recently announced a quarterly dividend of $1.95 per share, reflecting an annualized yield of 0.4% with a payout ratio of 4.60%.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 13.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 121,583 shares of the bank's stock after purchasing an additional 14,060 shares during the quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned 0.91% of First Citizens BancShares worth $225,429,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of FCNCA. Cetera Investment Advisers raised its position in First Citizens BancShares by 20.1% in the 4th quarter. Cetera Investment Advisers now owns 1,453 shares of the bank's stock valued at $3,069,000 after buying an additional 243 shares during the last quarter. Focus Partners Wealth raised its position in First Citizens BancShares by 47.7% in the 4th quarter. Focus Partners Wealth now owns 229 shares of the bank's stock valued at $505,000 after buying an additional 74 shares during the last quarter. OMERS ADMINISTRATION Corp raised its position in First Citizens BancShares by 19.9% in the 4th quarter. OMERS ADMINISTRATION Corp now owns 422 shares of the bank's stock valued at $892,000 after buying an additional 70 shares during the last quarter. Quantinno Capital Management LP raised its position in First Citizens BancShares by 60.3% in the 4th quarter. Quantinno Capital Management LP now owns 508 shares of the bank's stock valued at $1,074,000 after buying an additional 191 shares during the last quarter. Finally, Siemens Fonds Invest GmbH acquired a new stake in First Citizens BancShares in the 4th quarter valued at approximately $49,265,000. Institutional investors and hedge funds own 78.01% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on FCNCA. Jefferies Financial Group began coverage on First Citizens BancShares in a research report on Wednesday, May 21st. They issued a "hold" rating and a $2,050.00 target price on the stock. Citigroup raised their price target on First Citizens BancShares from $1,900.00 to $2,050.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. Piper Sandler set a $2,150.00 price target on First Citizens BancShares and gave the company a "neutral" rating in a research note on Monday, July 28th. JPMorgan Chase & Co. raised their price target on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Finally, UBS Group restated a "buy" rating and issued a $2,410.00 price target on shares of First Citizens BancShares in a research note on Wednesday, July 9th. Seven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $2,291.17.

Insider Buying and Selling

In other news, insider Hope Holding Bryant acquired 409 shares of First Citizens BancShares stock in a transaction that occurred on Thursday, August 7th. The shares were acquired at an average price of $1,630.00 per share, for a total transaction of $666,670.00. Following the transaction, the insider directly 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Frank B. Holding, Jr. acquired 600 shares of First Citizens BancShares stock in a transaction that occurred on Thursday, August 7th. The shares were purchased at an average price of $1,698.75 per share, for a total transaction of $1,019,250.00. Following the transaction, the chief executive officer directly owned 32,300 shares in the company, valued at $54,869,625. The trade was a 1.89% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 1,494 shares of company stock worth $2,485,986 in the last 90 days. Insiders own 13.19% of the company's stock.

First Citizens BancShares Price Performance

Shares of First Citizens BancShares stock traded down $7.01 during trading on Wednesday, reaching $1,858.79. 43,242 shares of the company's stock were exchanged, compared to its average volume of 96,520. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.04 and a current ratio of 1.04. First Citizens BancShares, Inc. has a 1-year low of $1,473.62 and a 1-year high of $2,412.93. The company has a market cap of $24.02 billion, a P/E ratio of 10.98 and a beta of 0.71. The firm's 50-day moving average price is $1,986.53 and its 200 day moving average price is $1,886.55.

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

First Citizens BancShares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, August 29th were given a dividend of $1.95 per share. The ex-dividend date was Friday, August 29th. This represents a $7.80 dividend on an annualized basis and a yield of 0.4%. First Citizens BancShares's 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.