UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC Boosts Stake in 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 raised its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 13.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. 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 as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

A number of research firms have commented on FCNCA. Cowen restated a "buy" rating on shares of First Citizens BancShares in a research report on Monday, July 28th. Piper Sandler set a $2,150.00 price objective on First Citizens BancShares and gave the company a "neutral" rating in a research note on Monday, July 28th. UBS Group reaffirmed a "buy" rating and issued a $2,410.00 price objective on shares of First Citizens BancShares in a research note on Wednesday, July 9th. Citigroup lifted their price objective 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. Finally, TD Cowen initiated coverage on First Citizens BancShares in a research note on Thursday, May 15th. They issued a "buy" rating and a $2,400.00 price objective for the company. Seven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $2,291.17.

Insider Buying and Selling

In related news, CEO Frank B. Holding, Jr. bought 600 shares of the stock in a transaction that occurred on Thursday, August 7th. The stock was purchased at an average cost of $1,698.75 per share, with a total value of $1,019,250.00. Following the purchase, the chief executive officer directly owned 32,300 shares of the company's stock, valued at $54,869,625. This trade represents a 1.89% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Hope Holding Bryant bought 409 shares of the stock in a transaction that occurred on Thursday, August 7th. The shares were bought at an average cost of $1,630.00 per share, with a total value of $666,670.00. Following the completion of the purchase, the insider directly owned 1,764 shares in the company, valued at $2,875,320. This represents a 30.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 1,494 shares of company stock valued at $2,485,986 in the last three months. 13.40% of the stock is owned by corporate insiders.

First Citizens BancShares Trading Up 0.9%

FCNCA opened at $1,964.43 on Friday. First Citizens BancShares, Inc. has a 12 month low of $1,473.62 and a 12 month high of $2,412.93. The stock has a market capitalization of $25.38 billion, a price-to-earnings ratio of 11.59 and a beta of 0.71. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.04 and a quick ratio of 1.04. The business has a fifty day moving average price of $1,996.27 and a 200 day moving average price of $1,889.75.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its earnings results on Friday, July 25th. The bank reported $44.78 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $2.38 billion during the quarter, compared to analysts' expectations of $2.21 billion. Sell-side analysts expect that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be paid a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Friday, August 29th. First Citizens BancShares's payout ratio is presently 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.

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