Investment Management Corp of Ontario Has $2.04 Million Stock Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Investment Management Corp of Ontario trimmed its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 30.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 966 shares of the bank's stock after selling 424 shares during the period. Investment Management Corp of Ontario's holdings in First Citizens BancShares were worth $2,041,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Barclays PLC raised its holdings in First Citizens BancShares by 19.2% during the 3rd quarter. Barclays PLC now owns 7,195 shares of the bank's stock worth $13,246,000 after buying an additional 1,158 shares during the period. JPMorgan Chase & Co. raised its holdings in First Citizens BancShares by 6.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 288,960 shares of the bank's stock worth $531,961,000 after buying an additional 18,501 shares during the period. Reinhart Partners LLC. grew its stake in shares of First Citizens BancShares by 2.1% during the 4th quarter. Reinhart Partners LLC. now owns 57,981 shares of the bank's stock worth $122,516,000 after acquiring an additional 1,183 shares in the last quarter. Wedmont Private Capital bought a new position in shares of First Citizens BancShares during the 4th quarter worth approximately $219,000. Finally, Cooper Financial Group bought a new position in shares of First Citizens BancShares during the 4th quarter worth approximately $309,000. 78.01% of the stock is currently owned by institutional investors and hedge funds.

First Citizens BancShares Stock Performance

Shares of FCNCA stock traded up $3.63 during trading on Thursday, reaching $1,966.55. 54,022 shares of the company's stock were exchanged, compared to its average volume of 89,429. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68. The stock has a market capitalization of $26.70 billion, a PE ratio of 10.38, a PEG ratio of 0.94 and a beta of 0.64. First Citizens BancShares, Inc. has a twelve month low of $1,473.62 and a twelve month high of $2,412.93. The firm's fifty day moving average price is $1,775.58 and its 200-day moving average price is $2,008.27.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings results 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 analysts' expectations of $2.22 billion. First Citizens BancShares had a net margin of 18.55% and a return on equity of 13.22%. As a group, sell-side analysts anticipate that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be given a dividend of $1.95 per share. The ex-dividend date is Friday, May 30th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.40%. First Citizens BancShares's payout ratio is 4.47%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on FCNCA. Truist Financial raised their price target on shares of First Citizens BancShares from $2,303.00 to $2,384.00 and gave the stock a "hold" rating in a research note on Wednesday, January 29th. Piper Sandler upgraded First Citizens BancShares from a "neutral" rating to an "overweight" rating and set a $2,250.00 price target for the company in a research note on Tuesday, March 11th. Keefe, Bruyette & Woods upped their price objective on First Citizens BancShares from $2,500.00 to $2,600.00 and gave the stock an "outperform" rating in a research note on Monday, January 27th. TD Cowen assumed coverage on First Citizens BancShares in a report on Thursday. They issued a "buy" rating and a $2,400.00 price objective for the company. Finally, The Goldman Sachs Group lowered their target price on shares of First Citizens BancShares from $2,535.00 to $2,200.00 and set a "buy" rating on the stock in a report on Tuesday, March 18th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $2,336.58.

Insider Activity

In other First Citizens BancShares news, CFO Craig L. Nix acquired 17 shares of the company's stock in a transaction that occurred on Friday, March 7th. The stock was acquired at an average cost of $1,881.13 per share, for a total transaction of $31,979.21. Following the transaction, the chief financial officer now directly owns 1,141 shares in the company, valued at $2,146,369.33. This represents a 1.51% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Frank B. Holding, Jr. bought 350 shares of the company's stock in a transaction on Friday, May 2nd. The stock was purchased 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 now directly owns 2,758 shares of the company's stock, valued at approximately $4,440,380. The trade was a 14.53% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 13.40% of the company's stock.

First Citizens BancShares Profile

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.