Russell Investments Group Ltd. Purchases 2,201 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Russell Investments Group Ltd. lifted its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 45.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,045 shares of the bank's stock after purchasing an additional 2,201 shares during the period. Russell Investments Group Ltd.'s holdings in First Citizens BancShares were worth $9,997,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in FCNCA. Raymond James Financial Services Advisors Inc. raised its stake in First Citizens BancShares by 145.4% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 1,406 shares of the bank's stock valued at $1,995,000 after acquiring an additional 833 shares during the period. Mackenzie Financial Corp raised its stake in First Citizens BancShares by 89.3% in the 4th quarter. Mackenzie Financial Corp now owns 1,914 shares of the bank's stock valued at $2,716,000 after acquiring an additional 903 shares during the period. Nordea Investment Management AB grew its holdings in First Citizens BancShares by 3,091.6% in the 4th quarter. Nordea Investment Management AB now owns 23,905 shares of the bank's stock valued at $34,203,000 after buying an additional 23,156 shares in the last quarter. Reinhart Partners LLC. grew its holdings in shares of First Citizens BancShares by 11.7% during the 4th quarter. Reinhart Partners LLC. now owns 56,803 shares of the bank's stock worth $80,602,000 after purchasing an additional 5,952 shares in the last quarter. Finally, Headlands Technologies LLC raised its position in First Citizens BancShares by 260.4% in the fourth quarter. Headlands Technologies LLC now owns 191 shares of the bank's stock valued at $271,000 after purchasing an additional 138 shares during the last quarter. Institutional investors own 61.18% of the company's stock.

First Citizens BancShares Stock Performance

Shares of NASDAQ FCNCA traded up $15.83 during trading on Monday, reaching $1,725.83. 80,588 shares of the stock traded hands, compared to its average volume of 82,570. First Citizens BancShares, Inc. has a 52-week low of $1,042.69 and a 52-week high of $1,810.03. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.14 and a quick ratio of 1.14. The company has a 50-day moving average of $1,600.68 and a 200-day moving average of $1,493.30. The stock has a market capitalization of $25.06 billion, a P/E ratio of 9.58 and a beta of 0.86.

First Citizens BancShares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Friday, May 31st will be given a dividend of $1.64 per share. The ex-dividend date is Friday, May 31st. This represents a $6.56 dividend on an annualized basis and a dividend yield of 0.38%. First Citizens BancShares's dividend payout ratio is presently 3.64%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Barclays increased their target price on First Citizens BancShares from $1,850.00 to $1,950.00 and gave the company an "equal weight" rating in a research report on Friday, April 26th. StockNews.com raised First Citizens BancShares from a "sell" rating to a "hold" rating in a research note on Monday, April 29th. The Goldman Sachs Group started coverage on First Citizens BancShares in a research note on Thursday, March 21st. They issued a "buy" rating and a $1,950.00 price objective on the stock. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and issued a $2,100.00 price objective (up from $1,900.00) on shares of First Citizens BancShares in a research note on Friday, April 26th. Finally, UBS Group lifted their price objective on First Citizens BancShares from $1,644.00 to $1,754.00 and gave the stock a "buy" rating in a research note on Tuesday, January 30th. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,829.90.

Insider Activity

In related news, major shareholder Olivia Britton Holding acquired 466 shares of the company's stock in a transaction that occurred on Tuesday, February 20th. The shares were acquired at an average price of $1,315.00 per share, with a total value of $612,790.00. Following the acquisition, the insider now owns 121,694 shares of the company's stock, valued at approximately $160,027,610. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, major shareholder Olivia Britton Holding acquired 466 shares of the company's stock in a transaction that occurred on Tuesday, February 20th. The shares were acquired at an average price of $1,315.00 per share, with a total value of $612,790.00. Following the acquisition, the insider now owns 121,694 shares of the company's stock, valued at approximately $160,027,610. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ellen R. Alemany sold 1,000 shares of the stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $1,757.27, for a total value of $1,757,270.00. Following the sale, the director now directly owns 1,335 shares in the company, valued at approximately $2,345,955.45. The disclosure for this sale can be found here. In the last 90 days, insiders have bought 1,388 shares of company stock valued at $1,825,220 and have sold 2,600 shares valued at $4,458,964. Insiders own 12.85% of the company's stock.

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.