Massachusetts Financial Services Co. MA Invests $861,000 in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Massachusetts Financial Services Co. MA purchased a new stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 607 shares of the bank's stock, valued at approximately $861,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FCNCA. Blue Trust Inc. raised its stake in shares of First Citizens BancShares by 100.0% in the fourth quarter. Blue Trust Inc. now owns 20 shares of the bank's stock worth $27,000 after purchasing an additional 10 shares during the last quarter. GAMMA Investing LLC purchased a new position in First Citizens BancShares during the fourth quarter valued at approximately $30,000. Principal Securities Inc. purchased a new position in First Citizens BancShares during the fourth quarter valued at approximately $43,000. Harvest Fund Management Co. Ltd raised its position in First Citizens BancShares by 362.5% during the fourth quarter. Harvest Fund Management Co. Ltd now owns 37 shares of the bank's stock valued at $52,000 after acquiring an additional 29 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. purchased a new position in First Citizens BancShares during the fourth quarter valued at approximately $65,000. 61.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other First Citizens BancShares news, Director Ellen R. Alemany sold 484 shares of the stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $1,750.12, for a total transaction of $847,058.08. Following the completion of the sale, the director now directly owns 335 shares of the company's stock, valued at approximately $586,290.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other First Citizens BancShares news, Director Ellen R. Alemany sold 516 shares of the firm's stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $1,750.00, for a total transaction of $903,000.00. Following the completion of the transaction, the director now owns 819 shares of the company's stock, valued at $1,433,250. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ellen R. Alemany sold 484 shares of First Citizens BancShares stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $1,750.12, for a total value of $847,058.08. Following the completion of the sale, the director now directly owns 335 shares of the company's stock, valued at approximately $586,290.20. The disclosure for this sale can be found here. Insiders have sold 3,600 shares of company stock worth $6,209,022 in the last quarter. 12.85% of the stock is owned by insiders.

First Citizens BancShares Stock Up 0.8 %

Shares of FCNCA traded up $13.96 during mid-day trading on Tuesday, reaching $1,777.41. The company's stock had a trading volume of 79,898 shares, compared to its average volume of 81,462. First Citizens BancShares, Inc. has a 12-month low of $1,181.71 and a 12-month high of $1,810.03. The stock has a market cap of $25.81 billion, a PE ratio of 9.87 and a beta of 0.86. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.10 and a quick ratio of 1.10. The company's 50 day moving average is $1,643.31 and its 200 day moving average is $1,525.83.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings results on Thursday, April 25th. The bank reported $52.92 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $44.27 by $8.65. The firm had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.30 billion. First Citizens BancShares had a return on equity of 15.48% and a net margin of 18.22%. Equities analysts anticipate that First Citizens BancShares, Inc. will post 188.62 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Friday, May 31st will be paid 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 yield of 0.37%. First Citizens BancShares's dividend payout ratio is presently 3.64%.

Analysts Set New Price Targets

Several research analysts recently weighed in on FCNCA shares. Piper Sandler cut First Citizens BancShares from an "overweight" rating to a "neutral" rating and lifted their price target for the company from $1,850.00 to $1,950.00 in a research report on Friday, April 26th. Wedbush reiterated an "outperform" rating and set a $1,800.00 price target on shares of First Citizens BancShares in a research report on Monday, January 29th. StockNews.com upgraded First Citizens BancShares from a "sell" rating to a "hold" rating in a research report on Monday, April 29th. UBS Group raised their price objective on First Citizens BancShares from $1,644.00 to $1,754.00 and gave the company a "buy" rating in a report on Tuesday, January 30th. Finally, DA Davidson reissued a "neutral" rating and issued a $1,650.00 price objective (up from $1,600.00) on shares of First Citizens BancShares in a report on Monday, April 15th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, First Citizens BancShares currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,829.90.

First Citizens BancShares Company 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.