BI Asset Management Fondsmaeglerselskab A S Reduces Position in First Citizens BancShares, Inc. $FCNCA

BI Asset Management Fondsmaeglerselskab A S decreased its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 92.3% in the first quarter, Holdings Channel reports. The fund owned 405 shares of the bank’s stock after selling 4,855 shares during the period. BI Asset Management Fondsmaeglerselskab A S’s holdings in First Citizens BancShares were worth $763,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in FCNCA. Hilton Head Capital Partners LLC acquired a new position in shares of First Citizens BancShares in the 4th quarter valued at $26,000. Harbor Investment Advisory LLC increased its position in shares of First Citizens BancShares by 150.0% during the 4th quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank’s stock worth $32,000 after purchasing an additional 9 shares during the last quarter. Fifth Third Bancorp raised its holdings in First Citizens BancShares by 40.0% in the 3rd quarter. Fifth Third Bancorp now owns 21 shares of the bank’s stock valued at $38,000 after buying an additional 6 shares during the period. Reflection Asset Management purchased a new stake in First Citizens BancShares in the 4th quarter valued at about $45,000. Finally, UMB Bank n.a. lifted its position in First Citizens BancShares by 50.0% in the fourth quarter. UMB Bank n.a. now owns 24 shares of the bank’s stock valued at $52,000 after buying an additional 8 shares during the last quarter. 78.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on FCNCA. JPMorgan Chase & Co. lowered their target price on shares of First Citizens BancShares from $2,200.00 to $2,150.00 and set a “neutral” rating for the company in a research note on Friday, April 24th. Deutsche Bank Aktiengesellschaft lowered shares of First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,154.00 price objective on the stock. in a report on Wednesday, April 8th. Keefe, Bruyette & Woods lowered their price objective on shares of First Citizens BancShares from $2,375.00 to $2,300.00 and set an “outperform” rating for the company in a research report on Thursday, April 9th. Weiss Ratings downgraded shares of First Citizens BancShares from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 22nd. Finally, Zacks Research upgraded shares of First Citizens BancShares from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $2,215.91.

First Citizens BancShares Stock Performance

NASDAQ FCNCA opened at $2,117.29 on Thursday. The company has a market cap of $24.54 billion, a P/E ratio of 12.18, a P/E/G ratio of 1.63 and a beta of 0.62. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a 50-day moving average of $2,010.53 and a two-hundred day moving average of $2,019.63. First Citizens BancShares, Inc. has a 1-year low of $1,623.76 and a 1-year high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $43.31 by $1.55. The business had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.20 billion. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. During the same quarter in the prior year, the company earned $37.79 earnings per share. As a group, analysts anticipate that First Citizens BancShares, Inc. will post 175.61 EPS for the current year.

First Citizens BancShares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 29th were paid a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend was Friday, May 29th. First Citizens BancShares’s dividend payout ratio is presently 4.83%.

Insiders Place Their Bets

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 528 shares of First Citizens BancShares stock in a transaction on Friday, June 5th. The shares were bought at an average cost of $1,813.37 per share, for a total transaction of $957,459.36. Following the acquisition, the chief executive officer directly owned 64,100 shares in the company, valued at $116,237,017. This represents a 0.83% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last quarter, insiders have purchased 7,190 shares of company stock worth $12,573,868. 14.63% of the stock is owned by corporate insiders.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.