Mitsubishi UFJ Asset Management Co. Ltd. Purchases 908 Shares of First Citizens BancShares, Inc. $FCNCA

Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 11.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,880 shares of the bank’s stock after purchasing an additional 908 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.07% of First Citizens BancShares worth $15,888,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of FCNCA. JPMorgan Chase & Co. lifted its position in shares of First Citizens BancShares by 4.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 435,278 shares of the bank’s stock worth $778,785,000 after buying an additional 18,190 shares during the last quarter. Norges Bank bought a new position in First Citizens BancShares in the second quarter valued at about $177,604,000. Reinhart Partners LLC. raised its stake in First Citizens BancShares by 1.4% during the third quarter. Reinhart Partners LLC. now owns 70,248 shares of the bank’s stock worth $125,715,000 after acquiring an additional 969 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of First Citizens BancShares by 2.2% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 66,276 shares of the bank’s stock worth $118,578,000 after acquiring an additional 1,450 shares during the last quarter. Finally, Bank of America Corp DE boosted its stake in shares of First Citizens BancShares by 15.7% in the 2nd quarter. Bank of America Corp DE now owns 65,101 shares of the bank’s stock valued at $127,369,000 after purchasing an additional 8,826 shares in the last quarter. Institutional investors own 78.01% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. The Goldman Sachs Group cut shares of First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,300.00 price objective for the company. in a research report on Tuesday, January 6th. Wall Street Zen raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Saturday. Truist Financial upped their price target on shares of First Citizens BancShares from $2,050.00 to $2,150.00 and gave the stock a “hold” rating in a report on Monday, January 26th. Weiss Ratings reiterated a “buy (b-)” rating on shares of First Citizens BancShares in a research note on Monday, December 29th. Finally, TD Cowen reduced their price objective on First Citizens BancShares from $2,600.00 to $2,500.00 and set a “buy” rating on the stock in a research report on Monday, January 26th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $2,238.27.

First Citizens BancShares Stock Performance

Shares of First Citizens BancShares stock opened at $1,898.15 on Monday. The stock has a market cap of $23.61 billion, a price-to-earnings ratio of 11.45 and a beta of 0.68. First Citizens BancShares, Inc. has a twelve month low of $1,473.62 and a twelve month high of $2,232.21. The company’s fifty day moving average is $2,102.42 and its 200 day moving average is $1,956.87. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.72.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data on Friday, January 23rd. The bank reported $51.27 EPS for the quarter, topping analysts’ consensus estimates of $44.24 by $7.03. The company had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.24 billion. First Citizens BancShares had a return on equity of 11.18% and a net margin of 15.21%. Sell-side analysts forecast that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Friday, February 27th will be given a dividend of $2.10 per share. The ex-dividend date is Friday, February 27th. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. First Citizens BancShares’s dividend payout ratio is 5.07%.

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.