SEB Asset Management AB Buys New Stake in First Citizens BancShares, Inc. $FCNCA

SEB Asset Management AB purchased a new stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) during the first quarter, according to its most recent filing with the SEC. The fund purchased 1,878 shares of the bank’s stock, valued at approximately $3,539,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Northwestern Mutual Wealth Management Co. increased its holdings in shares of First Citizens BancShares by 117,518.9% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 205,833 shares of the bank’s stock worth $441,755,000 after purchasing an additional 205,658 shares during the last quarter. Norges Bank bought a new position in First Citizens BancShares during the fourth quarter valued at approximately $116,565,000. River Road Asset Management LLC boosted its stake in First Citizens BancShares by 574.0% during the fourth quarter. River Road Asset Management LLC now owns 55,402 shares of the bank’s stock valued at $118,903,000 after buying an additional 47,182 shares during the last quarter. Orion Porfolio Solutions LLC grew its holdings in First Citizens BancShares by 2,057.4% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 47,506 shares of the bank’s stock valued at $92,944,000 after buying an additional 45,304 shares in the last quarter. Finally, M&T Bank Corp grew its holdings in First Citizens BancShares by 13,512.7% during the 4th quarter. M&T Bank Corp now owns 38,524 shares of the bank’s stock valued at $82,679,000 after buying an additional 38,241 shares in the last quarter. Institutional investors own 78.01% of the company’s stock.

Insider Buying and Selling

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 5,940 shares of First Citizens BancShares stock in a transaction on Tuesday, May 12th. The shares were acquired at an average price of $1,726.82 per share, for a total transaction of $10,257,310.80. Following the completion of the purchase, the chief executive officer directly owned 38,111 shares in the company, valued at approximately $65,810,837.02. This trade represents a 18.46% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last 90 days, insiders acquired 7,190 shares of company stock valued at $12,573,868. Corporate insiders own 14.63% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $2,300.00 price objective on shares of First Citizens BancShares in a report on Thursday, July 9th. Piper Sandler set a $2,050.00 target price on shares of First Citizens BancShares in a report on Friday, April 24th. The Goldman Sachs Group boosted their price target on shares of First Citizens BancShares from $2,100.00 to $2,340.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 7th. TD Cowen decreased their price target on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating on the stock in a research note on Monday, April 27th. Finally, Wall Street Zen upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Saturday, June 27th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $2,247.08.

First Citizens BancShares Stock Up 0.3%

Shares of NASDAQ FCNCA opened at $2,077.57 on Thursday. 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 company has a market cap of $24.08 billion, a P/E ratio of 11.95, a PEG ratio of 1.56 and a beta of 0.62. First Citizens BancShares, Inc. has a 1 year low of $1,623.76 and a 1 year high of $2,232.21. The firm has a 50-day simple moving average of $2,053.95 and a two-hundred day simple moving average of $2,016.98.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, beating analysts’ consensus estimates of $43.31 by $1.55. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.The firm had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.20 billion. During the same quarter in the prior year, the firm posted $37.79 earnings per share. Research analysts anticipate that First Citizens BancShares, Inc. will post 177.18 earnings per share for the current year.

First Citizens BancShares 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.