Allstate Corp Takes Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Allstate Corp bought a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The fund bought 299 shares of the bank's stock, valued at approximately $632,000.

Several other institutional investors and hedge funds have also bought and sold shares of FCNCA. Norges Bank purchased a new stake in First Citizens BancShares in the 4th quarter worth approximately $298,426,000. JPMorgan Chase & Co. increased its position in shares of First Citizens BancShares by 35.7% during the 4th quarter. JPMorgan Chase & Co. now owns 392,097 shares of the bank's stock valued at $828,510,000 after purchasing an additional 103,137 shares during the last quarter. Proficio Capital Partners LLC bought a new position in First Citizens BancShares in the 4th quarter worth $147,341,000. AMF Tjanstepension AB purchased a new position in First Citizens BancShares during the fourth quarter valued at approximately $99,818,000. Finally, Sumitomo Mitsui Trust Group Inc. grew its holdings in First Citizens BancShares by 128.4% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 54,831 shares of the bank's stock valued at $115,859,000 after buying an additional 30,828 shares in the last quarter. 78.01% of the stock is owned by institutional investors.

Insider Transactions at First Citizens BancShares

In other First Citizens BancShares news, CFO Craig L. Nix acquired 17 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was acquired at an average price of $1,881.13 per share, with a total value of $31,979.21. Following the transaction, the chief financial officer now directly owns 1,141 shares in the company, valued at approximately $2,146,369.33. This represents a 1.51 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 13.19% of the company's stock.

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First Citizens BancShares Price Performance

Shares of FCNCA traded down $60.85 on Friday, reaching $1,571.21. The stock had a trading volume of 259,716 shares, compared to its average volume of 87,354. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68. The firm has a market capitalization of $21.33 billion, a PE ratio of 8.29, a PEG ratio of 0.94 and a beta of 0.66. First Citizens BancShares, Inc. has a twelve month low of $1,470.15 and a twelve month high of $2,412.93. The firm has a 50-day moving average of $1,991.87 and a 200 day moving average of $2,051.38.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its earnings results on Friday, January 24th. The bank reported $45.10 earnings per share for the quarter, beating the consensus estimate of $39.32 by $5.78. First Citizens BancShares had a net margin of 18.55% and a return on equity of 13.22%. Sell-side analysts expect that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were given a $1.95 dividend. This represents a $7.80 annualized dividend and a dividend yield of 0.50%. The ex-dividend date of this dividend was Friday, February 28th. First Citizens BancShares's payout ratio is currently 4.12%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on FCNCA shares. Keefe, Bruyette & Woods boosted their price target on shares of First Citizens BancShares from $2,500.00 to $2,600.00 and gave the stock an "outperform" rating in a research report on Monday, January 27th. JPMorgan Chase & Co. raised their price target on shares of First Citizens BancShares from $2,550.00 to $2,600.00 and gave the stock an "overweight" rating in a research note on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft began coverage on First Citizens BancShares in a research report on Monday, December 9th. They set a "buy" rating and a $2,600.00 target price for the company. Barclays increased their price objective on shares of First Citizens BancShares from $2,456.00 to $2,568.00 and gave the company an "equal weight" rating in a research note on Monday, January 27th. Finally, StockNews.com upgraded First Citizens BancShares from a "sell" rating to a "hold" rating in a research note on Saturday, February 1st. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $2,288.08.

First Citizens BancShares 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.