Assenagon Asset Management S.A. Reduces Stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Assenagon Asset Management S.A. decreased its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 63.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,295 shares of the bank's stock after selling 2,249 shares during the period. Assenagon Asset Management S.A.'s holdings in First Citizens BancShares were worth $2,736,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of FCNCA. Brooklyn Investment Group bought a new stake in shares of First Citizens BancShares during the third quarter valued at approximately $39,000. GAMMA Investing LLC lifted its position in First Citizens BancShares by 129.6% during the third quarter. GAMMA Investing LLC now owns 62 shares of the bank's stock valued at $114,000 after buying an additional 35 shares during the period. Quarry LP bought a new stake in shares of First Citizens BancShares during the 2nd quarter valued at $126,000. Private Trust Co. NA grew its position in shares of First Citizens BancShares by 2,100.0% in the 3rd quarter. Private Trust Co. NA now owns 88 shares of the bank's stock worth $162,000 after buying an additional 84 shares during the period. Finally, UMB Bank n.a. bought a new position in shares of First Citizens BancShares in the 3rd quarter worth about $177,000. Hedge funds and other institutional investors own 78.01% of the company's stock.

Wall Street Analyst Weigh In

FCNCA has been the topic of several recent analyst reports. Truist Financial initiated coverage on First Citizens BancShares in a research report on Tuesday, January 7th. They set a "hold" rating and a $2,303.00 price objective on the stock. Keefe, Bruyette & Woods upgraded shares of First Citizens BancShares from a "market perform" rating to an "outperform" rating and set a $2,500.00 price target for the company in a research note on Tuesday, January 14th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of First Citizens BancShares in a research report on Monday, December 9th. They set a "buy" rating and a $2,600.00 price objective on the stock. JPMorgan Chase & Co. lifted their target price on shares of First Citizens BancShares from $2,550.00 to $2,600.00 and gave the stock an "overweight" rating in a research report on Tuesday, January 7th. Finally, The Goldman Sachs Group increased their price target on First Citizens BancShares from $2,025.00 to $2,625.00 and gave the company a "buy" rating in a report on Tuesday, November 26th. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $2,290.75.

First Citizens BancShares Stock Performance

First Citizens BancShares stock traded down $13.03 during mid-day trading on Wednesday, hitting $2,218.11. The company had a trading volume of 68,937 shares, compared to its average volume of 66,426. The company has a market capitalization of $31.03 billion, a price-to-earnings ratio of 12.71, a P/E/G ratio of 1.01 and a beta of 0.86. First Citizens BancShares, Inc. has a 12-month low of $1,383.00 and a 12-month high of $2,388.78. The company's fifty day moving average is $2,169.63 and its 200-day moving average is $2,028.74. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $47.40 by ($1.53). The firm had revenue of $2.45 billion for the quarter, compared to analysts' expectations of $2.36 billion. First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. During the same period in the previous year, the company earned $55.92 earnings per share. Equities research analysts predict that First Citizens BancShares, Inc. will post 187.95 EPS for the current year.

About First Citizens BancShares

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.