DnB Asset Management AS Cuts Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

DnB Asset Management AS reduced its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 8.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,715 shares of the bank's stock after selling 166 shares during the quarter. DnB Asset Management AS's holdings in First Citizens BancShares were worth $3,624,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Financial Life Planners purchased a new position in shares of First Citizens BancShares in the 4th quarter valued at approximately $33,000. Hemington Wealth Management lifted its holdings in shares of First Citizens BancShares by 60.0% during the fourth quarter. Hemington Wealth Management now owns 16 shares of the bank's stock worth $33,000 after purchasing an additional 6 shares during the period. Duncker Streett & Co. Inc. purchased a new position in First Citizens BancShares in the 4th quarter valued at $36,000. Mather Group LLC. increased its stake in First Citizens BancShares by 38.5% in the 4th quarter. Mather Group LLC. now owns 18 shares of the bank's stock valued at $38,000 after buying an additional 5 shares during the period. Finally, Asset Planning Inc purchased a new position in First Citizens BancShares during the 4th quarter worth $38,000. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CFO Craig L. Nix purchased 17 shares of the company's stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average price of $1,881.13 per share, with a total value of $31,979.21. Following the completion of the transaction, the chief financial officer now owns 1,141 shares of the company's stock, valued at approximately $2,146,369.33. This trade represents a 1.51 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 13.19% of the stock is owned by corporate insiders.

Remove Ads

Analysts Set New Price Targets

FCNCA has been the topic of several analyst reports. Barclays lifted their target price on shares of First Citizens BancShares from $2,456.00 to $2,568.00 and gave the company an "equal weight" rating in a report on Monday, January 27th. Keefe, Bruyette & Woods increased their target price on First Citizens BancShares from $2,500.00 to $2,600.00 and gave the stock an "outperform" rating in a research note on Monday, January 27th. JPMorgan Chase & Co. upped their price objective on First Citizens BancShares from $2,550.00 to $2,600.00 and gave the stock an "overweight" rating in a report on Tuesday, January 7th. Piper Sandler raised First Citizens BancShares from a "neutral" rating to an "overweight" rating and set a $2,250.00 target price for the company in a report on Tuesday, March 11th. Finally, UBS Group began coverage on shares of First Citizens BancShares in a research report on Tuesday, December 17th. They set a "buy" rating and a $2,700.00 target price on the stock. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $2,288.08.

First Citizens BancShares Price Performance

NASDAQ:FCNCA traded down $104.59 during trading hours on Friday, reaching $1,527.47. 119,917 shares of the company traded hands, compared to its average volume of 80,065. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08. The firm's 50-day moving average is $1,991.87 and its 200-day moving average is $2,051.38. The stock has a market cap of $20.74 billion, a P/E ratio of 8.04, a P/E/G ratio of 0.94 and a beta of 0.66. First Citizens BancShares, Inc. has a 1-year low of $1,473.62 and a 1-year high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings data on Friday, January 24th. The bank reported $45.10 EPS for the quarter, topping analysts' consensus estimates of $39.32 by $5.78. First Citizens BancShares had a return on equity of 13.22% and a net margin of 18.55%. Equities research analysts expect that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Friday, February 28th were given a dividend of $1.95 per share. The ex-dividend date was Friday, February 28th. This represents a $7.80 dividend on an annualized basis and a yield of 0.51%. First Citizens BancShares's dividend payout ratio (DPR) is currently 4.12%.

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.