Mitsubishi UFJ Asset Management Co. Ltd. Raises Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 9.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,431 shares of the bank's stock after buying an additional 666 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.05% of First Citizens BancShares worth $15,981,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on FCNCA shares. Barclays upped 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. StockNews.com upgraded First Citizens BancShares from a "sell" rating to a "hold" rating in a report on Saturday, February 1st. UBS Group assumed coverage on First Citizens BancShares in a research note on Tuesday, December 17th. They issued a "buy" rating and a $2,700.00 price target on the stock. Deutsche Bank Aktiengesellschaft assumed 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 target for the company. Finally, The Goldman Sachs Group dropped their target price on shares of First Citizens BancShares from $2,535.00 to $2,200.00 and set a "buy" rating for the company in a report on Tuesday, March 18th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, First Citizens BancShares presently has an average rating of "Moderate Buy" and a consensus price target of $2,288.08.

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Insider Transactions at First Citizens BancShares

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

First Citizens BancShares Stock Down 6.6 %

First Citizens BancShares stock traded down $108.38 during mid-day trading on Friday, reaching $1,523.68. The stock had a trading volume of 99,752 shares, compared to its average volume of 86,732. The company has a market capitalization of $20.69 billion, a price-to-earnings ratio of 8.04, a PEG ratio of 0.94 and a beta of 0.66. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08. First Citizens BancShares, Inc. has a one year low of $1,470.15 and a one year high of $2,412.93. The company has a 50-day moving average price of $1,991.87 and a two-hundred day moving average price of $2,051.38.

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

First Citizens BancShares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were issued a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.51%. The ex-dividend date of this dividend was Friday, February 28th. First Citizens BancShares's payout ratio is presently 4.12%.

First Citizens BancShares Company 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.