Pictet Asset Management Holding SA Sells 535 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Pictet Asset Management Holding SA cut its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 7.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,376 shares of the bank's stock after selling 535 shares during the quarter. Pictet Asset Management Holding SA's holdings in First Citizens BancShares were worth $13,473,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank bought a new stake in First Citizens BancShares during the 4th quarter worth approximately $298,426,000. JPMorgan Chase & Co. lifted its holdings in shares of First Citizens BancShares by 35.7% during the fourth quarter. JPMorgan Chase & Co. now owns 392,097 shares of the bank's stock worth $828,510,000 after purchasing an additional 103,137 shares during the period. Proficio Capital Partners LLC bought a new stake in shares of First Citizens BancShares in the fourth quarter worth $147,341,000. AMF Tjanstepension AB acquired a new stake in First Citizens BancShares in the fourth quarter valued at $99,818,000. Finally, Sumitomo Mitsui Trust Group Inc. raised its position 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 worth $115,859,000 after purchasing an additional 30,828 shares during the last quarter. Institutional investors own 78.01% of the company's stock.

First Citizens BancShares Stock Performance

Shares of NASDAQ:FCNCA traded down $60.85 during trading on Friday, hitting $1,571.21. 259,716 shares of the company were exchanged, compared to its average volume of 87,354. The company has a market cap of $21.33 billion, a PE ratio of 8.29, a P/E/G ratio of 0.94 and a beta of 0.66. First Citizens BancShares, Inc. has a 52-week low of $1,470.15 and a 52-week high of $2,412.93. 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 stock has a 50 day moving average of $1,991.87 and a 200 day moving average of $2,051.38.

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

First Citizens BancShares Dividend Announcement

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

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on FCNCA. Piper Sandler upgraded shares of First Citizens BancShares from a "neutral" rating to an "overweight" rating and set a $2,250.00 price objective on the stock in a report on Tuesday, March 11th. Truist Financial raised their price target on shares of First Citizens BancShares from $2,303.00 to $2,384.00 and gave the company a "hold" rating in a research report on Wednesday, January 29th. Keefe, Bruyette & Woods increased their price objective 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. UBS Group assumed coverage on First Citizens BancShares in a research report on Tuesday, December 17th. They issued a "buy" rating and a $2,700.00 price target for the company. Finally, StockNews.com raised shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a research report on Saturday, February 1st. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $2,288.08.

Insider Buying and Selling at First Citizens BancShares

In other First Citizens BancShares news, CFO Craig L. Nix purchased 17 shares of the stock in a transaction on Friday, March 7th. The shares were purchased at an average price of $1,881.13 per share, with a total value of $31,979.21. Following the acquisition, the chief financial officer now directly owns 1,141 shares in the company, valued at approximately $2,146,369.33. The trade was a 1.51 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 13.19% of the company's stock.

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.