Freemont Management S.A. Has $179,000 Holdings in First Citizens BancShares, Inc. $FCNCA

Freemont Management S.A. trimmed its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 91.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 100 shares of the bank’s stock after selling 1,100 shares during the period. Freemont Management S.A.’s holdings in First Citizens BancShares were worth $179,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of First Citizens BancShares during the 2nd quarter worth approximately $177,604,000. Orion Porfolio Solutions LLC raised its position in First Citizens BancShares by 2,057.4% during the second quarter. Orion Porfolio Solutions LLC now owns 47,506 shares of the bank’s stock valued at $92,944,000 after purchasing an additional 45,304 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in First Citizens BancShares by 390.2% during the third quarter. Allspring Global Investments Holdings LLC now owns 48,299 shares of the bank’s stock valued at $84,995,000 after purchasing an additional 38,446 shares in the last quarter. Rakuten Investment Management Inc. bought a new stake in First Citizens BancShares during the third quarter worth $46,540,000. Finally, JPMorgan Chase & Co. boosted its holdings in shares of First Citizens BancShares by 4.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 417,088 shares of the bank’s stock valued at $816,022,000 after purchasing an additional 15,921 shares in the last quarter. 78.01% of the stock is owned by institutional investors.

Analysts Set New Price Targets

FCNCA has been the subject of a number of research analyst reports. TD Cowen lowered their price target on First Citizens BancShares from $2,600.00 to $2,500.00 and set a “buy” rating for the company in a report on Monday, January 26th. Weiss Ratings reiterated a “buy (b-)” rating on shares of First Citizens BancShares in a research report on Monday, December 29th. Keefe, Bruyette & Woods dropped their target price on shares of First Citizens BancShares from $2,100.00 to $2,050.00 and set an “outperform” rating for the company in a report on Friday, October 24th. JPMorgan Chase & Co. raised their price target on shares of First Citizens BancShares from $2,300.00 to $2,500.00 and gave the company an “overweight” rating in a research note on Tuesday, December 16th. Finally, UBS Group set a $2,325.00 price objective on shares of First Citizens BancShares in a research report on Wednesday, February 4th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $2,238.27.

First Citizens BancShares Stock Performance

Shares of FCNCA stock opened at $2,003.76 on Friday. The firm has a market capitalization of $24.93 billion, a price-to-earnings ratio of 12.09 and a beta of 0.70. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.81. The business’s 50-day moving average price is $2,115.65 and its 200-day moving average price is $1,949.97. First Citizens BancShares, Inc. has a 12 month low of $1,473.62 and a 12 month high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings data on Friday, January 23rd. The bank reported $51.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $44.24 by $7.03. First Citizens BancShares had a net margin of 15.21% and a return on equity of 11.12%. The business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $2.24 billion. Equities research analysts forecast that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Friday, February 27th will be issued a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Friday, February 27th. First Citizens BancShares’s payout ratio is 5.07%.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. acquired 135 shares of First Citizens BancShares stock in a transaction that occurred on Wednesday, November 26th. The shares were bought at an average price of $1,629.67 per share, with a total value of $220,005.45. Following the completion of the purchase, the chief executive officer directly owned 2,527 shares in the company, valued at $4,118,176.09. This trade represents a 5.64% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 13.40% of the company’s stock.

About First Citizens BancShares

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full?service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.