328 Shares in First Citizens BancShares, Inc. $FCNCA Acquired by Persistent Asset Partners Ltd

Persistent Asset Partners Ltd bought a new position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund bought 328 shares of the bank’s stock, valued at approximately $704,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. JPMorgan Chase & Co. boosted its stake in shares of First Citizens BancShares by 4.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 435,278 shares of the bank’s stock worth $778,785,000 after buying an additional 18,190 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in shares of First Citizens BancShares by 117,518.9% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 205,833 shares of the bank’s stock worth $441,755,000 after buying an additional 205,658 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of First Citizens BancShares by 0.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 124,061 shares of the bank’s stock worth $266,273,000 after buying an additional 492 shares during the last quarter. Morgan Stanley boosted its stake in shares of First Citizens BancShares by 31.8% in the 4th quarter. Morgan Stanley now owns 123,048 shares of the bank’s stock worth $264,087,000 after buying an additional 29,681 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of First Citizens BancShares by 11.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 122,317 shares of the bank’s stock worth $262,514,000 after buying an additional 12,303 shares during the last quarter. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 5,940 shares of the stock in a transaction that occurred on Tuesday, May 12th. The shares were bought at an average cost of $1,726.82 per share, with a total value of $10,257,310.80. Following the acquisition, the chief executive officer owned 38,111 shares in the company, valued at approximately $65,810,837.02. This trade represents a 18.46% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last 90 days, insiders purchased 7,286 shares of company stock valued at $12,722,668. 14.63% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on FCNCA. Weiss Ratings lowered shares of First Citizens BancShares from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 22nd. JPMorgan Chase & Co. cut their target price on shares of First Citizens BancShares from $2,200.00 to $2,150.00 and set a “neutral” rating for the company in a research report on Friday, April 24th. Piper Sandler set a $2,050.00 target price on shares of First Citizens BancShares in a research report on Friday, April 24th. Deutsche Bank Aktiengesellschaft lowered shares of First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,154.00 target price for the company. in a research report on Wednesday, April 8th. Finally, Keefe, Bruyette & Woods reduced their price target on First Citizens BancShares from $2,375.00 to $2,300.00 and set an “outperform” rating for the company in a research report on Thursday, April 9th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $2,215.91.

First Citizens BancShares Stock Up 1.3%

Shares of FCNCA stock opened at $2,094.87 on Wednesday. The company’s fifty day moving average price is $1,995.49 and its 200-day moving average price is $2,012.08. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.00 and a quick ratio of 1.00. First Citizens BancShares, Inc. has a one year low of $1,623.76 and a one year high of $2,232.21. The company has a market capitalization of $24.27 billion, a price-to-earnings ratio of 12.05, a PEG ratio of 1.58 and a beta of 0.62.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, topping analysts’ consensus estimates of $43.31 by $1.55. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.The company had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.20 billion. During the same period in the previous year, the firm earned $37.79 EPS. Sell-side analysts expect that First Citizens BancShares, Inc. will post 177.84 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 29th were issued a $2.10 dividend. The ex-dividend date of this dividend was Friday, May 29th. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. First Citizens BancShares’s payout ratio is currently 4.83%.

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.