Rakuten Investment Management Inc. Buys Shares of 26,012 First Citizens BancShares, Inc. $FCNCA

Rakuten Investment Management Inc. acquired a new position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 26,012 shares of the bank’s stock, valued at approximately $46,540,000. Rakuten Investment Management Inc. owned approximately 0.20% of First Citizens BancShares at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of FCNCA. Steph & Co. bought a new position in shares of First Citizens BancShares during the 3rd quarter valued at approximately $32,000. Root Financial Partners LLC purchased a new position in First Citizens BancShares during the third quarter valued at approximately $32,000. MAI Capital Management lifted its holdings in First Citizens BancShares by 500.0% during the second quarter. MAI Capital Management now owns 18 shares of the bank’s stock valued at $35,000 after purchasing an additional 15 shares in the last quarter. Creekmur Asset Management LLC bought a new position in shares of First Citizens BancShares in the second quarter worth approximately $39,000. Finally, Allworth Financial LP increased its stake in shares of First Citizens BancShares by 35.3% in the second quarter. Allworth Financial LP now owns 23 shares of the bank’s stock worth $45,000 after purchasing an additional 6 shares in the last quarter. Hedge funds and other institutional investors own 78.01% of the company’s stock.

Insider Activity

In related news, Director Ellen R. Alemany acquired 300 shares of First Citizens BancShares stock in a transaction on Thursday, November 13th. The shares were bought at an average cost of $1,000.00 per share, with a total value of $300,000.00. Following the completion of the purchase, the director directly owned 300 shares of the company’s stock, valued at $300,000. The trade was a ? increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Frank B. Holding, Jr. acquired 135 shares of the stock in a transaction dated Wednesday, November 26th. The stock was bought at an average cost 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 approximately $4,118,176.09. The trade was a 5.64% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 13.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Citigroup lifted their target price on shares of First Citizens BancShares from $2,000.00 to $2,250.00 and gave the company a “neutral” rating in a research note on Tuesday, December 30th. Barclays lifted their target price on First Citizens BancShares from $2,190.00 to $2,456.00 and gave the company an “equal weight” rating in a research note on Monday, January 5th. The Goldman Sachs Group downgraded First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,300.00 price target for the company. in a research note on Tuesday, January 6th. Raymond James Financial upgraded shares of First Citizens BancShares from an “outperform” rating to a “strong-buy” rating and lifted their price objective for the company from $2,100.00 to $2,200.00 in a research report on Thursday, November 20th. Finally, JPMorgan Chase & Co. upped their target price on shares of First Citizens BancShares from $2,300.00 to $2,500.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 16th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, First Citizens BancShares has an average rating of “Moderate Buy” and an average price target of $2,250.55.

First Citizens BancShares Stock Down 2.1%

NASDAQ FCNCA opened at $2,124.35 on Wednesday. The stock has a 50 day moving average price of $2,040.68 and a 200-day moving average price of $1,950.73. First Citizens BancShares, Inc. has a one year low of $1,473.62 and a one year high of $2,412.93. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.03 and a current ratio of 1.03. The company has a market capitalization of $26.42 billion, a P/E ratio of 12.56 and a beta of 0.69.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Thursday, October 23rd. The bank reported $44.62 earnings per share for the quarter, topping the consensus estimate of $41.51 by $3.11. First Citizens BancShares had a net margin of 15.99% and a return on equity of 11.09%. The company had revenue of $2.25 billion for the quarter, compared to analysts’ expectations of $2.21 billion. As a group, equities analysts predict that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Profile

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.