First Citizens BancShares, Inc. $FCNCA Stock Position Lessened by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA reduced its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 6.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,438 shares of the bank’s stock after selling 360 shares during the quarter. Pictet Asset Management Holding SA’s holdings in First Citizens BancShares were worth $10,249,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Northwestern Mutual Wealth Management Co. grew its position in 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 valued at $441,755,000 after buying an additional 205,658 shares in the last quarter. Norges Bank bought a new stake in shares of First Citizens BancShares during the 4th quarter worth about $116,565,000. River Road Asset Management LLC lifted its stake in shares of First Citizens BancShares by 574.0% in the 4th quarter. River Road Asset Management LLC now owns 55,402 shares of the bank’s stock worth $118,903,000 after acquiring an additional 47,182 shares during the period. Orion Porfolio Solutions LLC lifted its stake in shares of First Citizens BancShares by 2,057.4% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 47,506 shares of the bank’s stock worth $92,944,000 after acquiring an additional 45,304 shares during the period. Finally, M&T Bank Corp boosted its holdings in shares of First Citizens BancShares by 13,512.7% in the fourth quarter. M&T Bank Corp now owns 38,524 shares of the bank’s stock valued at $82,679,000 after acquiring an additional 38,241 shares in the last quarter. Institutional investors and hedge funds own 78.01% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on FCNCA. Piper Sandler set a $2,050.00 target price on First Citizens BancShares in a report on Friday, April 24th. JPMorgan Chase & Co. raised their target price on shares of First Citizens BancShares from $2,150.00 to $2,350.00 and gave the stock a “neutral” rating in a report on Wednesday. Citigroup restated a “neutral” rating on shares of First Citizens BancShares in a report on Wednesday. Fundamental Research set a $2,350.00 target price on First Citizens BancShares in a research report on Wednesday. Finally, Zacks Research raised First Citizens BancShares from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $2,243.75.

Insider Buying and Selling

In related news, CEO Frank B. Holding, Jr. acquired 5,940 shares of the company’s stock in a transaction on Tuesday, May 12th. The shares were purchased at an average price of $1,726.82 per share, for a total transaction of $10,257,310.80. Following the purchase, the chief executive officer owned 38,111 shares in the company, valued at $65,810,837.02. This represents a 18.46% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have purchased 7,190 shares of company stock worth $12,573,868 over the last quarter. Insiders own 14.63% of the company’s stock.

First Citizens BancShares Stock Performance

Shares of NASDAQ FCNCA opened at $2,082.99 on Friday. First Citizens BancShares, Inc. has a one year low of $1,623.76 and a one year high of $2,232.21. The firm has a market capitalization of $24.14 billion, a PE ratio of 11.98, a PEG ratio of 1.59 and a beta of 0.62. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.67. The business has a 50-day moving average price of $2,019.87 and a two-hundred day moving average price of $2,023.06.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share for the quarter, beating the consensus estimate of $43.31 by $1.55. The company had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.20 billion. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.During the same quarter in the previous year, the business posted $37.79 EPS. As a group, analysts predict that First Citizens BancShares, Inc. will post 175.42 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 29th were given a dividend of $2.10 per share. 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 presently 4.83%.

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.