Swiss Life Asset Management Ltd Cuts Holdings in First Citizens BancShares, Inc. $FCNCA

Swiss Life Asset Management Ltd decreased its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 30.8% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 905 shares of the bank’s stock after selling 402 shares during the period. Swiss Life Asset Management Ltd’s holdings in First Citizens BancShares were worth $1,619,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the stock. Norges Bank bought a new position in shares of First Citizens BancShares in the 2nd quarter worth $177,604,000. Orion Porfolio Solutions LLC boosted 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 grew its stake in First Citizens BancShares by 390.2% in 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 during the last quarter. Marshall Wace LLP grew its stake in First Citizens BancShares by 824.0% in the third quarter. Marshall Wace LLP now owns 29,310 shares of the bank’s stock valued at $52,440,000 after purchasing an additional 26,138 shares during the last quarter. Finally, Rakuten Investment Management Inc. bought a new position in First Citizens BancShares in the third quarter worth about $46,540,000. Hedge funds and other institutional investors own 78.01% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on FCNCA. Citigroup restated a “buy” rating on shares of First Citizens BancShares in a report on Monday, January 26th. Weiss Ratings reiterated a “buy (b-)” rating on shares of First Citizens BancShares in a research note on Monday, December 29th. Wall Street Zen raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. UBS Group set a $2,325.00 target price on shares of First Citizens BancShares in a research note on Wednesday, February 4th. Finally, Zacks Research lowered shares of First Citizens BancShares from a “hold” rating to a “strong sell” rating in a report on Monday, February 16th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $2,238.27.

Insider Activity at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. acquired 92 shares of the stock in a transaction dated Thursday, March 19th. The stock was acquired at an average cost of $1,550.00 per share, for a total transaction of $142,600.00. Following the completion of the purchase, the chief executive officer owned 2,841 shares of the company’s stock, valued at approximately $4,403,550. This represents a 3.35% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have acquired 258 shares of company stock worth $404,236 in the last three months. Insiders own 13.19% of the company’s stock.

First Citizens BancShares Price Performance

Shares of FCNCA stock opened at $1,856.53 on Tuesday. First Citizens BancShares, Inc. has a fifty-two week low of $1,473.62 and a fifty-two week high of $2,232.21. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market capitalization of $22.17 billion, a price-to-earnings ratio of 11.20 and a beta of 0.68. The stock’s 50-day simple moving average is $2,003.67 and its 200-day simple moving average is $1,945.41.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings data on Friday, January 23rd. The bank reported $51.27 EPS for the quarter, beating the consensus estimate of $44.24 by $7.03. The firm had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.24 billion. First Citizens BancShares had a net margin of 15.21% and a return on equity of 11.18%. As a group, equities analysts forecast that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Friday, February 27th were issued a $2.10 dividend. The ex-dividend date of this dividend was Friday, February 27th. This represents a $8.40 dividend on an annualized basis and a dividend yield of 0.5%. First Citizens BancShares’s dividend payout ratio (DPR) is currently 5.07%.

First Citizens BancShares Company 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.