OP Asset Management Ltd Buys Shares of 961 First Citizens BancShares, Inc. $FCNCA

OP Asset Management Ltd bought a new stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the 1st quarter, Holdings Channel reports. The firm bought 961 shares of the bank’s stock, valued at approximately $1,811,000.

Other hedge funds have also recently made changes to their positions in the company. Hilton Head Capital Partners LLC bought a new stake in First Citizens BancShares in the fourth quarter worth $26,000. Harbor Investment Advisory LLC grew its stake in shares of First Citizens BancShares by 150.0% in the fourth quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank’s stock worth $32,000 after acquiring an additional 9 shares during the last quarter. Reflection Asset Management bought a new position in shares of First Citizens BancShares during the fourth quarter valued at $45,000. Allworth Financial LP increased its holdings in shares of First Citizens BancShares by 21.7% during the third quarter. Allworth Financial LP now owns 28 shares of the bank’s stock valued at $51,000 after acquiring an additional 5 shares in the last quarter. Finally, UMB Bank n.a. raised its position in shares of First Citizens BancShares by 50.0% in the 4th quarter. UMB Bank n.a. now owns 24 shares of the bank’s stock worth $52,000 after purchasing an additional 8 shares during the last quarter. 78.01% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

FCNCA has been the topic of a number of analyst reports. Citigroup reiterated a “neutral” rating on shares of First Citizens BancShares in a research note on Friday, April 24th. Zacks Research upgraded shares of First Citizens BancShares from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. Weiss Ratings cut shares of First Citizens BancShares from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 22nd. JPMorgan Chase & Co. dropped their target price on shares of First Citizens BancShares from $2,200.00 to $2,150.00 and set a “neutral” rating on the stock in a research note on Friday, April 24th. Finally, Piper Sandler set a $2,050.00 price target on shares of First Citizens BancShares in a report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $2,215.91.

Insider Activity

In related news, CEO Frank B. Holding, Jr. purchased 528 shares of First Citizens BancShares stock in a transaction dated Friday, June 5th. The stock was purchased at an average cost of $1,813.37 per share, for a total transaction of $957,459.36. Following the completion of the purchase, the chief executive officer directly owned 64,100 shares of the company’s stock, valued at $116,237,017. The trade was a 0.83% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Over the last quarter, insiders have bought 7,190 shares of company stock worth $12,573,868. Company insiders own 14.63% of the company’s stock.

First Citizens BancShares Stock Up 0.1%

FCNCA stock opened at $2,080.89 on Monday. The stock has a market capitalization of $24.12 billion, a P/E ratio of 11.97, a P/E/G ratio of 1.60 and a beta of 0.62. 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 1-year low of $1,623.76 and a 1-year high of $2,232.21. The business has a fifty day moving average price of $2,014.37 and a 200-day moving average price of $2,021.24.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings data on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, beating the consensus estimate 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 last year, the firm posted $37.79 earnings per share. Equities analysts forecast that First Citizens BancShares, Inc. will post 175.61 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 29th were 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 of this dividend was Friday, May 29th. First Citizens BancShares’s dividend payout ratio (DPR) is presently 4.83%.

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.