Russell Investments Group Ltd. Raises Stock Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Russell Investments Group Ltd. boosted its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 45.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,045 shares of the bank’s stock after purchasing an additional 2,201 shares during the quarter. Russell Investments Group Ltd.’s holdings in First Citizens BancShares were worth $9,997,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of FCNCA. Raymond James Financial Services Advisors Inc. increased its holdings in shares of First Citizens BancShares by 145.4% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 1,406 shares of the bank’s stock worth $1,995,000 after buying an additional 833 shares during the last quarter. Mackenzie Financial Corp boosted its holdings in shares of First Citizens BancShares by 89.3% in the 4th quarter. Mackenzie Financial Corp now owns 1,914 shares of the bank’s stock worth $2,716,000 after purchasing an additional 903 shares in the last quarter. Nordea Investment Management AB increased its position in shares of First Citizens BancShares by 3,091.6% during the 4th quarter. Nordea Investment Management AB now owns 23,905 shares of the bank’s stock valued at $34,203,000 after purchasing an additional 23,156 shares during the last quarter. Reinhart Partners LLC. raised its holdings in shares of First Citizens BancShares by 11.7% during the 4th quarter. Reinhart Partners LLC. now owns 56,803 shares of the bank’s stock valued at $80,602,000 after buying an additional 5,952 shares in the last quarter. Finally, Headlands Technologies LLC lifted its position in First Citizens BancShares by 260.4% in the 4th quarter. Headlands Technologies LLC now owns 191 shares of the bank’s stock worth $271,000 after buying an additional 138 shares during the last quarter. 61.18% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Frank B. Holding, Jr. bought 622 shares of First Citizens BancShares stock in a transaction on Tuesday, February 20th. The shares were purchased at an average price of $1,315.00 per share, for a total transaction of $817,930.00. Following the acquisition, the chief executive officer now owns 97,609 shares of the company’s stock, valued at $128,355,835. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Ellen R. Alemany sold 1,000 shares of the company’s stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $1,766.24, for a total value of $1,766,240.00. Following the transaction, the director now owns 2,335 shares in the company, valued at approximately $4,124,170.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Frank B. Holding, Jr. bought 622 shares of the company’s stock in a transaction dated Tuesday, February 20th. The stock was purchased at an average price of $1,315.00 per share, for a total transaction of $817,930.00. Following the purchase, the chief executive officer now owns 97,609 shares of the company’s stock, valued at approximately $128,355,835. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 1,388 shares of company stock valued at $1,825,220 and have sold 2,600 shares valued at $4,458,964. Insiders own 13.40% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on FCNCA. The Goldman Sachs Group assumed coverage on shares of First Citizens BancShares in a report on Thursday, March 21st. They issued a “buy” rating and a $1,950.00 price objective for the company. Barclays lifted their price objective on First Citizens BancShares from $1,850.00 to $1,950.00 and gave the stock an “equal weight” rating in a report on Friday, April 26th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $2,100.00 target price (up previously from $1,900.00) on shares of First Citizens BancShares in a research note on Friday, April 26th. StockNews.com upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Monday, April 29th. Finally, DA Davidson reiterated a “neutral” rating and issued a $1,650.00 price objective (up previously from $1,600.00) on shares of First Citizens BancShares in a research report on Monday, April 15th. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $1,829.90.

First Citizens BancShares Price Performance

Shares of First Citizens BancShares stock opened at $1,710.00 on Monday. The company has a market cap of $24.83 billion, a PE ratio of 9.49 and a beta of 0.86. The business has a 50 day moving average of $1,600.68 and a 200 day moving average of $1,493.30. First Citizens BancShares, Inc. has a 52 week low of $945.32 and a 52 week high of $1,810.03. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 1.82.

First Citizens BancShares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Friday, May 31st will be given a $1.64 dividend. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $6.56 annualized dividend and a dividend yield of 0.38%. First Citizens BancShares’s dividend payout ratio is 3.64%.

First Citizens BancShares Profile

First Citizens BancShares, Inc operates as the holding company for First-Citizens Bank & Trust Company that provides retail and commercial banking services to individuals, businesses, and professionals. The company's deposit products include checking, savings, money market, and time deposit accounts.