TD Asset Management Inc Increases Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

TD Asset Management Inc raised its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCAFree Report) by 123.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,712 shares of the bank’s stock after acquiring an additional 947 shares during the period. TD Asset Management Inc’s holdings in First Citizens BancShares were worth $2,429,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of FCNCA. Blue Trust Inc. increased its position in shares of First Citizens BancShares by 100.0% during the fourth quarter. Blue Trust Inc. now owns 20 shares of the bank’s stock valued at $27,000 after acquiring an additional 10 shares in the last quarter. GAMMA Investing LLC bought a new stake in shares of First Citizens BancShares in the 4th quarter worth $30,000. Principal Securities Inc. purchased a new position in shares of First Citizens BancShares in the fourth quarter worth $43,000. Private Wealth Management Group LLC bought a new position in shares of First Citizens BancShares during the fourth quarter valued at $48,000. Finally, Harvest Fund Management Co. Ltd boosted its position in shares of First Citizens BancShares by 362.5% during the fourth quarter. Harvest Fund Management Co. Ltd now owns 37 shares of the bank’s stock valued at $52,000 after buying an additional 29 shares during the last quarter. 61.18% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on FCNCA. The Goldman Sachs Group started coverage on shares of First Citizens BancShares in a research note on Thursday, March 21st. They set a “buy” rating and a $1,950.00 target price on the stock. DA Davidson reaffirmed a “neutral” rating and issued a $1,650.00 target price (up previously from $1,600.00) on shares of First Citizens BancShares in a research report on Monday, April 15th. Piper Sandler cut First Citizens BancShares from an “overweight” rating to a “neutral” rating and increased their price target for the company from $1,850.00 to $1,950.00 in a report on Friday, April 26th. Barclays raised their price target on First Citizens BancShares from $1,850.00 to $1,950.00 and gave the stock an “equal weight” rating in a research note on Friday, April 26th. Finally, StockNews.com upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Monday, April 29th. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $1,829.90.

Read Our Latest Stock Analysis on First Citizens BancShares

Insider Activity at First Citizens BancShares

In other news, Director Ellen R. Alemany sold 1,000 shares of the business’s stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $1,766.24, for a total value of $1,766,240.00. Following the transaction, the director now directly owns 2,335 shares in the company, valued at $4,124,170.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other First Citizens BancShares news, Director Ellen R. Alemany sold 1,000 shares of the stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $1,766.24, for a total transaction of $1,766,240.00. Following the completion of the sale, the director now directly owns 2,335 shares of the company’s stock, valued at approximately $4,124,170.40. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Ellen R. Alemany sold 600 shares of the business’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $1,559.09, for a total transaction of $935,454.00. Following the completion of the transaction, the director now directly owns 4,842 shares in the company, valued at approximately $7,549,113.78. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,600 shares of company stock worth $6,209,022. 13.40% of the stock is owned by corporate insiders.

First Citizens BancShares Stock Performance

NASDAQ:FCNCA opened at $1,688.80 on Friday. The company has a debt-to-equity ratio of 1.77, a quick ratio of 1.10 and a current ratio of 1.10. The stock has a 50-day simple moving average of $1,680.64 and a two-hundred day simple moving average of $1,551.63. The firm has a market capitalization of $24.54 billion, a PE ratio of 9.38 and a beta of 0.84. First Citizens BancShares, Inc. has a 52-week low of $1,181.71 and a 52-week high of $1,810.03.

First Citizens BancShares (NASDAQ:FCNCAGet Free Report) last announced its quarterly earnings data on Thursday, April 25th. The bank reported $52.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $44.27 by $8.65. First Citizens BancShares had a return on equity of 15.48% and a net margin of 18.22%. The company had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.30 billion. Analysts forecast that First Citizens BancShares, Inc. will post 188.62 EPS for the current year.

First Citizens BancShares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Friday, May 31st will be given a dividend of $1.64 per share. The ex-dividend date is Friday, May 31st. This represents a $6.56 annualized dividend and a dividend yield of 0.39%. First Citizens BancShares’s payout ratio is 3.64%.

First Citizens BancShares Profile

(Free Report)

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.

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Institutional Ownership by Quarter for First Citizens BancShares (NASDAQ:FCNCA)

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