Sumitomo Mitsui DS Asset Management Company Ltd Has $1.81 Million Stock Holdings in First Citizens BancShares, Inc. $FCNCA

Sumitomo Mitsui DS Asset Management Company Ltd reduced its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 1.0% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 924 shares of the bank’s stock after selling 9 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in First Citizens BancShares were worth $1,808,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. MassMutual Private Wealth & Trust FSB boosted its position in First Citizens BancShares by 54.5% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank’s stock worth $32,000 after purchasing an additional 6 shares during the last quarter. Cresset Asset Management LLC boosted its stake in First Citizens BancShares by 3.8% in the 1st quarter. Cresset Asset Management LLC now owns 163 shares of the bank’s stock worth $302,000 after purchasing an additional 6 shares during the period. M&T Bank Corp boosted its stake in First Citizens BancShares by 1.3% in the 1st quarter. M&T Bank Corp now owns 632 shares of the bank’s stock worth $1,172,000 after purchasing an additional 8 shares during the period. Venturi Wealth Management LLC increased its stake in First Citizens BancShares by 3.8% in the 1st quarter. Venturi Wealth Management LLC now owns 221 shares of the bank’s stock worth $410,000 after acquiring an additional 8 shares during the last quarter. Finally, Cooper Financial Group increased its stake in First Citizens BancShares by 5.5% in the 1st quarter. Cooper Financial Group now owns 154 shares of the bank’s stock worth $286,000 after acquiring an additional 8 shares during the last quarter. 78.01% of the stock is currently owned by institutional investors.

First Citizens BancShares Price Performance

FCNCA stock opened at $1,866.88 on Monday. The stock has a 50-day moving average price of $1,972.51 and a two-hundred day moving average price of $1,885.86. The stock has a market cap of $24.12 billion, a PE ratio of 11.02 and a beta of 0.71. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.76. First Citizens BancShares, Inc. has a 1 year low of $1,473.62 and a 1 year high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings data on Friday, July 25th. The bank reported $44.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $39.08 by $5.70. The business had revenue of $2.38 billion for the quarter, compared to analysts’ expectations of $2.21 billion. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.32%. Equities analysts forecast that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 29th were issued a $1.95 dividend. The ex-dividend date was Friday, August 29th. This represents a $7.80 annualized dividend and a yield of 0.4%. First Citizens BancShares’s dividend payout ratio (DPR) is 4.60%.

Analysts Set New Price Targets

FCNCA has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upped their price objective on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 1st. Wall Street Zen upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Saturday. UBS Group reissued a “buy” rating and issued a $2,410.00 price objective on shares of First Citizens BancShares in a report on Wednesday, July 9th. Citigroup increased their price objective on First Citizens BancShares from $1,900.00 to $2,050.00 and gave the company a “neutral” rating in a research note on Wednesday, July 2nd. Finally, Cowen restated a “buy” rating on shares of First Citizens BancShares in a research report on Monday, July 28th. Seven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $2,291.17.

Insiders Place Their Bets

In related news, insider Hope Holding Bryant purchased 409 shares of First Citizens BancShares stock in a transaction dated Thursday, August 7th. The stock was purchased at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the completion of the purchase, the insider directly owned 1,764 shares of the company’s stock, valued at $2,875,320. The trade was a 30.18% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Frank B. Holding, Jr. bought 600 shares of the company’s stock in a transaction that occurred on Thursday, August 7th. The shares were bought at an average price of $1,698.75 per share, with a total value of $1,019,250.00. Following the transaction, the chief executive officer owned 32,300 shares of the company’s stock, valued at $54,869,625. The trade was a 1.89% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 1,494 shares of company stock valued at $2,485,986. Insiders own 13.19% of the company’s stock.

First Citizens BancShares Company 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.