Allianz Asset Management GmbH Decreases Stake in First Citizens BancShares, Inc. $FCNCA

Allianz Asset Management GmbH reduced its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 49.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 265 shares of the bank’s stock after selling 255 shares during the period. Allianz Asset Management GmbH’s holdings in First Citizens BancShares were worth $518,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in FCNCA. Cambridge Investment Research Advisors Inc. lifted its position in shares of First Citizens BancShares by 16.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 190 shares of the bank’s stock worth $352,000 after buying an additional 27 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its stake in First Citizens BancShares by 12.9% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 61,877 shares of the bank’s stock worth $114,727,000 after acquiring an additional 7,046 shares during the last quarter. KBC Group NV increased its stake in First Citizens BancShares by 113.9% during the first quarter. KBC Group NV now owns 10,753 shares of the bank’s stock worth $19,937,000 after acquiring an additional 5,725 shares during the last quarter. RedJay Asset Management Inc. bought a new stake in First Citizens BancShares during the first quarter worth approximately $2,781,000. Finally, Summit Trail Advisors LLC increased its stake in First Citizens BancShares by 28.6% during the first quarter. Summit Trail Advisors LLC now owns 310 shares of the bank’s stock worth $574,000 after acquiring an additional 69 shares during the last quarter. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 600 shares of the business’s stock in a transaction that occurred on Thursday, August 7th. The stock was purchased at an average price of $1,698.75 per share, for a total transaction of $1,019,250.00. Following the purchase, the chief executive officer directly owned 32,300 shares in the company, valued at approximately $54,869,625. This trade represents a 1.89% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Hope Holding Bryant purchased 409 shares of the business’s stock in a transaction that occurred on Thursday, August 7th. The stock was acquired at an average price of $1,630.00 per share, with a total value of $666,670.00. Following the purchase, the insider owned 1,764 shares in the company, valued at $2,875,320. This represents a 30.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 1,428 shares of company stock worth $2,371,476 in the last 90 days. Corporate insiders own 13.40% of the company’s stock.

First Citizens BancShares Price Performance

Shares of FCNCA opened at $1,786.10 on Tuesday. The business’s 50-day moving average is $1,857.30 and its two-hundred day moving average is $1,884.71. The company has a market capitalization of $23.08 billion, a P/E ratio of 10.56 and a beta of 0.60. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.04 and a current ratio of 1.04. First Citizens BancShares, Inc. has a fifty-two week low of $1,473.62 and a fifty-two week high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Thursday, October 23rd. The bank reported $44.62 earnings per share for the quarter, topping the consensus estimate of $41.51 by $3.11. The company had revenue of $2.25 billion for the quarter, compared to the consensus estimate of $2.21 billion. First Citizens BancShares had a return on equity of 11.06% and a net margin of 15.99%. Research analysts predict that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Friday, November 28th will be paid a $2.10 dividend. The ex-dividend date is Friday, November 28th. This represents a $8.40 annualized dividend and a dividend yield of 0.5%. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.95. First Citizens BancShares’s dividend payout ratio (DPR) is presently 4.97%.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Citigroup reduced their price objective on First Citizens BancShares from $2,250.00 to $2,000.00 and set a “neutral” rating on the stock in a research note on Monday. The Goldman Sachs Group cut their target price on First Citizens BancShares from $2,250.00 to $1,950.00 and set a “buy” rating on the stock in a research note on Monday, October 6th. Piper Sandler cut their target price on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a research note on Friday. Cowen reaffirmed a “buy” rating on shares of First Citizens BancShares in a research note on Monday, July 28th. Finally, Raymond James Financial set a $2,100.00 target price on First Citizens BancShares in a research note on Tuesday, October 7th. Seven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $2,166.67.

About First Citizens BancShares

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.