Principal Financial Group Inc. Increases Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Principal Financial Group Inc. increased its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCAFree Report) by 7.4% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 925 shares of the bank’s stock after acquiring an additional 64 shares during the period. Principal Financial Group Inc.’s holdings in First Citizens BancShares were worth $1,277,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of FCNCA. Raymond James & Associates lifted its position in First Citizens BancShares by 19.9% during the first quarter. Raymond James & Associates now owns 2,959 shares of the bank’s stock valued at $1,970,000 after buying an additional 491 shares in the last quarter. Raymond James Financial Services Advisors Inc. acquired a new position in First Citizens BancShares during the first quarter valued at approximately $207,000. US Bancorp DE lifted its position in First Citizens BancShares by 277.0% during the first quarter. US Bancorp DE now owns 475 shares of the bank’s stock valued at $317,000 after buying an additional 349 shares in the last quarter. Cetera Advisor Networks LLC lifted its position in First Citizens BancShares by 21.0% during the first quarter. Cetera Advisor Networks LLC now owns 513 shares of the bank’s stock valued at $341,000 after buying an additional 89 shares in the last quarter. Finally, MetLife Investment Management LLC acquired a new position in First Citizens BancShares during the first quarter valued at approximately $162,000. 62.73% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on FCNCA. Raymond James began coverage on shares of First Citizens BancShares in a research report on Tuesday, November 28th. They set a “market perform” rating on the stock. DA Davidson reiterated a “neutral” rating on shares of First Citizens BancShares in a research note on Monday, January 15th. UBS Group lifted their price objective on shares of First Citizens BancShares from $1,644.00 to $1,754.00 and gave the company a “buy” rating in a research note on Tuesday, January 30th. StockNews.com lowered shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Thursday, February 1st. Finally, Wedbush reiterated an “outperform” rating and set a $1,800.00 price objective on shares of First Citizens BancShares in a research note on Monday, January 29th. One analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $1,620.67.

Read Our Latest Research Report on FCNCA

First Citizens BancShares Stock Up 1.1 %

Shares of NASDAQ:FCNCA opened at $1,494.81 on Friday. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 1.91. The company has a fifty day simple moving average of $1,438.45 and a 200 day simple moving average of $1,407.29. The firm has a market cap of $21.70 billion, a PE ratio of 1.91 and a beta of 0.89. First Citizens BancShares, Inc. has a 12-month low of $505.84 and a 12-month high of $1,552.00.

First Citizens BancShares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 15th. Investors of record on Thursday, February 29th will be paid a $1.64 dividend. The ex-dividend date is Wednesday, February 28th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 0.44%. First Citizens BancShares’s dividend payout ratio (DPR) is presently 0.84%.

Insider Buying and Selling

In other First Citizens BancShares news, Director Ellen R. Alemany sold 720 shares of the business’s stock in a transaction on Friday, December 15th. The shares were sold at an average price of $1,451.91, for a total transaction of $1,045,375.20. Following the completion of the sale, the director now owns 14,377 shares in the company, valued at $20,874,110.07. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other First Citizens BancShares news, Director Ellen R. Alemany sold 2,280 shares of the business’s stock in a transaction on Tuesday, December 19th. The shares were sold at an average price of $1,450.38, for a total transaction of $3,306,866.40. Following the completion of the sale, the director now owns 12,097 shares in the company, valued at $17,545,246.86. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Ellen R. Alemany sold 720 shares of the business’s stock in a transaction on Friday, December 15th. The shares were sold at an average price of $1,451.91, for a total transaction of $1,045,375.20. Following the sale, the director now owns 14,377 shares of the company’s stock, valued at approximately $20,874,110.07. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,000 shares of company stock worth $7,260,162. Insiders own 13.40% of the company’s stock.

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.

Further Reading

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

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