CIBC Asset Management Inc Acquires 56 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

CIBC Asset Management Inc grew its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCAFree Report) by 19.6% in the 4th quarter, HoldingsChannel reports. The firm owned 341 shares of the bank’s stock after buying an additional 56 shares during the quarter. CIBC Asset Management Inc’s holdings in First Citizens BancShares were worth $484,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of FCNCA. Blue Trust Inc. raised its holdings in shares of First Citizens BancShares by 100.0% in the 4th quarter. Blue Trust Inc. now owns 20 shares of the bank’s stock valued at $27,000 after purchasing an additional 10 shares in the last quarter. GAMMA Investing LLC bought a new position in shares of First Citizens BancShares during the 4th quarter worth approximately $30,000. Principal Securities Inc. bought a new position in shares of First Citizens BancShares during the 4th quarter worth approximately $43,000. Private Wealth Management Group LLC bought a new position in shares of First Citizens BancShares during the 4th quarter worth approximately $48,000. Finally, Harvest Fund Management Co. Ltd raised its stake in shares of First Citizens BancShares by 362.5% during the 4th quarter. Harvest Fund Management Co. Ltd now owns 37 shares of the bank’s stock worth $52,000 after acquiring an additional 29 shares in the last quarter. Institutional investors own 61.18% of the company’s stock.

First Citizens BancShares Stock Down 1.1 %

NASDAQ:FCNCA opened at $1,670.84 on Tuesday. The company’s 50 day moving average is $1,681.92 and its two-hundred day moving average is $1,555.15. The company has a market cap of $24.28 billion, a PE ratio of 9.28 and a beta of 0.84. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 1.77. First Citizens BancShares, Inc. has a twelve month low of $1,181.71 and a twelve month high of $1,810.03.

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

First Citizens BancShares Dividend Announcement

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

Insider Activity

In other news, Director Ellen R. Alemany sold 1,000 shares of the company’s stock in a transaction on 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 sale, the director now directly owns 2,335 shares of the company’s stock, valued at approximately $4,124,170.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Ellen R. Alemany sold 1,000 shares of the business’s stock in a transaction on 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 completion of the transaction, the director now directly owns 2,335 shares in the company, valued at approximately $4,124,170.40. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Ellen R. Alemany sold 600 shares of the business’s stock in a transaction on Wednesday, March 20th. The shares were 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 owns 4,842 shares of the company’s stock, valued at $7,549,113.78. The disclosure for this sale can be found here. Insiders have sold 3,600 shares of company stock valued at $6,209,022 in the last ninety days. Insiders own 12.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on FCNCA shares. StockNews.com upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Monday, April 29th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $2,100.00 price objective (up previously from $1,900.00) on shares of First Citizens BancShares in a research note on Friday, April 26th. DA Davidson reiterated a “neutral” rating and set a $1,650.00 price objective (up previously from $1,600.00) on shares of First Citizens BancShares in a research note on Monday, April 15th. Piper Sandler lowered shares of First Citizens BancShares from an “overweight” rating to a “neutral” rating and boosted their price objective for the stock from $1,850.00 to $1,950.00 in a research note on Friday, April 26th. Finally, Barclays boosted their target price on shares of First Citizens BancShares from $1,850.00 to $1,950.00 and gave the stock an “equal weight” rating in a research report on Friday, April 26th. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $1,829.90.

Read Our Latest Analysis on First Citizens BancShares

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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