Mitsubishi UFJ Trust & Banking Corp Lowers Stock Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Mitsubishi UFJ Trust & Banking Corp lessened its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 30.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 6,577 shares of the bank’s stock after selling 2,858 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in First Citizens BancShares were worth $13,897,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of FCNCA. First American Trust FSB purchased a new stake in First Citizens BancShares during the 4th quarter worth approximately $226,000. LPL Financial LLC increased its position in shares of First Citizens BancShares by 53.0% during the fourth quarter. LPL Financial LLC now owns 3,633 shares of the bank’s stock worth $7,676,000 after acquiring an additional 1,258 shares during the period. Kirkoswald Asset Management LLC acquired a new stake in shares of First Citizens BancShares in the fourth quarter valued at $22,821,000. KLP Kapitalforvaltning AS purchased a new position in First Citizens BancShares in the fourth quarter valued at $15,002,000. Finally, Sei Investments Co. grew its stake in First Citizens BancShares by 69.6% during the 4th quarter. Sei Investments Co. now owns 3,031 shares of the bank’s stock worth $6,404,000 after purchasing an additional 1,244 shares in the last quarter. Institutional investors and hedge funds own 78.01% of the company’s stock.

Insider Activity at First Citizens BancShares

In other news, CFO Craig L. Nix purchased 17 shares of First Citizens BancShares stock in a transaction dated Friday, March 7th. The stock was bought at an average price of $1,881.13 per share, with a total value of $31,979.21. Following the completion of the acquisition, the chief financial officer now owns 1,141 shares in the company, valued at $2,146,369.33. The trade was a 1.51 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 13.40% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on FCNCA. Truist Financial lifted their price objective on First Citizens BancShares from $2,303.00 to $2,384.00 and gave the company a “hold” rating in a research note on Wednesday, January 29th. Deutsche Bank Aktiengesellschaft began coverage on shares of First Citizens BancShares in a report on Monday, December 9th. They set a “buy” rating and a $2,600.00 price target for the company. The Goldman Sachs Group reduced their price objective on shares of First Citizens BancShares from $2,535.00 to $2,200.00 and set a “buy” rating on the stock in a report on Tuesday, March 18th. Keefe, Bruyette & Woods boosted their target price on shares of First Citizens BancShares from $2,500.00 to $2,600.00 and gave the stock an “outperform” rating in a research note on Monday, January 27th. Finally, Piper Sandler upgraded First Citizens BancShares from a “neutral” rating to an “overweight” rating and set a $2,250.00 price target on the stock in a research note on Tuesday, March 11th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $2,288.08.

First Citizens BancShares Stock Performance

First Citizens BancShares stock opened at $1,835.10 on Friday. The firm has a market capitalization of $24.92 billion, a PE ratio of 9.69, a price-to-earnings-growth ratio of 0.94 and a beta of 0.81. First Citizens BancShares, Inc. has a one year low of $1,518.00 and a one year high of $2,412.93. The stock’s 50 day moving average price is $2,025.58 and its 200 day moving average price is $2,052.31. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08.

First Citizens BancShares (NASDAQ:FCNCA) last announced its earnings results on Friday, January 24th. The bank reported $45.10 earnings per share for the quarter, beating the consensus estimate of $39.32 by $5.78. First Citizens BancShares had a return on equity of 13.22% and a net margin of 18.55%. As a group, sell-side analysts expect that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were issued a $1.95 dividend. The ex-dividend date was Friday, February 28th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.43%. First Citizens BancShares’s dividend payout ratio (DPR) is 4.12%.

First Citizens BancShares 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.