Northwestern Mutual Wealth Management Co. Has $441.76 Million Stock Position in First Citizens BancShares, Inc. $FCNCA

Northwestern Mutual Wealth Management Co. raised its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 117,518.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 205,833 shares of the bank’s stock after purchasing an additional 205,658 shares during the period. Northwestern Mutual Wealth Management Co. owned approximately 1.66% of First Citizens BancShares worth $441,755,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Thrivent Financial for Lutherans raised its position in First Citizens BancShares by 0.6% during the fourth quarter. Thrivent Financial for Lutherans now owns 44,030 shares of the bank’s stock valued at $94,498,000 after purchasing an additional 243 shares in the last quarter. Allworth Financial LP raised its position in First Citizens BancShares by 128.6% during the fourth quarter. Allworth Financial LP now owns 64 shares of the bank’s stock valued at $137,000 after purchasing an additional 36 shares in the last quarter. Freemont Management S.A. raised its position in First Citizens BancShares by 800.0% during the fourth quarter. Freemont Management S.A. now owns 900 shares of the bank’s stock valued at $1,932,000 after purchasing an additional 800 shares in the last quarter. Legacy Financial Advisors Inc. raised its position in First Citizens BancShares by 11.2% during the fourth quarter. Legacy Financial Advisors Inc. now owns 475 shares of the bank’s stock valued at $1,019,000 after purchasing an additional 48 shares in the last quarter. Finally, Ground Swell Capital LLC bought a new stake in shares of First Citizens BancShares during the fourth quarter worth $221,000. 78.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. sold 5,346 shares of the company’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $1,918.69, for a total transaction of $10,257,316.74. Following the sale, the chief executive officer owned 100,654 shares of the company’s stock, valued at approximately $193,123,823.26. This represents a 5.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders have acquired a total of 6,198 shares of company stock worth $10,661,547 over the last quarter. Corporate insiders own 14.63% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. TD Cowen decreased their target price on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating on the stock in a research note on Monday, April 27th. Piper Sandler set a $2,050.00 target price on shares of First Citizens BancShares in a research note on Friday, April 24th. Zacks Research raised shares of First Citizens BancShares from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. Weiss Ratings cut shares of First Citizens BancShares from a “buy (b)” rating to a “hold (c+)” rating in a research note on Monday. Finally, JPMorgan Chase & Co. decreased their target price on shares of First Citizens BancShares from $2,200.00 to $2,150.00 and set a “neutral” rating on the stock in a research note on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $2,202.08.

First Citizens BancShares Stock Performance

Shares of FCNCA opened at $1,928.39 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.03 and a debt-to-equity ratio of 1.67. The stock has a market capitalization of $22.35 billion, a P/E ratio of 11.09, a price-to-earnings-growth ratio of 1.48 and a beta of 0.63. The firm’s fifty day simple moving average is $1,922.03 and its two-hundred day simple moving average is $1,979.49. First Citizens BancShares, Inc. has a 12 month low of $1,623.76 and a 12 month high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, beating analysts’ consensus estimates of $43.31 by $1.55. The business had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.20 billion. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. During the same quarter in the prior year, the firm posted $37.79 earnings per share. As a group, analysts predict that First Citizens BancShares, Inc. will post 177.84 EPS for the current year.

First Citizens BancShares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, May 29th will be given a dividend of $2.10 per share. The ex-dividend date of this dividend is Friday, May 29th. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. First Citizens BancShares’s dividend payout ratio is 4.83%.

About First Citizens BancShares

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.