Picton Mahoney Asset Management Boosts Stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Picton Mahoney Asset Management increased its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 180.1% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 8,837 shares of the bank’s stock after acquiring an additional 5,682 shares during the period. Picton Mahoney Asset Management owned about 0.06% of First Citizens BancShares worth $12,539,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in FCNCA. Blue Trust Inc. lifted 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 worth $27,000 after acquiring an additional 10 shares during the last quarter. GAMMA Investing LLC purchased a new stake in First Citizens BancShares during the fourth quarter valued at about $30,000. Lindbrook Capital LLC grew its stake in shares of First Citizens BancShares by 53.3% during the third quarter. Lindbrook Capital LLC now owns 23 shares of the bank’s stock valued at $32,000 after buying an additional 8 shares during the last quarter. Harvest Fund Management Co. Ltd increased its holdings in shares of First Citizens BancShares by 362.5% in the fourth quarter. Harvest Fund Management Co. Ltd now owns 37 shares of the bank’s stock worth $52,000 after buying an additional 29 shares during the period. Finally, Benjamin F. Edwards & Company Inc. purchased a new stake in First Citizens BancShares during the 4th quarter valued at about $65,000. Institutional investors own 61.18% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on FCNCA shares. DA Davidson reiterated a “neutral” rating and issued a $1,650.00 price objective (up from $1,600.00) on shares of First Citizens BancShares in a research report on Monday, April 15th. UBS Group raised their target price on shares of First Citizens BancShares from $1,644.00 to $1,754.00 and gave the stock a “buy” rating in a research report on Tuesday, January 30th. Piper Sandler cut shares of First Citizens BancShares from an “overweight” rating to a “neutral” rating and boosted their price target for the company from $1,850.00 to $1,950.00 in a research report on Friday, April 26th. Barclays lifted their price objective on First Citizens BancShares from $1,850.00 to $1,950.00 and gave the company an “equal weight” rating in a research report on Friday, April 26th. Finally, StockNews.com upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Monday, April 29th. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $1,829.90.

First Citizens BancShares Stock Down 0.8 %

Shares of FCNCA traded down $13.50 during trading hours on Tuesday, hitting $1,712.33. The company had a trading volume of 73,214 shares, compared to its average volume of 82,463. The company has a market capitalization of $24.86 billion, a PE ratio of 9.51 and a beta of 0.86. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.82. The company’s fifty day moving average price is $1,606.26 and its two-hundred day moving average price is $1,498.75. First Citizens BancShares, Inc. has a one year low of $1,042.69 and a one year high of $1,810.03.

First Citizens BancShares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Friday, May 31st will be given a dividend of $1.64 per share. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $6.56 dividend on an annualized basis and a yield of 0.38%. First Citizens BancShares’s dividend payout ratio is presently 3.64%.

Insider Activity

In related news, CEO Frank B. Holding, Jr. purchased 622 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The stock was bought at an average price of $1,315.00 per share, with a total value of $817,930.00. Following the acquisition, the chief executive officer now owns 97,609 shares in the company, valued at $128,355,835. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Ellen R. Alemany sold 600 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $1,559.09, for a total value of $935,454.00. Following the sale, the director now directly owns 4,842 shares of the company’s stock, valued at approximately $7,549,113.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Frank B. Holding, Jr. acquired 622 shares of the company’s stock in a transaction dated Tuesday, February 20th. The stock was purchased at an average cost of $1,315.00 per share, with a total value of $817,930.00. Following the completion of the purchase, the chief executive officer now directly owns 97,609 shares of the company’s stock, valued at approximately $128,355,835. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 1,388 shares of company stock valued at $1,825,220 and sold 3,116 shares valued at $5,361,964. Insiders own 12.85% of the company’s stock.

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.