Freemont Management S.A. Has $179,000 Stock Position in First Citizens BancShares, Inc. $FCNCA

Freemont Management S.A. cut its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 91.7% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 100 shares of the bank’s stock after selling 1,100 shares during the period. Freemont Management S.A.’s holdings in First Citizens BancShares were worth $179,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. boosted its stake in shares of First Citizens BancShares by 1.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 37,389 shares of the bank’s stock valued at $69,324,000 after purchasing an additional 681 shares during the last quarter. Empowered Funds LLC lifted its holdings in First Citizens BancShares by 71.9% in the first quarter. Empowered Funds LLC now owns 392 shares of the bank’s stock valued at $727,000 after buying an additional 164 shares during the period. Focus Partners Wealth lifted its holdings in First Citizens BancShares by 5.2% in the first quarter. Focus Partners Wealth now owns 241 shares of the bank’s stock valued at $447,000 after buying an additional 12 shares during the period. US Bancorp DE boosted its position in First Citizens BancShares by 0.8% during the second quarter. US Bancorp DE now owns 873 shares of the bank’s stock valued at $1,708,000 after acquiring an additional 7 shares during the last quarter. Finally, Aberdeen Group plc grew its holdings in First Citizens BancShares by 15.1% during the 2nd quarter. Aberdeen Group plc now owns 2,267 shares of the bank’s stock worth $4,435,000 after acquiring an additional 297 shares during the period. Institutional investors own 78.01% of the company’s stock.

Insider Buying and Selling

In related news, CEO Frank B. Holding, Jr. acquired 135 shares of the firm’s stock in a transaction on Wednesday, November 26th. The stock was purchased at an average cost of $1,629.67 per share, with a total value of $220,005.45. Following the acquisition, the chief executive officer owned 2,527 shares of the company’s stock, valued at approximately $4,118,176.09. This trade represents a 5.64% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 13.40% of the company’s stock.

Wall Street Analyst Weigh In

FCNCA has been the subject of several recent analyst reports. Piper Sandler raised their target price on First Citizens BancShares from $2,000.00 to $2,100.00 and gave the stock a “neutral” rating in a research note on Thursday, January 29th. Truist Financial raised their price objective on shares of First Citizens BancShares from $2,050.00 to $2,150.00 and gave the stock a “hold” rating in a research report on Monday, January 26th. Weiss Ratings reiterated a “buy (b-)” rating on shares of First Citizens BancShares in a research report on Monday, December 29th. TD Cowen cut their target price on shares of First Citizens BancShares from $2,600.00 to $2,500.00 and set a “buy” rating on the stock in a research note on Monday, January 26th. Finally, The Goldman Sachs Group downgraded shares of First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,300.00 price target for the company. in a research note on Tuesday, January 6th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $2,238.27.

First Citizens BancShares Stock Performance

NASDAQ FCNCA opened at $2,003.76 on Friday. The company has a market cap of $24.93 billion, a P/E ratio of 12.09 and a beta of 0.70. The company has a fifty day simple moving average of $2,115.65 and a 200 day simple moving average of $1,949.97. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.81. First Citizens BancShares, Inc. has a 12-month low of $1,473.62 and a 12-month high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings data on Friday, January 23rd. The bank reported $51.27 earnings per share for the quarter, beating analysts’ consensus estimates of $44.24 by $7.03. The firm had revenue of $1.67 billion for the quarter, compared to analyst estimates of $2.24 billion. First Citizens BancShares had a net margin of 15.21% and a return on equity of 11.12%. Sell-side analysts predict that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Friday, February 27th will be paid a dividend of $2.10 per share. The ex-dividend date is Friday, February 27th. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. First Citizens BancShares’s payout ratio is 5.07%.

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.