Norges Bank Makes New $177.60 Million Investment in First Citizens BancShares, Inc. $FCNCA

Norges Bank bought a new stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 90,778 shares of the bank’s stock, valued at approximately $177,604,000.

Other hedge funds have also made changes to their positions in the company. Nuveen LLC purchased a new position in shares of First Citizens BancShares during the first quarter worth about $149,963,000. JPMorgan Chase & Co. lifted its position in First Citizens BancShares by 4.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 417,088 shares of the bank’s stock worth $816,022,000 after acquiring an additional 15,921 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of First Citizens BancShares by 13.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 121,583 shares of the bank’s stock valued at $225,429,000 after purchasing an additional 14,060 shares during the last quarter. Sculptor Capital LP increased its holdings in shares of First Citizens BancShares by 16.0% in the first quarter. Sculptor Capital LP now owns 41,463 shares of the bank’s stock valued at $76,877,000 after purchasing an additional 5,730 shares during the period. Finally, Aviva PLC raised its stake in shares of First Citizens BancShares by 867.3% during the second quarter. Aviva PLC now owns 4,353 shares of the bank’s stock worth $8,517,000 after purchasing an additional 3,903 shares during the last quarter. Institutional investors and hedge funds own 78.01% of the company’s stock.

First Citizens BancShares Trading Up 1.2%

Shares of FCNCA opened at $1,901.17 on Tuesday. First Citizens BancShares, Inc. has a twelve month low of $1,473.62 and a twelve month high of $2,412.93. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.76. The firm has a market capitalization of $23.64 billion, a P/E ratio of 11.24 and a beta of 0.75. The firm’s 50-day moving average is $1,798.11 and its two-hundred day moving average is $1,893.09.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Thursday, October 23rd. The bank reported $44.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $41.51 by $3.11. The company had revenue of $2.25 billion during the quarter, compared to the consensus estimate of $2.21 billion. First Citizens BancShares had a net margin of 15.99% and a return on equity of 11.06%. On average, research analysts predict that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Friday, November 28th will be given a dividend of $2.10 per share. The ex-dividend date is Friday, November 28th. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.95. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. First Citizens BancShares’s dividend payout ratio (DPR) is presently 4.97%.

Insiders Place Their Bets

In other news, CEO Frank B. Holding, Jr. purchased 135 shares of the company’s stock in a transaction dated Wednesday, November 26th. The stock was acquired at an average price of $1,629.67 per share, for a total transaction of $220,005.45. Following the completion of the transaction, the chief executive officer directly owned 2,527 shares in the company, valued at $4,118,176.09. This represents a 5.64% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, Director Ellen R. Alemany purchased 300 shares of the business’s stock in a transaction dated Thursday, November 13th. The shares were purchased at an average cost of $1,000.00 per share, with a total value of $300,000.00. Following the purchase, the director directly owned 300 shares in the company, valued at approximately $300,000. The trade was a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 13.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms recently weighed in on FCNCA. Keefe, Bruyette & Woods lowered their price objective on shares of First Citizens BancShares from $2,100.00 to $2,050.00 and set an “outperform” rating on the stock in a research report on Friday, October 24th. UBS Group lifted their target price on shares of First Citizens BancShares from $2,200.00 to $2,250.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Wall Street Zen lowered shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Sunday, September 28th. Truist Financial raised their price objective on shares of First Citizens BancShares from $2,000.00 to $2,050.00 and gave the company a “hold” rating in a research report on Tuesday, October 28th. Finally, Citigroup dropped their target price on First Citizens BancShares from $2,250.00 to $2,000.00 and set a “neutral” rating on the stock in a research report on Monday, October 27th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $2,165.83.

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.