Pictet Asset Management Holding SA Has $10.25 Million Holdings in First Citizens BancShares, Inc. $FCNCA

Pictet Asset Management Holding SA cut its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 6.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,438 shares of the bank’s stock after selling 360 shares during the period. Pictet Asset Management Holding SA’s holdings in First Citizens BancShares were worth $10,249,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. Hilton Head Capital Partners LLC bought a new stake in shares of First Citizens BancShares in the 4th quarter valued at approximately $26,000. Harbor Investment Advisory LLC raised its position in First Citizens BancShares by 150.0% during the fourth quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank’s stock valued at $32,000 after acquiring an additional 9 shares in the last quarter. Reflection Asset Management acquired a new stake in First Citizens BancShares in the fourth quarter valued at approximately $45,000. Allworth Financial LP lifted its stake in First Citizens BancShares by 21.7% in the third quarter. Allworth Financial LP now owns 28 shares of the bank’s stock valued at $51,000 after acquiring an additional 5 shares during the last quarter. Finally, UMB Bank n.a. grew its position in First Citizens BancShares by 50.0% in the fourth quarter. UMB Bank n.a. now owns 24 shares of the bank’s stock worth $52,000 after acquiring an additional 8 shares in the last quarter. 78.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. acquired 528 shares of the business’s stock in a transaction dated Friday, June 5th. The stock was acquired at an average price of $1,813.37 per share, with a total value of $957,459.36. Following the completion of the transaction, the chief executive officer owned 64,100 shares of the company’s stock, valued at approximately $116,237,017. This represents a 0.83% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last quarter, insiders have acquired 7,190 shares of company stock valued at $12,573,868. Company insiders own 14.63% of the company’s stock.

First Citizens BancShares Stock Performance

NASDAQ:FCNCA opened at $2,082.99 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.67. The firm’s fifty day simple moving average is $2,019.87 and its 200 day simple moving average is $2,023.06. The firm has a market capitalization of $24.14 billion, a PE ratio of 11.98, a PEG ratio of 1.59 and a beta of 0.62. First Citizens BancShares, Inc. has a 1 year low of $1,623.76 and a 1 year high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data on Thursday, April 23rd. The bank reported $44.86 earnings per share for the quarter, topping the consensus estimate of $43.31 by $1.55. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.The business had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.20 billion. During the same quarter in the previous year, the firm earned $37.79 EPS. On average, sell-side analysts anticipate that First Citizens BancShares, Inc. will post 175.42 EPS for the current year.

First Citizens BancShares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, May 29th were given a $2.10 dividend. This represents a $8.40 annualized dividend and a yield of 0.4%. The ex-dividend date was Friday, May 29th. First Citizens BancShares’s dividend payout ratio (DPR) is currently 4.83%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on FCNCA. Weiss Ratings lowered shares of First Citizens BancShares from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, May 22nd. 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. Fundamental Research set a $2,350.00 price objective on shares of First Citizens BancShares in a report on Wednesday. TD Cowen lowered 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 report on Monday, April 27th. Finally, Wall Street Zen raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Saturday, June 27th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, First Citizens BancShares currently has an average rating of “Hold” and a consensus price target of $2,243.75.

First Citizens BancShares Company Profile

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.