Norges Bank Makes New Investment in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Norges Bank acquired a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 141,232 shares of the bank’s stock, valued at approximately $298,426,000.

Other hedge funds have also modified their holdings of the company. Financial Life Planners purchased a new position in First Citizens BancShares in the fourth quarter worth approximately $33,000. Hemington Wealth Management raised its holdings in shares of First Citizens BancShares by 60.0% in the 4th quarter. Hemington Wealth Management now owns 16 shares of the bank’s stock valued at $33,000 after purchasing an additional 6 shares in the last quarter. Duncker Streett & Co. Inc. purchased a new stake in shares of First Citizens BancShares during the 4th quarter worth $36,000. Mather Group LLC. grew its stake in shares of First Citizens BancShares by 38.5% during the fourth quarter. Mather Group LLC. now owns 18 shares of the bank’s stock worth $38,000 after purchasing an additional 5 shares in the last quarter. Finally, Asset Planning Inc purchased a new position in First Citizens BancShares in the fourth quarter valued at $38,000. 78.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, CFO Craig L. Nix bought 17 shares of the business’s stock in a transaction dated Friday, March 7th. The stock was acquired at an average cost of $1,881.13 per share, with a total value of $31,979.21. Following the purchase, the chief financial officer now owns 1,141 shares in the company, valued at approximately $2,146,369.33. This represents a 1.51 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 13.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Citigroup downgraded First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. Piper Sandler upgraded First Citizens BancShares from a “neutral” rating to an “overweight” rating and set a $2,250.00 target price for the company in a research note on Tuesday, March 11th. Truist Financial increased their price target on shares of First Citizens BancShares from $2,303.00 to $2,384.00 and gave the company a “hold” rating in a research note on Wednesday, January 29th. JPMorgan Chase & Co. raised their price objective on shares of First Citizens BancShares from $2,550.00 to $2,600.00 and gave the stock an “overweight” rating in a report on Tuesday, January 7th. Finally, UBS Group initiated coverage on shares of First Citizens BancShares in a report on Tuesday, December 17th. They issued a “buy” rating and a $2,700.00 target price for the company. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $2,288.08.

First Citizens BancShares Trading Down 2.4 %

NASDAQ FCNCA opened at $1,835.10 on Friday. The firm’s fifty day moving average is $2,025.58 and its two-hundred day moving average is $2,053.90. First Citizens BancShares, Inc. has a one year low of $1,518.00 and a one year high of $2,412.93. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. The firm has a market cap of $24.92 billion, a PE ratio of 9.69, a P/E/G ratio of 0.94 and a beta of 0.81.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data on Friday, January 24th. The bank reported $45.10 EPS for the quarter, beating the consensus estimate of $39.32 by $5.78. First Citizens BancShares had a return on equity of 13.22% and a net margin of 18.55%. Analysts expect that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Friday, February 28th were issued a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a dividend yield of 0.43%. The ex-dividend date was Friday, February 28th. First Citizens BancShares’s dividend payout ratio is presently 4.12%.

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.