First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Purchased by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. raised its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 9.8% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 7,431 shares of the bank’s stock after purchasing an additional 666 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in First Citizens BancShares were worth $15,981,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. JPMorgan Chase & Co. raised its position in shares of First Citizens BancShares by 6.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 288,960 shares of the bank’s stock worth $531,961,000 after purchasing an additional 18,501 shares during the last quarter. Proficio Capital Partners LLC purchased a new position in First Citizens BancShares during the fourth quarter worth $147,341,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of First Citizens BancShares by 15.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 58,529 shares of the bank’s stock worth $107,749,000 after acquiring an additional 7,613 shares during the last quarter. Reinhart Partners LLC. raised its holdings in shares of First Citizens BancShares by 2.1% in the fourth quarter. Reinhart Partners LLC. now owns 57,981 shares of the bank’s stock worth $122,516,000 after acquiring an additional 1,183 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its position in shares of First Citizens BancShares by 128.4% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 54,831 shares of the bank’s stock valued at $115,859,000 after acquiring an additional 30,828 shares in the last quarter. Hedge funds and other institutional investors own 78.01% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on FCNCA shares. Deutsche Bank Aktiengesellschaft assumed coverage on First Citizens BancShares in a research report on Monday, December 9th. They set a “buy” rating and a $2,600.00 price objective for the company. Barclays boosted their price objective on shares of First Citizens BancShares from $2,456.00 to $2,568.00 and gave the company an “equal weight” rating in a research report on Monday, January 27th. Truist Financial raised their target price on shares of First Citizens BancShares from $2,303.00 to $2,384.00 and gave the stock a “hold” rating in a research report on Wednesday, January 29th. Piper Sandler upgraded First Citizens BancShares from a “neutral” rating to an “overweight” rating and set a $2,250.00 price target for the company in a report on Tuesday, March 11th. Finally, Citigroup cut First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $2,288.08.

Insider Buying and Selling

In related news, CFO Craig L. Nix purchased 17 shares of First Citizens BancShares stock in a transaction that occurred on Friday, March 7th. The shares were purchased at an average cost of $1,881.13 per share, with a total value of $31,979.21. Following the transaction, the chief financial officer now owns 1,141 shares of the company’s stock, valued at approximately $2,146,369.33. The trade was a 1.51 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 13.40% of the stock is owned by corporate insiders.

First Citizens BancShares Stock Performance

Shares of NASDAQ:FCNCA opened at $1,854.12 on Tuesday. The business has a 50-day moving average of $2,018.88 and a two-hundred day moving average of $2,055.75. The firm has a market capitalization of $25.17 billion, a PE ratio of 9.79, a P/E/G ratio of 0.94 and a beta of 0.81. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08. First Citizens BancShares, Inc. has a 12 month low of $1,518.00 and a 12 month high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Friday, January 24th. The bank reported $45.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $39.32 by $5.78. First Citizens BancShares had a net margin of 18.55% and a return on equity of 13.22%. As a group, research analysts forecast that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The firm also recently announced 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. The ex-dividend date was Friday, February 28th. This represents a $7.80 annualized dividend and a dividend yield of 0.42%. First Citizens BancShares’s payout ratio is 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.