Sumitomo Mitsui Trust Group Inc. Purchases 7,046 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Sumitomo Mitsui Trust Group Inc. raised its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 12.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 61,877 shares of the bank’s stock after buying an additional 7,046 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.46% of First Citizens BancShares worth $114,727,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of First Citizens BancShares during the 4th quarter worth $298,426,000. GAMMA Investing LLC boosted its stake in shares of First Citizens BancShares by 169,861.1% in the 1st quarter. GAMMA Investing LLC now owns 122,372 shares of the bank’s stock valued at $226,892,000 after purchasing an additional 122,300 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of First Citizens BancShares by 35.7% during the 4th quarter. JPMorgan Chase & Co. now owns 392,097 shares of the bank’s stock valued at $828,510,000 after purchasing an additional 103,137 shares during the last quarter. Capital International Investors grew its holdings in shares of First Citizens BancShares by 78.2% during the 4th quarter. Capital International Investors now owns 172,723 shares of the bank’s stock valued at $364,967,000 after purchasing an additional 75,785 shares during the last quarter. Finally, Proficio Capital Partners LLC acquired a new position in First Citizens BancShares during the 4th quarter worth approximately $147,341,000. 78.01% of the stock is owned by institutional investors.

Analyst Ratings Changes

FCNCA has been the topic of a number of research analyst reports. Jefferies Financial Group initiated coverage on shares of First Citizens BancShares in a research report on Wednesday, May 21st. They issued a “hold” rating and a $2,050.00 target price on the stock. The Goldman Sachs Group reduced their price objective on First Citizens BancShares from $2,535.00 to $2,200.00 and set a “buy” rating on the stock in a research report on Tuesday, March 18th. 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 report on Tuesday, March 11th. Barclays cut their price target on First Citizens BancShares from $2,568.00 to $2,400.00 and set an “equal weight” rating on the stock in a research note on Friday, April 25th. Finally, Wall Street Zen downgraded First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Monday, April 28th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $2,340.33.

Insiders Place Their Bets

In related news, CEO Frank B. Holding, Jr. bought 350 shares of the company’s stock in a transaction dated Friday, May 2nd. The shares were bought at an average price of $1,610.00 per share, for a total transaction of $563,500.00. Following the completion of the acquisition, the chief executive officer now directly owns 2,758 shares of the company’s stock, valued at $4,440,380. This trade represents a 14.53% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 13.40% of the company’s stock.

First Citizens BancShares Stock Down 0.2%

First Citizens BancShares stock opened at $1,956.86 on Monday. The firm’s fifty day moving average is $1,846.33 and its 200 day moving average is $1,940.09. First Citizens BancShares, Inc. has a 12-month low of $1,473.62 and a 12-month high of $2,412.93. The company has a market capitalization of $26.00 billion, a PE ratio of 11.21, a PEG ratio of 0.91 and a beta of 0.64. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.77.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Thursday, April 24th. The bank reported $37.79 EPS for the quarter, beating analysts’ consensus estimates of $37.72 by $0.07. First Citizens BancShares had a return on equity of 11.98% and a net margin of 17.10%. The business had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.22 billion. As a group, sell-side analysts predict that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Friday, May 30th were paid a dividend of $1.95 per share. The ex-dividend date of this dividend was Friday, May 30th. This represents a $7.80 dividend on an annualized basis and a yield of 0.40%. First Citizens BancShares’s dividend payout ratio (DPR) is presently 4.47%.

First Citizens BancShares Company 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.