Jacobs Asset Management LLC Grows Stake in First Citizens BancShares, Inc. $FCNCA

Jacobs Asset Management LLC lifted its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 41.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,500 shares of the bank’s stock after purchasing an additional 2,500 shares during the period. First Citizens BancShares accounts for about 9.9% of Jacobs Asset Management LLC’s investment portfolio, making the stock its biggest position. Jacobs Asset Management LLC’s holdings in First Citizens BancShares were worth $15,760,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the company. JPMorgan Chase & Co. boosted its holdings in shares of First Citizens BancShares by 2.3% in the first quarter. JPMorgan Chase & Co. now owns 401,167 shares of the bank’s stock valued at $743,815,000 after purchasing an additional 9,070 shares during the period. Egerton Capital UK LLP lifted its holdings in First Citizens BancShares by 21.7% during the first quarter. Egerton Capital UK LLP now owns 124,773 shares of the bank’s stock worth $231,344,000 after buying an additional 22,257 shares during the period. GAMMA Investing LLC lifted its holdings in First Citizens BancShares by 169,861.1% during the first quarter. GAMMA Investing LLC now owns 122,372 shares of the bank’s stock worth $226,892,000 after buying an additional 122,300 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in First Citizens BancShares by 83.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 107,523 shares of the bank’s stock worth $227,198,000 after buying an additional 48,994 shares during the period. Finally, Nuveen LLC purchased a new stake in First Citizens BancShares during the first quarter worth $149,963,000. Hedge funds and other institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Price Performance

NASDAQ:FCNCA opened at $1,968.48 on Tuesday. First Citizens BancShares, Inc. has a 52 week low of $1,473.62 and a 52 week high of $2,412.93. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.76. The stock has a market capitalization of $25.43 billion, a PE ratio of 11.62 and a beta of 0.64. The stock’s 50-day moving average price is $1,985.24 and its 200-day moving average price is $1,899.58.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Friday, July 25th. The bank reported $44.78 EPS for the quarter, beating analysts’ consensus estimates of $39.08 by $5.70. First Citizens BancShares had a return on equity of 11.32% and a net margin of 16.37%.The firm had revenue of $2.38 billion for the quarter, compared to analysts’ expectations of $2.21 billion. As a group, equities analysts expect that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be paid a $1.95 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $7.80 dividend on an annualized basis and a yield of 0.4%. First Citizens BancShares’s dividend payout ratio (DPR) is currently 4.60%.

Insider Activity at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. purchased 600 shares of the firm’s stock in a transaction that occurred on Thursday, August 7th. The shares were purchased at an average cost of $1,698.75 per share, with a total value of $1,019,250.00. Following the purchase, the chief executive officer owned 32,300 shares of the company’s stock, valued at $54,869,625. This represents a 1.89% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Olivia Britton Holding purchased 409 shares of the firm’s stock in a transaction that occurred on Thursday, August 7th. The stock was bought at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the completion of the purchase, the insider directly owned 1,764 shares in the company, valued at $2,875,320. This represents a 30.18% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 1,494 shares of company stock valued at $2,485,986. 13.19% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

FCNCA has been the subject of a number of analyst reports. JPMorgan Chase & Co. upped their target price on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an “overweight” rating in a report on Tuesday, July 1st. UBS Group restated a “buy” rating and set a $2,410.00 target price on shares of First Citizens BancShares in a report on Wednesday, July 9th. Jefferies Financial Group assumed coverage on First Citizens BancShares in a report on Wednesday, May 21st. They set a “hold” rating and a $2,050.00 price objective for the company. Wall Street Zen lowered First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Monday, April 28th. Finally, Cowen reiterated a “buy” rating on shares of First Citizens BancShares in a report on Monday, July 28th. Seven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $2,291.17.

About First Citizens BancShares

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.