First Citizens BancShares, Inc. $FCNCA Shares Bought by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. grew its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 489.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,573 shares of the bank’s stock after purchasing an additional 1,306 shares during the period. Oppenheimer Asset Management Inc.’s holdings in First Citizens BancShares were worth $2,814,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. JPMorgan Chase & Co. increased its stake in First Citizens BancShares by 4.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 417,088 shares of the bank’s stock valued at $816,022,000 after buying an additional 15,921 shares during the period. Norges Bank acquired a new position in shares of First Citizens BancShares during the second quarter worth about $177,604,000. First Citizens Bank & Trust Co. raised its holdings in First Citizens BancShares by 0.3% during the second quarter. First Citizens Bank & Trust Co. now owns 79,132 shares of the bank’s stock worth $154,819,000 after purchasing an additional 258 shares in the last quarter. Reinhart Partners LLC. lifted its position in First Citizens BancShares by 1.4% in the third quarter. Reinhart Partners LLC. now owns 70,248 shares of the bank’s stock valued at $125,715,000 after purchasing an additional 969 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. boosted its holdings in First Citizens BancShares by 2.2% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 66,276 shares of the bank’s stock valued at $118,578,000 after purchasing an additional 1,450 shares in the last quarter. 78.01% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 135 shares of the firm’s stock in a transaction on Wednesday, November 26th. The shares were purchased at an average cost of $1,629.67 per share, with a total value of $220,005.45. Following the purchase, the chief executive officer owned 2,527 shares in the company, valued at approximately $4,118,176.09. This represents a 5.64% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 13.40% of the company’s stock.

First Citizens BancShares Price Performance

NASDAQ:FCNCA opened at $2,003.76 on Friday. The firm has a market cap of $24.93 billion, a price-to-earnings ratio of 12.09 and a beta of 0.70. First Citizens BancShares, Inc. has a 12-month low of $1,473.62 and a 12-month high of $2,232.21. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.81. The company’s 50-day moving average is $2,115.65 and its two-hundred day moving average is $1,949.97.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings data on Friday, January 23rd. The bank reported $51.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $44.24 by $7.03. First Citizens BancShares had a net margin of 15.21% and a return on equity of 11.12%. The business had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $2.24 billion. Research analysts expect that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Friday, February 27th will be paid a $2.10 dividend. This represents a $8.40 annualized dividend and a yield of 0.4%. The ex-dividend date is Friday, February 27th. First Citizens BancShares’s dividend payout ratio is presently 5.07%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on FCNCA shares. Truist Financial increased their target price on First Citizens BancShares from $2,050.00 to $2,150.00 and gave the stock a “hold” rating in a research note on Monday, January 26th. Citigroup reiterated a “buy” rating on shares of First Citizens BancShares in a research report on Monday, January 26th. The Goldman Sachs Group downgraded First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,300.00 target price for the company. in a report on Tuesday, January 6th. Barclays lowered their price target on shares of First Citizens BancShares from $2,456.00 to $2,346.00 and set an “equal weight” rating on the stock in a research note on Monday, January 26th. Finally, TD Cowen dropped their price objective on First Citizens BancShares from $2,600.00 to $2,500.00 and set a “buy” rating for the company in a research note on Monday, January 26th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $2,238.27.

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.