Cortland Associates Inc. MO Decreases Stock Position in First Citizens BancShares, Inc. $FCNCA

Cortland Associates Inc. MO decreased its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 1.7% during the fourth quarter, Holdings Channel.com reports. The fund owned 27,439 shares of the bank’s stock after selling 464 shares during the quarter. First Citizens BancShares accounts for 7.4% of Cortland Associates Inc. MO’s investment portfolio, making the stock its 2nd largest holding. Cortland Associates Inc. MO’s holdings in First Citizens BancShares were worth $58,888,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. bought a new stake in shares of First Citizens BancShares during the third quarter valued at approximately $27,000. Harbor Investment Advisory LLC raised its position in shares of First Citizens BancShares by 150.0% during the fourth quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank’s stock valued at $32,000 after buying an additional 9 shares during the last quarter. UMB Bank n.a. raised its position in shares of First Citizens BancShares by 100.0% during the third quarter. UMB Bank n.a. now owns 16 shares of the bank’s stock valued at $29,000 after buying an additional 8 shares during the last quarter. Root Financial Partners LLC bought a new stake in shares of First Citizens BancShares during the third quarter valued at approximately $32,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of First Citizens BancShares by 280.0% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 19 shares of the bank’s stock valued at $34,000 after buying an additional 14 shares during the last quarter. Institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Stock Down 0.4%

NASDAQ FCNCA opened at $2,053.90 on Wednesday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.72. The company has a fifty day moving average of $1,933.78 and a two-hundred day moving average of $1,956.51. The firm has a market capitalization of $24.52 billion, a price-to-earnings ratio of 12.39, a PEG ratio of 1.53 and a beta of 0.65. First Citizens BancShares, Inc. has a 52 week low of $1,623.76 and a 52 week high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data on Friday, January 23rd. The bank reported $51.27 EPS for the quarter, topping the consensus estimate of $44.24 by $7.03. The company had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.24 billion. First Citizens BancShares had a net margin of 15.21% and a return on equity of 11.18%. On average, analysts predict that First Citizens BancShares, Inc. will post 178.89 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on FCNCA shares. Weiss Ratings reiterated a “buy (b-)” rating on shares of First Citizens BancShares in a research report on Friday, March 27th. Zacks Research upgraded shares of First Citizens BancShares from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. Barclays reduced their price objective 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 report on Monday, January 26th. Deutsche Bank Aktiengesellschaft cut shares of First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,154.00 price objective on the stock. in a research report on Wednesday, April 8th. Finally, Citigroup reissued an “outperform” rating on shares of First Citizens BancShares in a report on Thursday, April 9th. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $2,227.08.

Insider Buying and Selling

In other news, CEO Frank B. Holding, Jr. acquired 134 shares of the company’s stock in a transaction on Friday, March 13th. The stock was bought at an average cost of $1,550.00 per share, with a total value of $207,700.00. Following the completion of the purchase, the chief executive officer directly owned 2,749 shares of the company’s stock, valued at $4,260,950. This represents a 5.12% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have acquired 258 shares of company stock worth $404,236 over the last ninety days. 14.63% of the stock is owned by insiders.

First Citizens BancShares 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.