Norges Bank Makes New $116.57 Million Investment in First Citizens BancShares, Inc. $FCNCA

Norges Bank acquired a new stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 54,313 shares of the bank’s stock, valued at approximately $116,565,000. Norges Bank owned about 0.44% of First Citizens BancShares at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Goldman Sachs Group Inc. raised its holdings in First Citizens BancShares by 1.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 37,389 shares of the bank’s stock valued at $69,324,000 after buying an additional 681 shares during the period. Empowered Funds LLC boosted its stake in First Citizens BancShares by 71.9% during the first quarter. Empowered Funds LLC now owns 392 shares of the bank’s stock worth $727,000 after buying an additional 164 shares during the period. Focus Partners Wealth boosted its stake in First Citizens BancShares by 5.2% during the first quarter. Focus Partners Wealth now owns 241 shares of the bank’s stock worth $447,000 after buying an additional 12 shares during the period. EverSource Wealth Advisors LLC increased its position in First Citizens BancShares by 31.3% during the second quarter. EverSource Wealth Advisors LLC now owns 88 shares of the bank’s stock valued at $172,000 after acquiring an additional 21 shares during the last quarter. Finally, Flow Traders U.S. LLC bought a new position in First Citizens BancShares during the second quarter valued at $260,000. Hedge funds and other institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Stock Up 4.7%

NASDAQ:FCNCA opened at $2,047.32 on Friday. First Citizens BancShares, Inc. has a twelve month low of $1,623.76 and a twelve month high of $2,232.21. The company has a market cap of $23.72 billion, a price-to-earnings ratio of 11.77, a price-to-earnings-growth ratio of 1.49 and a beta of 0.62. The stock has a fifty day simple moving average of $1,961.38 and a 200-day simple moving average of $1,997.84. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.67.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, topping analysts’ consensus estimates of $43.31 by $1.55. The firm had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.20 billion. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. During the same period in the prior year, the business posted $37.79 earnings per share. Analysts anticipate that First Citizens BancShares, Inc. will post 177.84 EPS for the current year.

First Citizens BancShares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, May 29th will be given a $2.10 dividend. This represents a $8.40 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Friday, May 29th. First Citizens BancShares’s payout ratio is 4.83%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on FCNCA shares. Citigroup restated a “neutral” rating on shares of First Citizens BancShares in a report on Friday, April 24th. Wall Street Zen upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Sunday, May 24th. Piper Sandler set a $2,050.00 price objective on shares of First Citizens BancShares in a research report on Friday, April 24th. Keefe, Bruyette & Woods decreased their price objective on shares of First Citizens BancShares from $2,375.00 to $2,300.00 and set an “outperform” rating for the company in a research note on Thursday, April 9th. Finally, Zacks Research upgraded First Citizens BancShares from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $2,215.91.

Insider Buying and Selling

In related news, CEO Frank B. Holding, Jr. bought 5,940 shares of the company’s stock in a transaction on Tuesday, May 12th. The shares were acquired at an average cost of $1,726.82 per share, for a total transaction of $10,257,310.80. Following the purchase, the chief executive officer directly owned 38,111 shares of the company’s stock, valued at approximately $65,810,837.02. The trade was a 18.46% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders have bought 6,187 shares of company stock valued at $10,640,161. 14.63% of the stock is owned by corporate insiders.

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.