KLP Kapitalforvaltning AS Makes New Investment in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

KLP Kapitalforvaltning AS bought a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 7,100 shares of the bank’s stock, valued at approximately $15,002,000.

A number of other institutional investors also recently bought and sold shares of the company. FMR LLC boosted its position in First Citizens BancShares by 11.6% during the third quarter. FMR LLC now owns 323,532 shares of the bank’s stock worth $595,607,000 after purchasing an additional 33,713 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of First Citizens BancShares by 6.8% in the third quarter. JPMorgan Chase & Co. now owns 288,960 shares of the bank’s stock valued at $531,961,000 after acquiring an additional 18,501 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of First Citizens BancShares in the fourth quarter valued at $147,341,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of First Citizens BancShares by 15.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 58,529 shares of the bank’s stock valued at $107,749,000 after acquiring an additional 7,613 shares in the last quarter. Finally, Reinhart Partners LLC. lifted its position in shares of First Citizens BancShares by 2.1% in the fourth quarter. Reinhart Partners LLC. now owns 57,981 shares of the bank’s stock valued at $122,516,000 after acquiring an additional 1,183 shares in the last quarter. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

First Citizens BancShares Stock Performance

Shares of NASDAQ:FCNCA opened at $1,851.20 on Monday. The firm has a market capitalization of $25.13 billion, a PE ratio of 9.77, a P/E/G ratio of 0.94 and a beta of 0.81. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08. The business has a 50-day moving average of $2,052.67 and a two-hundred day moving average of $2,055.75. First Citizens BancShares, Inc. has a 12 month low of $1,518.00 and a 12 month high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Friday, January 24th. The bank reported $45.10 EPS for the quarter, topping the consensus estimate of $39.32 by $5.78. First Citizens BancShares had a return on equity of 13.22% and a net margin of 18.55%. As a group, research analysts forecast that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were paid a $1.95 dividend. The ex-dividend date was Friday, February 28th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.42%. First Citizens BancShares’s dividend payout ratio (DPR) is currently 4.12%.

Insider Activity

In related news, CFO Craig L. Nix bought 17 shares of the stock in a transaction dated Friday, March 7th. The stock was acquired at an average price of $1,881.13 per share, for a total transaction of $31,979.21. Following the completion of the purchase, the chief financial officer now owns 1,141 shares in the company, valued at $2,146,369.33. This represents a 1.51 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 13.40% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on FCNCA. StockNews.com upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Saturday, February 1st. Piper Sandler upgraded First Citizens BancShares from a “neutral” rating to an “overweight” rating and set a $2,250.00 price objective on the stock in a research report on Tuesday, March 11th. Truist Financial upped their price objective on First Citizens BancShares from $2,303.00 to $2,384.00 and gave the company a “hold” rating in a research report on Wednesday, January 29th. UBS Group assumed coverage on First Citizens BancShares in a research report on Tuesday, December 17th. They issued a “buy” rating and a $2,700.00 price objective on the stock. Finally, The Goldman Sachs Group dropped their target price on First Citizens BancShares from $2,535.00 to $2,200.00 and set a “buy” rating for the company in a research note on Tuesday, March 18th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $2,288.08.

First Citizens BancShares 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.