Desjardins Global Asset Management Inc. Increases Stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Desjardins Global Asset Management Inc. lifted its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 16.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 85 shares of the bank’s stock after purchasing an additional 12 shares during the quarter. Desjardins Global Asset Management Inc.’s holdings in First Citizens BancShares were worth $121,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Mackenzie Financial Corp raised its position in shares of First Citizens BancShares by 89.3% in the 4th quarter. Mackenzie Financial Corp now owns 1,914 shares of the bank’s stock valued at $2,716,000 after purchasing an additional 903 shares during the last quarter. Simplicity Solutions LLC increased its holdings in First Citizens BancShares by 12.6% in the 4th quarter. Simplicity Solutions LLC now owns 196 shares of the bank’s stock worth $278,000 after buying an additional 22 shares during the period. Meitav Investment House Ltd. acquired a new position in First Citizens BancShares in the 4th quarter worth approximately $272,000. Cerity Partners LLC increased its holdings in First Citizens BancShares by 17.4% in the 4th quarter. Cerity Partners LLC now owns 822 shares of the bank’s stock worth $1,167,000 after buying an additional 122 shares during the period. Finally, Toth Financial Advisory Corp acquired a new position in First Citizens BancShares in the 4th quarter worth approximately $738,000. 61.18% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at First Citizens BancShares

In related news, insider Hope Holding Bryant acquired 300 shares of First Citizens BancShares stock in a transaction that occurred on Wednesday, February 21st. The shares were purchased at an average cost of $1,315.00 per share, for a total transaction of $394,500.00. Following the acquisition, the insider now owns 1,978 shares in the company, valued at $2,601,070. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, major shareholder Olivia Britton Holding bought 466 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was bought at an average cost of $1,315.00 per share, with a total value of $612,790.00. Following the transaction, the insider now directly owns 121,694 shares in the company, valued at approximately $160,027,610. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Hope Holding Bryant bought 300 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was purchased at an average cost of $1,315.00 per share, with a total value of $394,500.00. Following the completion of the transaction, the insider now owns 1,978 shares in the company, valued at $2,601,070. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 1,388 shares of company stock worth $1,825,220. Company insiders own 13.40% of the company’s stock.

Analyst Ratings Changes

FCNCA has been the topic of several research reports. Wedbush reiterated an “outperform” rating and issued a $1,800.00 price target on shares of First Citizens BancShares in a report on Monday, January 29th. StockNews.com cut shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Wednesday, April 3rd. The Goldman Sachs Group began coverage on shares of First Citizens BancShares in a research note on Thursday, March 21st. They set a “buy” rating and a $1,950.00 price objective on the stock. DA Davidson reaffirmed a “neutral” rating and set a $1,650.00 price objective (up previously from $1,600.00) on shares of First Citizens BancShares in a research note on Monday, April 15th. Finally, Barclays began coverage on shares of First Citizens BancShares in a research note on Thursday, April 11th. They set an “equal weight” rating and a $1,850.00 price objective on the stock. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat, First Citizens BancShares currently has a consensus rating of “Hold” and an average target price of $1,768.63.

First Citizens BancShares Stock Up 1.0 %

NASDAQ FCNCA opened at $1,567.36 on Friday. First Citizens BancShares, Inc. has a 52 week low of $945.32 and a 52 week high of $1,651.73. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 1.82. The business’s fifty day simple moving average is $1,564.36 and its 200-day simple moving average is $1,468.06. The firm has a market cap of $22.77 billion, a PE ratio of 2.00 and a beta of 0.89.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Friday, January 26th. The bank reported $46.58 EPS for the quarter, missing the consensus estimate of $48.49 by ($1.91). First Citizens BancShares had a return on equity of 13.52% and a net margin of 51.04%. The company had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.36 billion. As a group, equities analysts anticipate that First Citizens BancShares, Inc. will post 177.19 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Thursday, February 29th were issued a $1.64 dividend. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $6.56 annualized dividend and a yield of 0.42%. First Citizens BancShares’s dividend payout ratio (DPR) is currently 0.84%.

First Citizens BancShares Company 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.