Korea Investment CORP Acquires 2,621 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Korea Investment CORP raised its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 127.8% in the fourth quarter, Holdings Channel reports. The firm owned 4,672 shares of the bank’s stock after purchasing an additional 2,621 shares during the period. Korea Investment CORP’s holdings in First Citizens BancShares were worth $9,872,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in FCNCA. M&T Bank Corp lifted its stake in First Citizens BancShares by 0.8% in the third quarter. M&T Bank Corp now owns 607 shares of the bank’s stock valued at $1,117,000 after purchasing an additional 5 shares during the last quarter. Mather Group LLC. raised its stake in First Citizens BancShares by 38.5% in the 4th quarter. Mather Group LLC. now owns 18 shares of the bank’s stock valued at $38,000 after acquiring an additional 5 shares during the period. Private Advisor Group LLC lifted its holdings in First Citizens BancShares by 3.0% during the fourth quarter. Private Advisor Group LLC now owns 172 shares of the bank’s stock valued at $363,000 after purchasing an additional 5 shares during the last quarter. Exencial Wealth Advisors LLC boosted its position in First Citizens BancShares by 1.2% during the fourth quarter. Exencial Wealth Advisors LLC now owns 428 shares of the bank’s stock worth $904,000 after purchasing an additional 5 shares during the period. Finally, Hemington Wealth Management increased its stake in shares of First Citizens BancShares by 60.0% in the fourth quarter. Hemington Wealth Management now owns 16 shares of the bank’s stock worth $33,000 after purchasing an additional 6 shares in the last quarter. 78.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FCNCA has been the topic of a number of analyst reports. Citigroup cut shares of First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. Keefe, Bruyette & Woods upped their price target on shares of First Citizens BancShares from $2,500.00 to $2,600.00 and gave the stock an “outperform” rating in a report on Monday, January 27th. The Goldman Sachs Group dropped their price objective 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. JPMorgan Chase & Co. boosted their target price on First Citizens BancShares from $2,550.00 to $2,600.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 7th. Finally, Truist Financial lifted their price target 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. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, First Citizens BancShares has an average rating of “Moderate Buy” and an average price target of $2,288.08.

First Citizens BancShares Trading Up 1.0 %

NASDAQ FCNCA opened at $1,854.12 on Tuesday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68. First Citizens BancShares, Inc. has a 1-year low of $1,518.00 and a 1-year high of $2,412.93. The stock has a 50-day moving average of $2,018.88 and a 200-day moving average of $2,055.75. The firm has a market cap of $25.17 billion, a PE ratio of 9.79, a price-to-earnings-growth ratio of 0.94 and a beta of 0.81.

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 analysts’ consensus estimates 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, sell-side analysts forecast that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Announces Dividend

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

Insiders Place Their Bets

In other news, CFO Craig L. Nix purchased 17 shares of First Citizens BancShares stock in a transaction that occurred on Friday, March 7th. The shares were bought at an average cost of $1,881.13 per share, with a total value of $31,979.21. Following the completion of the purchase, the chief financial officer now directly owns 1,141 shares in the company, valued at approximately $2,146,369.33. This trade represents a 1.51 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 13.40% of the stock is currently owned by company insiders.

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.