Assenagon Asset Management S.A. Grows Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Assenagon Asset Management S.A. increased its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 380.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 15,798 shares of the bank’s stock after acquiring an additional 12,513 shares during the period. Assenagon Asset Management S.A. owned about 0.11% of First Citizens BancShares worth $22,417,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of FCNCA. Lindbrook Capital LLC increased its position in shares of First Citizens BancShares by 53.3% during the 3rd quarter. Lindbrook Capital LLC now owns 23 shares of the bank’s stock valued at $32,000 after purchasing an additional 8 shares during the last quarter. Castleview Partners LLC bought a new position in First Citizens BancShares in the second quarter worth approximately $31,000. Resurgent Financial Advisors LLC purchased a new position in shares of First Citizens BancShares during the 4th quarter worth $35,000. Fred Alger Management LLC bought a new stake in shares of First Citizens BancShares during the 4th quarter valued at $39,000. Finally, Federated Hermes Inc. increased its stake in shares of First Citizens BancShares by 60.0% in the 3rd quarter. Federated Hermes Inc. now owns 56 shares of the bank’s stock worth $77,000 after purchasing an additional 21 shares in the last quarter. Hedge funds and other institutional investors own 61.18% of the company’s stock.

First Citizens BancShares Price Performance

FCNCA stock opened at $1,616.88 on Thursday. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.82. First Citizens BancShares, Inc. has a 12 month low of $884.04 and a 12 month high of $1,625.00. The stock has a market cap of $23.48 billion, a PE ratio of 2.06 and a beta of 0.88. The company has a 50-day moving average price of $1,524.96 and a 200 day moving average price of $1,441.35.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Friday, January 26th. The bank reported $46.58 EPS for the quarter, missing analysts’ consensus estimates of $48.49 by ($1.91). First Citizens BancShares had a net margin of 51.04% and a return on equity of 13.52%. The business had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.36 billion. Equities research analysts anticipate that First Citizens BancShares, Inc. will post 177.52 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Thursday, February 29th were paid a $1.64 dividend. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $6.56 dividend on an annualized basis and a yield of 0.41%. First Citizens BancShares’s dividend payout ratio is currently 0.84%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on FCNCA. Wedbush reissued an “outperform” rating and set a $1,800.00 price target on shares of First Citizens BancShares in a report on Monday, January 29th. DA Davidson restated a “neutral” rating on shares of First Citizens BancShares in a research note on Monday, January 15th. The Goldman Sachs Group assumed coverage on shares of First Citizens BancShares in a research report on Thursday, March 21st. They issued a “buy” rating and a $1,950.00 price target for the company. StockNews.com upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Wednesday, March 6th. Finally, UBS Group lifted their target price on shares of First Citizens BancShares from $1,644.00 to $1,754.00 and gave the company a “buy” rating in a research note on Tuesday, January 30th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $1,667.71.

Insider Activity

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

About First Citizens BancShares

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.