JPMorgan Chase & Co. Acquires 103,137 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

JPMorgan Chase & Co. increased its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 35.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 392,097 shares of the bank’s stock after buying an additional 103,137 shares during the quarter. JPMorgan Chase & Co. owned 2.80% of First Citizens BancShares worth $828,510,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in First Citizens BancShares by 9.8% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 7,431 shares of the bank’s stock valued at $15,981,000 after buying an additional 666 shares in the last quarter. Korea Investment CORP grew its position in First Citizens BancShares by 127.8% during the 4th quarter. Korea Investment CORP now owns 4,672 shares of the bank’s stock worth $9,872,000 after acquiring an additional 2,621 shares during the last quarter. First American Trust FSB bought a new stake in First Citizens BancShares during the 4th quarter worth approximately $226,000. LPL Financial LLC increased its holdings in First Citizens BancShares by 53.0% during the 4th quarter. LPL Financial LLC now owns 3,633 shares of the bank’s stock valued at $7,676,000 after purchasing an additional 1,258 shares in the last quarter. Finally, Kirkoswald Asset Management LLC bought a new position in First Citizens BancShares in the 4th quarter valued at $22,821,000. Institutional investors and hedge funds own 78.01% of the company’s stock.

Insider Activity

In related news, CFO Craig L. Nix bought 17 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The shares were acquired at an average price of $1,881.13 per share, for a total transaction of $31,979.21. Following the completion of the acquisition, the chief financial officer now owns 1,141 shares of the company’s stock, valued at approximately $2,146,369.33. The trade was a 1.51 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 13.40% of the stock is currently owned by company insiders.

First Citizens BancShares Stock Down 2.4 %

Shares of NASDAQ FCNCA opened at $1,835.10 on Friday. First Citizens BancShares, Inc. has a 52-week low of $1,518.00 and a 52-week high of $2,412.93. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. The stock has a market cap of $24.92 billion, a P/E ratio of 9.69, a P/E/G ratio of 0.94 and a beta of 0.81. The firm has a 50 day moving average price of $2,025.58 and a 200 day moving average price of $2,052.31.

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

First Citizens BancShares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were given a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date was Friday, February 28th. First Citizens BancShares’s dividend payout ratio is currently 4.12%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft started coverage on First Citizens BancShares in a report on Monday, December 9th. They issued a “buy” rating and a $2,600.00 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 Saturday, February 1st. The Goldman Sachs Group lowered their price target on shares of First Citizens BancShares from $2,535.00 to $2,200.00 and set a “buy” rating for the company in a report on Tuesday, March 18th. Truist Financial upped their price objective on First Citizens BancShares from $2,303.00 to $2,384.00 and gave the stock a “hold” rating in a report on Wednesday, January 29th. Finally, UBS Group started coverage on First Citizens BancShares in a research note on Tuesday, December 17th. They issued a “buy” rating and a $2,700.00 target price for the company. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $2,288.08.

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.