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

KLP Kapitalforvaltning AS bought a new stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 7,100 shares of the bank’s stock, valued at approximately $15,002,000. KLP Kapitalforvaltning AS owned 0.05% of First Citizens BancShares at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of FCNCA. Proficio Capital Partners LLC purchased a new position in First Citizens BancShares during the 4th quarter valued at about $147,341,000. AMF Tjanstepension AB purchased a new position in shares of First Citizens BancShares in the 4th quarter valued at about $99,818,000. FMR LLC boosted its stake in shares of First Citizens BancShares by 11.6% in the 3rd quarter. FMR LLC now owns 323,532 shares of the bank’s stock valued at $595,607,000 after buying an additional 33,713 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of First Citizens BancShares by 128.4% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 54,831 shares of the bank’s stock valued at $115,859,000 after buying an additional 30,828 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec boosted its stake in shares of First Citizens BancShares by 337.2% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 26,125 shares of the bank’s stock valued at $48,095,000 after buying an additional 20,149 shares during the period. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

First Citizens BancShares Trading Up 0.4 %

FCNCA opened at $1,851.20 on Monday. The firm has a market cap of $25.13 billion, a price-to-earnings ratio of 9.77, a price-to-earnings-growth ratio of 0.94 and a beta of 0.81. First Citizens BancShares, Inc. has a 52 week low of $1,518.00 and a 52 week high of $2,412.93. The business’s 50 day moving average is $2,052.67 and its two-hundred day moving average is $2,055.75. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68.

First Citizens BancShares (NASDAQ:FCNCA) last released 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%. On average, research analysts predict that First Citizens BancShares, Inc. will post 167.59 EPS 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 issued a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.42%. The ex-dividend date was Friday, February 28th. First Citizens BancShares’s payout ratio is currently 4.12%.

Insider Activity

In related news, CFO Craig L. Nix bought 17 shares of the company’s stock in a transaction dated Friday, March 7th. The shares were acquired at an average price of $1,881.13 per share, with a total value of $31,979.21. Following the completion of the acquisition, the chief financial officer now owns 1,141 shares in the company, valued at approximately $2,146,369.33. This trade represents a 1.51 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 13.40% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on FCNCA. JPMorgan Chase & Co. lifted their price objective on First Citizens BancShares from $2,550.00 to $2,600.00 and gave the company an “overweight” rating in a research note on Tuesday, January 7th. Truist Financial lifted 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 note on Wednesday, January 29th. The Goldman Sachs Group decreased 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. Deutsche Bank Aktiengesellschaft began coverage on First Citizens BancShares in a research note on Monday, December 9th. They set a “buy” rating and a $2,600.00 target price for the company. Finally, Keefe, Bruyette & Woods boosted their target price on First Citizens BancShares from $2,500.00 to $2,600.00 and gave the stock an “outperform” rating in a research note on Monday, January 27th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target 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.