Sumitomo Mitsui DS Asset Management Company Ltd Grows Stock Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 14.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,003 shares of the bank’s stock after purchasing an additional 130 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in First Citizens BancShares were worth $1,689,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of FCNCA. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in shares of First Citizens BancShares by 145.7% in the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 398 shares of the bank’s stock valued at $670,000 after purchasing an additional 236 shares during the last quarter. Principal Financial Group Inc. increased its holdings in First Citizens BancShares by 84.9% in the second quarter. Principal Financial Group Inc. now owns 1,751 shares of the bank’s stock valued at $2,948,000 after buying an additional 804 shares during the last quarter. Cortland Associates Inc. MO raised its stake in First Citizens BancShares by 1.1% in the second quarter. Cortland Associates Inc. MO now owns 28,835 shares of the bank’s stock valued at $48,547,000 after buying an additional 306 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in First Citizens BancShares by 8.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,039 shares of the bank’s stock worth $3,433,000 after buying an additional 156 shares during the last quarter. Finally, HB Wealth Management LLC boosted its position in shares of First Citizens BancShares by 3.9% during the 2nd quarter. HB Wealth Management LLC now owns 187 shares of the bank’s stock worth $315,000 after acquiring an additional 7 shares in the last quarter. Institutional investors and hedge funds own 61.18% of the company’s stock.

First Citizens BancShares Stock Performance

NASDAQ FCNCA opened at $2,030.70 on Friday. The business’s 50-day moving average price is $1,885.79 and its 200 day moving average price is $1,722.60. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 1.77. The firm has a market cap of $29.51 billion, a P/E ratio of 11.27 and a beta of 0.83. First Citizens BancShares, Inc. has a 52-week low of $1,274.91 and a 52-week high of $2,174.80.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Thursday, July 25th. The bank reported $50.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $44.91 by $5.96. First Citizens BancShares had a return on equity of 15.09% and a net margin of 18.19%. The business had revenue of $3.77 billion for the quarter, compared to analyst estimates of $2.30 billion. During the same quarter in the previous year, the company posted $52.60 earnings per share. On average, equities research analysts expect that First Citizens BancShares, Inc. will post 195.31 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be issued a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 0.32%. The ex-dividend date is Friday, August 30th. First Citizens BancShares’s payout ratio is 3.64%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on FCNCA. Keefe, Bruyette & Woods boosted their target price on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Jefferies Financial Group initiated coverage on shares of First Citizens BancShares in a report on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 target price for the company. Barclays lifted their price target on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Raymond James upgraded shares of First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price objective for the company in a research note on Tuesday, July 2nd. Finally, Piper Sandler lifted their target price on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $1,920.82.

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.