QRG Capital Management Inc. Invests $215,000 in First Citizens BancShares, Inc. $FCNCA

QRG Capital Management Inc. bought a new position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 110 shares of the bank’s stock, valued at approximately $215,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. JPMorgan Chase & Co. boosted its position in shares of First Citizens BancShares by 2.3% in the first quarter. JPMorgan Chase & Co. now owns 401,167 shares of the bank’s stock worth $743,815,000 after buying an additional 9,070 shares during the period. Egerton Capital UK LLP boosted its position in First Citizens BancShares by 21.7% during the first quarter. Egerton Capital UK LLP now owns 124,773 shares of the bank’s stock valued at $231,344,000 after purchasing an additional 22,257 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in First Citizens BancShares by 13.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 121,583 shares of the bank’s stock valued at $225,429,000 after purchasing an additional 14,060 shares during the last quarter. Nuveen LLC acquired a new stake in First Citizens BancShares during the first quarter valued at $149,963,000. Finally, Alliancebernstein L.P. boosted its position in First Citizens BancShares by 3.9% during the first quarter. Alliancebernstein L.P. now owns 77,148 shares of the bank’s stock valued at $143,042,000 after purchasing an additional 2,919 shares during the last quarter. Institutional investors and hedge funds own 78.01% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on FCNCA shares. Citigroup reissued an “outperform” rating on shares of First Citizens BancShares in a research report on Tuesday, October 7th. Piper Sandler set a $2,150.00 price objective on First Citizens BancShares and gave the company a “neutral” rating in a research report on Monday, July 28th. Wall Street Zen cut First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Sunday, September 28th. Raymond James Financial set a $2,100.00 price objective on First Citizens BancShares in a research report on Tuesday, October 7th. Finally, JPMorgan Chase & Co. lifted their price objective on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an “overweight” rating in a research report on Tuesday, July 1st. Nine equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $2,227.69.

Insider Activity at First Citizens BancShares

In related news, major shareholder Olivia Britton Holding purchased 409 shares of the stock in a transaction on Thursday, August 7th. The shares were purchased at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the completion of the transaction, the insider directly owned 1,764 shares of the company’s stock, valued at approximately $2,875,320. The trade was a 30.18% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Hope Holding Bryant acquired 409 shares of the business’s stock in a transaction on Thursday, August 7th. The shares were bought at an average cost of $1,630.00 per share, with a total value of $666,670.00. Following the completion of the acquisition, the insider owned 1,764 shares of the company’s stock, valued at approximately $2,875,320. This trade represents a 30.18% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 1,494 shares of company stock valued at $2,485,986 in the last 90 days. 13.40% of the stock is owned by corporate insiders.

First Citizens BancShares Price Performance

NASDAQ FCNCA opened at $1,701.73 on Monday. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a 50-day simple moving average of $1,886.23 and a 200 day simple moving average of $1,882.03. First Citizens BancShares, Inc. has a twelve month low of $1,473.62 and a twelve month high of $2,412.93. The stock has a market capitalization of $21.99 billion, a PE ratio of 10.04 and a beta of 0.60.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Friday, July 25th. The bank reported $44.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $39.08 by $5.70. The firm had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.21 billion. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.32%. Research analysts anticipate 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, September 15th. Investors of record on Friday, August 29th were paid a $1.95 dividend. The ex-dividend date of this dividend was Friday, August 29th. This represents a $7.80 annualized dividend and a yield of 0.5%. First Citizens BancShares’s payout ratio is currently 4.60%.

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.