Merrion Investment Management Co LLC Has $1.57 Million Position in First Citizens BancShares, Inc. $FCNCA

Merrion Investment Management Co LLC raised its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 271.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 876 shares of the bank’s stock after acquiring an additional 640 shares during the quarter. First Citizens BancShares makes up approximately 0.9% of Merrion Investment Management Co LLC’s holdings, making the stock its 27th biggest position. Merrion Investment Management Co LLC’s holdings in First Citizens BancShares were worth $1,567,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank bought a new stake in First Citizens BancShares during the second quarter worth about $177,604,000. Orion Porfolio Solutions LLC lifted its stake in First Citizens BancShares by 2,057.4% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 47,506 shares of the bank’s stock valued at $92,944,000 after purchasing an additional 45,304 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in First Citizens BancShares by 4.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 417,088 shares of the bank’s stock valued at $816,022,000 after purchasing an additional 15,921 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings 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 worth $225,429,000 after purchasing an additional 14,060 shares during the period. Finally, Worldquant Millennium Advisors LLC acquired a new position in First Citizens BancShares during the second quarter worth approximately $18,743,000. 78.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of First Citizens BancShares in a research report on Monday. Raymond James Financial raised shares of First Citizens BancShares from an “outperform” rating to a “strong-buy” rating and lifted their target price for the stock from $2,100.00 to $2,200.00 in a report on Thursday, November 20th. The Goldman Sachs Group lowered their price target on shares of First Citizens BancShares from $2,250.00 to $1,950.00 and set a “buy” rating on the stock in a report on Monday, October 6th. Keefe, Bruyette & Woods cut their price objective on shares of First Citizens BancShares from $2,100.00 to $2,050.00 and set an “outperform” rating for the company in a research report on Friday, October 24th. Finally, JPMorgan Chase & Co. upped their target price on First Citizens BancShares from $2,300.00 to $2,500.00 and gave the company an “overweight” rating in a research report on Tuesday, December 16th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, First Citizens BancShares has an average rating of “Moderate Buy” and an average price target of $2,149.09.

Insider Activity

In other news, Director Ellen R. Alemany purchased 300 shares of the business’s stock in a transaction dated Thursday, November 13th. The stock was bought at an average price of $1,000.00 per share, with a total value of $300,000.00. Following the acquisition, the director owned 300 shares in the company, valued at approximately $300,000. The trade was a ? increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Frank B. Holding, Jr. purchased 135 shares of First Citizens BancShares stock in a transaction that occurred on Wednesday, November 26th. The shares were purchased at an average price of $1,629.67 per share, for a total transaction of $220,005.45. Following the transaction, the chief executive officer directly owned 2,527 shares in the company, valued at $4,118,176.09. This represents a 5.64% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 13.19% of the company’s stock.

First Citizens BancShares Stock Up 0.1%

NASDAQ FCNCA opened at $2,168.13 on Wednesday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.81. The company has a market cap of $26.97 billion, a price-to-earnings ratio of 12.82 and a beta of 0.71. The company has a 50 day moving average of $1,882.74 and a 200-day moving average of $1,915.06. First Citizens BancShares, Inc. has a 1-year low of $1,473.62 and a 1-year high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data on Thursday, October 23rd. The bank reported $44.62 EPS for the quarter, topping analysts’ consensus estimates of $41.51 by $3.11. The firm had revenue of $2.25 billion for the quarter, compared to analyst estimates of $2.21 billion. First Citizens BancShares had a return on equity of 11.09% and a net margin of 15.99%. On average, equities research analysts expect that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Friday, November 28th were paid a $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.95. The ex-dividend date of this dividend was Friday, November 28th. First Citizens BancShares’s payout ratio is presently 4.97%.

About First Citizens BancShares

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full?service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.