First Citizens BancShares, Inc. (NASDAQ:FCNCA) is Jacobs Asset Management LLC’s 2nd Largest Position

Jacobs Asset Management LLC decreased its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 4.0% during the 4th quarter, Holdings Channel.com reports. The firm owned 6,000 shares of the bank’s stock after selling 250 shares during the period. First Citizens BancShares accounts for about 7.6% of Jacobs Asset Management LLC’s investment portfolio, making the stock its 2nd largest holding. Jacobs Asset Management LLC’s holdings in First Citizens BancShares were worth $12,678,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in FCNCA. Ground Swell Capital LLC purchased a new position in First Citizens BancShares during the fourth quarter worth approximately $300,000. Focus Partners Wealth grew its position in First Citizens BancShares by 47.7% during the fourth quarter. Focus Partners Wealth now owns 229 shares of the bank’s stock valued at $505,000 after acquiring an additional 74 shares during the period. Driehaus Capital Management LLC increased its stake in First Citizens BancShares by 10.5% during the fourth quarter. Driehaus Capital Management LLC now owns 661 shares of the bank’s stock worth $1,397,000 after acquiring an additional 63 shares during the last quarter. Cetera Investment Advisers raised its holdings in shares of First Citizens BancShares by 20.1% in the 4th quarter. Cetera Investment Advisers now owns 1,453 shares of the bank’s stock worth $3,069,000 after purchasing an additional 243 shares during the period. Finally, Capstone Investment Advisors LLC purchased a new stake in shares of First Citizens BancShares during the 4th quarter worth about $205,000. Hedge funds and other institutional investors own 78.01% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on FCNCA shares. The Goldman Sachs Group reduced their price target on shares of First Citizens BancShares from $2,535.00 to $2,200.00 and set a “buy” rating on the stock in a research report on Tuesday, March 18th. Truist Financial upped their target price on First Citizens BancShares from $2,303.00 to $2,384.00 and gave the stock a “hold” rating in a research report on Wednesday, January 29th. Piper Sandler raised First Citizens BancShares from a “neutral” rating to an “overweight” rating and set a $2,250.00 price target on the stock in a research report on Tuesday, March 11th. StockNews.com downgraded shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Monday, April 28th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of First Citizens BancShares from $2,500.00 to $2,600.00 and gave the stock an “outperform” rating in a research report on Monday, January 27th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $2,330.82.

Insider Activity

In related news, CFO Craig L. Nix bought 17 shares of the stock in a transaction dated Friday, March 7th. The stock was bought at an average cost 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 of the company’s stock, valued at $2,146,369.33. This trade represents a 1.51 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Frank B. Holding, Jr. purchased 350 shares of the business’s stock in a transaction that occurred on Friday, May 2nd. The stock was bought at an average cost of $1,610.00 per share, for a total transaction of $563,500.00. Following the acquisition, the chief executive officer now owns 2,758 shares in the company, valued at approximately $4,440,380. The trade was a 14.53 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 13.40% of the company’s stock.

First Citizens BancShares Stock Up 0.6 %

Shares of NASDAQ:FCNCA opened at $1,841.60 on Friday. First Citizens BancShares, Inc. has a 12-month low of $1,473.62 and a 12-month high of $2,412.93. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68. The firm has a market cap of $25.00 billion, a PE ratio of 9.72, a price-to-earnings-growth ratio of 0.94 and a beta of 0.64. The company has a fifty day simple moving average of $1,770.60 and a 200 day simple moving average of $2,007.66.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Thursday, April 24th. The bank reported $37.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $37.72 by $0.07. First Citizens BancShares had a net margin of 18.55% and a return on equity of 13.22%. The business had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.22 billion. On average, equities research analysts anticipate that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be given a $1.95 dividend. The ex-dividend date is Friday, May 30th. This represents a $7.80 annualized dividend and a dividend yield of 0.42%. First Citizens BancShares’s payout ratio is 4.47%.

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.