Pictet Asset Management Holding SA Has $13.47 Million Stock Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Pictet Asset Management Holding SA cut its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 7.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,376 shares of the bank’s stock after selling 535 shares during the period. Pictet Asset Management Holding SA’s holdings in First Citizens BancShares were worth $13,473,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in FCNCA. Norges Bank bought a new position in shares of First Citizens BancShares in the fourth quarter valued at $298,426,000. JPMorgan Chase & Co. lifted its position in First Citizens BancShares by 35.7% in the 4th quarter. JPMorgan Chase & Co. now owns 392,097 shares of the bank’s stock valued at $828,510,000 after acquiring an additional 103,137 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in First Citizens BancShares during the 4th quarter worth approximately $147,341,000. AMF Tjanstepension AB bought a new stake in First Citizens BancShares during the 4th quarter worth approximately $99,818,000. Finally, Sumitomo Mitsui Trust Group Inc. raised its stake in shares of First Citizens BancShares by 128.4% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 54,831 shares of the bank’s stock worth $115,859,000 after purchasing an additional 30,828 shares during the last quarter. 78.01% of the stock is owned by institutional investors.

Insider Buying and Selling at First Citizens BancShares

In other First Citizens BancShares news, CFO Craig L. Nix purchased 17 shares of the company’s stock in a transaction dated Friday, March 7th. The stock was purchased at an average price of $1,881.13 per share, for a total transaction of $31,979.21. Following the transaction, the chief financial officer now owns 1,141 shares in the company, valued at $2,146,369.33. The trade was a 1.51 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 13.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on FCNCA. Citigroup downgraded First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. StockNews.com upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Saturday, February 1st. Keefe, Bruyette & Woods boosted their price target on shares of First Citizens BancShares from $2,500.00 to $2,600.00 and gave the stock an “outperform” rating in a report on Monday, January 27th. Truist Financial increased their price objective on shares of 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. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on First Citizens BancShares in a research note on Monday, December 9th. They issued a “buy” rating and a $2,600.00 target price on the stock. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $2,288.08.

First Citizens BancShares Trading Down 1.7 %

Shares of FCNCA stock opened at $1,823.47 on Wednesday. First Citizens BancShares, Inc. has a 1 year low of $1,518.00 and a 1 year high of $2,412.93. The company’s fifty day simple moving average is $2,010.73 and its two-hundred day simple moving average is $2,055.68. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08. The stock has a market capitalization of $24.76 billion, a price-to-earnings ratio of 9.63, a PEG ratio of 0.94 and a beta of 0.81.

First Citizens BancShares (NASDAQ:FCNCA) last issued its 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%. As a group, analysts anticipate that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Friday, February 28th were issued a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date of this dividend was Friday, February 28th. First Citizens BancShares’s dividend payout ratio (DPR) is presently 4.12%.

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.