Picton Mahoney Asset Management Has $12.54 Million Stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Picton Mahoney Asset Management increased its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 180.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,837 shares of the bank’s stock after buying an additional 5,682 shares during the quarter. Picton Mahoney Asset Management’s holdings in First Citizens BancShares were worth $12,539,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in FCNCA. Vanguard Group Inc. lifted its holdings in shares of First Citizens BancShares by 1.7% during the 3rd quarter. Vanguard Group Inc. now owns 1,010,749 shares of the bank’s stock worth $1,394,935,000 after acquiring an additional 17,142 shares during the period. JPMorgan Chase & Co. lifted its stake in First Citizens BancShares by 5.5% during the third quarter. JPMorgan Chase & Co. now owns 262,267 shares of the bank’s stock worth $361,956,000 after purchasing an additional 13,658 shares during the last quarter. FMR LLC boosted its holdings in shares of First Citizens BancShares by 17.2% in the 3rd quarter. FMR LLC now owns 189,186 shares of the bank’s stock valued at $261,095,000 after purchasing an additional 27,729 shares in the last quarter. First Citizens Bank & Trust Co. increased its stake in shares of First Citizens BancShares by 2.7% in the 3rd quarter. First Citizens Bank & Trust Co. now owns 109,113 shares of the bank’s stock valued at $150,587,000 after purchasing an additional 2,918 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of First Citizens BancShares by 13.3% during the 3rd quarter. Northern Trust Corp now owns 73,284 shares of the bank’s stock worth $101,139,000 after buying an additional 8,624 shares in the last quarter. Institutional investors own 61.18% of the company’s stock.

First Citizens BancShares Trading Down 0.8 %

FCNCA traded down $13.50 during midday trading on Tuesday, hitting $1,712.33. 73,214 shares of the company were exchanged, compared to its average volume of 82,463. The firm’s 50 day moving average price is $1,606.26 and its 200-day moving average price is $1,498.75. First Citizens BancShares, Inc. has a 1-year low of $1,042.69 and a 1-year high of $1,810.03. The firm has a market capitalization of $24.86 billion, a P/E ratio of 9.51 and a beta of 0.86. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 1.82.

First Citizens BancShares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Friday, May 31st will be paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 0.38%. The ex-dividend date is Thursday, May 30th. First Citizens BancShares’s dividend payout ratio is currently 3.64%.

Insider Activity at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. acquired 622 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The stock was bought at an average cost of $1,315.00 per share, for a total transaction of $817,930.00. Following the completion of the transaction, the chief executive officer now directly owns 97,609 shares in the company, valued at approximately $128,355,835. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 622 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The shares were bought at an average price of $1,315.00 per share, for a total transaction of $817,930.00. Following the transaction, the chief executive officer now directly owns 97,609 shares in the company, valued at $128,355,835. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Hope Holding Bryant bought 300 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were acquired at an average cost of $1,315.00 per share, with a total value of $394,500.00. Following the purchase, the insider now directly owns 1,978 shares of the company’s stock, valued at $2,601,070. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 1,388 shares of company stock worth $1,825,220 and have sold 3,116 shares worth $5,361,964. 12.85% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on FCNCA. Piper Sandler cut First Citizens BancShares from an “overweight” rating to a “neutral” rating and lifted their target price for the company from $1,850.00 to $1,950.00 in a research report on Friday, April 26th. UBS Group upped their price objective on shares of First Citizens BancShares from $1,644.00 to $1,754.00 and gave the stock a “buy” rating in a research report on Tuesday, January 30th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $2,100.00 target price (up previously from $1,900.00) on shares of First Citizens BancShares in a research report on Friday, April 26th. Wedbush reaffirmed an “outperform” rating and set a $1,800.00 target price on shares of First Citizens BancShares in a research note on Monday, January 29th. Finally, Barclays increased their price target on First Citizens BancShares from $1,850.00 to $1,950.00 and gave the company an “equal weight” rating in a research note on Friday, April 26th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, First Citizens BancShares has an average rating of “Moderate Buy” and a consensus target price of $1,829.90.

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.