Sei Investments Co. Grows Stake in First Citizens BancShares, Inc. $FCNCA

Sei Investments Co. grew its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 36.3% in the first quarter, Holdings Channel reports. The fund owned 13,413 shares of the bank’s stock after acquiring an additional 3,573 shares during the quarter. Sei Investments Co.’s holdings in First Citizens BancShares were worth $25,279,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of FCNCA. Lido Advisors LLC lifted its stake in First Citizens BancShares by 12.0% in the first quarter. Lido Advisors LLC now owns 206 shares of the bank’s stock valued at $390,000 after purchasing an additional 22 shares during the last quarter. First Trust Advisors LP raised its stake in shares of First Citizens BancShares by 44.7% in the first quarter. First Trust Advisors LP now owns 43,247 shares of the bank’s stock valued at $81,506,000 after buying an additional 13,366 shares during the period. ABN Amro Investment Solutions lifted its position in shares of First Citizens BancShares by 3.9% during the 1st quarter. ABN Amro Investment Solutions now owns 320 shares of the bank’s stock valued at $603,000 after buying an additional 12 shares during the last quarter. Oslo Pensjonsforsikring AS purchased a new position in shares of First Citizens BancShares during the 1st quarter valued at $418,000. Finally, Baader Bank Aktiengesellschaft bought a new position in shares of First Citizens BancShares during the 1st quarter worth $403,000. Institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Price Performance

First Citizens BancShares stock opened at $2,198.00 on Wednesday. The firm has a market capitalization of $25.47 billion, a P/E ratio of 11.75, a PEG ratio of 1.61 and a beta of 0.62. First Citizens BancShares, Inc. has a one year low of $1,623.76 and a one year high of $2,237.81. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.00 and a quick ratio of 1.00. The business has a fifty day moving average price of $2,073.43 and a 200-day moving average price of $2,017.06.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings data on Thursday, July 23rd. The bank reported $57.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $56.68. The company had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.16 billion. First Citizens BancShares had a return on equity of 11.98% and a net margin of 16.28%. As a group, equities research analysts forecast that First Citizens BancShares, Inc. will post 177.18 EPS for the current year.

First Citizens BancShares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be given a dividend of $2.10 per share. The ex-dividend date is Monday, August 31st. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. First Citizens BancShares’s dividend payout ratio is currently 4.49%.

Wall Street Analysts Forecast Growth

FCNCA has been the subject of several recent research reports. Barclays lifted their price objective on First Citizens BancShares from $2,346.00 to $2,376.00 and gave the stock an “equal weight” rating in a report on Monday. Wall Street Zen raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Saturday, June 27th. Citigroup reiterated a “neutral” rating on shares of First Citizens BancShares in a research report on Friday. Jefferies Financial Group reiterated a “hold” rating and issued a $2,300.00 target price on shares of First Citizens BancShares in a research note on Thursday, July 23rd. Finally, TD Cowen lowered their price target on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating on the stock in a research report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $2,278.31.

Insider Activity

In other news, CEO Frank B. Holding, Jr. purchased 528 shares of the stock in a transaction dated Friday, June 5th. The shares were purchased at an average cost of $1,813.37 per share, with a total value of $957,459.36. Following the completion of the acquisition, the chief executive officer owned 64,100 shares in the company, valued at $116,237,017. This represents a 0.83% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders have bought 7,190 shares of company stock valued at $12,573,868 over the last quarter. Corporate insiders own 14.63% of the company’s stock.

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.