Pictet Asset Management SA Purchases 50 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Posted by Defense World Staff on Feb 26th, 2023

Pictet Asset Management SA lifted its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA – Get Rating) by 1.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 4,100 shares of the bank’s stock after buying an additional 50 shares during the period. Pictet Asset Management SA’s holdings in First Citizens BancShares were worth $3,269,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in FCNCA. Ronald Blue Trust Inc. bought a new stake in First Citizens BancShares in the 2nd quarter worth about $29,000. Washington Trust Advisors Inc. grew its stake in shares of First Citizens BancShares by 875.0% in the third quarter. Washington Trust Advisors Inc. now owns 39 shares of the bank’s stock worth $31,000 after acquiring an additional 35 shares during the period. Wipfli Financial Advisors LLC purchased a new position in shares of First Citizens BancShares during the third quarter valued at approximately $57,000. Bessemer Group Inc. bought a new position in First Citizens BancShares during the third quarter valued at approximately $62,000. Finally, Quadrant Capital Group LLC lifted its position in First Citizens BancShares by 17.2% during the second quarter. Quadrant Capital Group LLC now owns 102 shares of the bank’s stock valued at $67,000 after purchasing an additional 15 shares during the period. Hedge funds and other institutional investors own 66.53% of the company’s stock.

First Citizens BancShares Stock Down 0.4 %

FCNCA opened at $739.56 on Friday. The firm’s 50 day simple moving average is $772.47 and its two-hundred day simple moving average is $803.27. The company has a market capitalization of $10.72 billion, a PE ratio of 10.96 and a beta of 0.94. First Citizens BancShares, Inc. has a 1-year low of $598.01 and a 1-year high of $885.38. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.58.

First Citizens BancShares (NASDAQ:FCNCA – Get Rating) last announced its earnings results on Thursday, January 26th. The bank reported $20.94 EPS for the quarter, missing analysts’ consensus estimates of $23.34 by ($2.40). First Citizens BancShares had a return on equity of 12.84% and a net margin of 19.79%. The company had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.10 billion. As a group, equities analysts forecast that First Citizens BancShares, Inc. will post 90.87 EPS for the current year.

First Citizens BancShares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 15th. Stockholders of record on Tuesday, February 28th will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Monday, February 27th. This represents a $3.00 annualized dividend and a dividend yield of 0.41%. First Citizens BancShares’s payout ratio is 4.45%.

Analysts Set New Price Targets

Separately, StockNews.com raised First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Saturday, February 4th.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. acquired 1,020 shares of the company’s stock in a transaction dated Friday, February 3rd. The stock was purchased at an average price of $722.51 per share, with a total value of $736,960.20. Following the completion of the purchase, the chief executive officer now directly owns 93,232 shares in the company, valued at approximately $67,361,052.32. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, insider Jeffery L. Ward purchased 1,600 shares of First Citizens BancShares stock in a transaction on Tuesday, December 13th. The shares were bought at an average cost of $19.93 per share, for a total transaction of $31,888.00. Following the acquisition, the insider now owns 5,600 shares in the company, valued at approximately $111,608. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Frank B. Holding, Jr. acquired 1,020 shares of the company’s stock in a transaction on Friday, February 3rd. The shares were bought at an average cost of $722.51 per share, with a total value of $736,960.20. Following the acquisition, the chief executive officer now directly owns 93,232 shares in the company, valued at $67,361,052.32. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 2,640 shares of company stock worth $783,432. 13.40% of the stock is owned by corporate insiders.

First Citizens BancShares Company Profile

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First Citizens BancShares, Inc is a bank holding company, which provides retail and commercial banking services through its subsidiaries. The company operates under the following segments: General Banking, Commercial Banking, Rail, and Corporate. The General Banking delivers services to individuals through branch networks.