Alberta Investment Management Corp Cuts Stock Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Alberta Investment Management Corp lowered its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 6.6% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 28,176 shares of the bank’s stock after selling 2,000 shares during the period. Alberta Investment Management Corp’s holdings in First Citizens BancShares were worth $59,536,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in FCNCA. Financial Life Planners bought a new position in First Citizens BancShares in the 4th quarter valued at approximately $33,000. Hemington Wealth Management lifted its position in First Citizens BancShares by 60.0% in the 4th quarter. Hemington Wealth Management now owns 16 shares of the bank’s stock valued at $33,000 after acquiring an additional 6 shares in the last quarter. Mather Group LLC. lifted its position in First Citizens BancShares by 38.5% in the 4th quarter. Mather Group LLC. now owns 18 shares of the bank’s stock valued at $38,000 after acquiring an additional 5 shares in the last quarter. Asset Planning Inc bought a new position in First Citizens BancShares in the 4th quarter valued at approximately $38,000. Finally, Brooklyn Investment Group bought a new position in First Citizens BancShares in the 3rd quarter valued at approximately $39,000. Hedge funds and other institutional investors own 78.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on FCNCA shares. StockNews.com raised First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Saturday, February 1st. Keefe, Bruyette & Woods raised their target price on 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 target on First Citizens BancShares from $2,303.00 to $2,384.00 and gave the stock a “hold” rating in a research note on Wednesday, January 29th. Barclays increased their price target on First Citizens BancShares from $2,456.00 to $2,568.00 and gave the stock an “equal weight” rating in a research note on Monday, January 27th. Finally, JPMorgan Chase & Co. increased their price target on First Citizens BancShares from $2,550.00 to $2,600.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 7th. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $2,323.50.

First Citizens BancShares Stock Up 1.2 %

Shares of NASDAQ:FCNCA opened at $2,167.32 on Wednesday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68. First Citizens BancShares, Inc. has a 12 month low of $1,475.85 and a 12 month high of $2,412.93. The company has a 50-day moving average price of $2,143.58 and a 200 day moving average price of $2,066.03. The company has a market cap of $30.32 billion, a price-to-earnings ratio of 11.44, a PEG ratio of 0.96 and a beta of 0.85.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings data on Friday, January 24th. The bank reported $45.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $39.32 by $5.78. First Citizens BancShares had a net margin of 18.55% and a return on equity of 13.22%. As a group, equities research analysts predict 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 disclosed a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Friday, February 28th will be paid a $1.95 dividend. This represents a $7.80 annualized dividend and a yield of 0.36%. The ex-dividend date is Friday, February 28th. First Citizens BancShares’s payout ratio is currently 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.