Meiji Yasuda Asset Management Co Ltd. Reduces Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Meiji Yasuda Asset Management Co Ltd. lowered its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 27.3% during the fourth quarter, HoldingsChannel reports. The firm owned 202 shares of the bank’s stock after selling 76 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in First Citizens BancShares were worth $427,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FCNCA. Charles Schwab Investment Management Inc. lifted its stake in First Citizens BancShares by 2.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 47,156 shares of the bank’s stock worth $86,812,000 after purchasing an additional 1,339 shares in the last quarter. Cerity Partners LLC lifted its position in First Citizens BancShares by 34.0% during the third quarter. Cerity Partners LLC now owns 1,290 shares of the bank’s stock worth $2,375,000 after buying an additional 327 shares in the last quarter. Private Trust Co. NA boosted its stake in First Citizens BancShares by 2,100.0% during the third quarter. Private Trust Co. NA now owns 88 shares of the bank’s stock worth $162,000 after buying an additional 84 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in First Citizens BancShares by 16.6% during the third quarter. The Manufacturers Life Insurance Company now owns 6,628 shares of the bank’s stock worth $12,202,000 after buying an additional 946 shares during the last quarter. Finally, Dai ichi Life Insurance Company Ltd purchased a new stake in First Citizens BancShares in the 3rd quarter valued at $876,000. Institutional investors and hedge funds own 78.01% of the company’s stock.

First Citizens BancShares Price Performance

FCNCA opened at $1,880.07 on Friday. The stock’s 50-day moving average price is $2,032.66 and its 200 day moving average price is $2,052.77. First Citizens BancShares, Inc. has a 12-month low of $1,518.00 and a 12-month high of $2,412.93. The firm has a market cap of $25.53 billion, a price-to-earnings ratio of 9.92, a PEG ratio of 0.94 and a beta of 0.81. 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 (NASDAQ:FCNCA) last issued its quarterly earnings results 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, sell-side analysts expect that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Friday, February 28th were issued a dividend of $1.95 per share. The ex-dividend date was Friday, February 28th. This represents a $7.80 dividend on an annualized basis and a yield of 0.41%. First Citizens BancShares’s dividend payout ratio (DPR) is presently 4.12%.

Insider Buying and Selling at First Citizens BancShares

In related news, CFO Craig L. Nix acquired 17 shares of the stock in a transaction dated Friday, March 7th. The stock was acquired at an average cost of $1,881.13 per share, with a total value of $31,979.21. Following the completion of the transaction, the chief financial officer now owns 1,141 shares in the company, valued at $2,146,369.33. This represents a 1.51 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 13.40% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have recently commented on FCNCA shares. The Goldman Sachs Group lowered their price target on shares of First Citizens BancShares from $2,535.00 to $2,200.00 and set a “buy” rating on the stock in a research report on Tuesday, March 18th. Piper Sandler upgraded shares of First Citizens BancShares from a “neutral” rating to an “overweight” rating and set a $2,250.00 target price on the stock in a report on Tuesday, March 11th. Barclays raised their price target on shares of First Citizens BancShares from $2,456.00 to $2,568.00 and gave the stock an “equal weight” rating in a report on Monday, January 27th. JPMorgan Chase & Co. upped their price objective on First Citizens BancShares from $2,550.00 to $2,600.00 and gave the company an “overweight” rating in a report on Tuesday, January 7th. Finally, Citigroup cut First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $2,288.08.

First Citizens BancShares Company 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.