Korea Investment CORP Buys 2,621 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Korea Investment CORP boosted its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 127.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,672 shares of the bank’s stock after purchasing an additional 2,621 shares during the period. Korea Investment CORP’s holdings in First Citizens BancShares were worth $9,872,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. First American Trust FSB acquired a new stake in First Citizens BancShares during the 4th quarter worth approximately $226,000. LPL Financial LLC lifted its holdings in shares of First Citizens BancShares by 53.0% during the fourth quarter. LPL Financial LLC now owns 3,633 shares of the bank’s stock worth $7,676,000 after purchasing an additional 1,258 shares during the period. Kirkoswald Asset Management LLC bought a new stake in shares of First Citizens BancShares in the fourth quarter worth $22,821,000. KLP Kapitalforvaltning AS acquired a new stake in First Citizens BancShares in the fourth quarter valued at $15,002,000. Finally, Sei Investments Co. raised its position in First Citizens BancShares by 69.6% during the 4th quarter. Sei Investments Co. now owns 3,031 shares of the bank’s stock worth $6,404,000 after purchasing an additional 1,244 shares during the last quarter. Institutional investors and hedge funds own 78.01% of the company’s stock.

Insider Buying and Selling at First Citizens BancShares

In related news, CFO Craig L. Nix acquired 17 shares of the firm’s stock in a transaction on Friday, March 7th. The stock was purchased at an average cost of $1,881.13 per share, with a total value of $31,979.21. Following the acquisition, the chief financial officer now owns 1,141 shares of the company’s stock, valued at approximately $2,146,369.33. This trade 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. Insiders own 13.40% of the company’s stock.

Analyst Ratings Changes

FCNCA has been the subject of several recent research reports. StockNews.com raised First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Saturday, February 1st. Deutsche Bank Aktiengesellschaft assumed coverage on shares of First Citizens BancShares in a report on Monday, December 9th. They set a “buy” rating and a $2,600.00 price target for the company. Keefe, Bruyette & Woods upped their price objective on shares of First Citizens BancShares from $2,500.00 to $2,600.00 and gave the company an “outperform” rating in a research note on Monday, January 27th. JPMorgan Chase & Co. lifted their target price on shares of 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. Finally, Citigroup cut shares of First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $2,288.08.

First Citizens BancShares Stock Performance

Shares of FCNCA opened at $1,854.12 on Tuesday. First Citizens BancShares, Inc. has a one year low of $1,518.00 and a one year high of $2,412.93. The company has a market cap of $25.17 billion, a PE ratio of 9.79, a P/E/G ratio of 0.94 and a beta of 0.81. The stock has a 50-day moving average of $2,018.88 and a 200-day moving average of $2,055.75. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings data on Friday, January 24th. The bank reported $45.10 EPS for the quarter, beating analysts’ consensus estimates of $39.32 by $5.78. First Citizens BancShares had a return on equity of 13.22% and a net margin of 18.55%. On average, equities research analysts predict that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Friday, February 28th were paid 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 0.42%. First Citizens BancShares’s dividend payout ratio (DPR) is presently 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.