Mediolanum International Funds Ltd Acquires Shares of First Citizens BancShares, Inc.

Mediolanum International Funds Ltd has made a significant investment by acquiring shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) during the fourth quarter, as revealed in its latest Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,260 shares of the bank, which is estimated to be worth around $2,656,000.

Recent Activity of First Citizens BancShares

First Citizens BancShares has recently expanded its assets following the acquisition of SVB, which has caused a surge in its stock price.

Other Institutional Holdings

In addition to Mediolanum, several other hedge funds have also adjusted their holdings of First Citizens BancShares. In the third quarter, Raymond James & Associates increased its stake in the bank by 5.1%, bringing its total shares to 16,826, valued at approximately $30,976,000 after acquiring an additional 811 shares. Balentine LLC entered into a new position with a stake worth about $3,564,000 during the same period.

Furthermore, Hiddenite Capital Partners LP raised its position in First Citizens BancShares by 14.1%, owning 3,230 shares valued at $5,946,000 after adding 400 shares last quarter. Retireful LLC also bought a new stake valued at $801,000, while Oliver Luxxe Assets LLC boosted its holdings by 22.6%, increasing its shares to 2,916 with a total worth of $5,368,000 post-purchase.

Currently, institutional investors and hedge funds collectively own 78.01% of First Citizens BancShares stock.

Stock Performance Insights

As of Friday, NASDAQ:FCNCA opened at $2,204.69. The bank has a market capitalization of $30.84 billion, with a price-to-earnings (P/E) ratio of 11.64 and a P/E/G ratio of 1.00. The stock has been performing well, with a fifty-two week low of $1,438.08 and a high of $2,412.93. The company maintains a quick ratio of 1.08 and a current ratio of 1.08, alongside a debt-to-equity ratio of 1.68.

Dividend Announcement

First Citizens BancShares recently announced a quarterly dividend set to be paid on Monday, March 17th. Shareholders on record by Friday, February 28th will receive a dividend of $1.95 per share, which represents an annualized dividend of $7.80, yielding 0.35%. The current dividend payout ratio for First Citizens BancShares stands at 4.12%.

Analyst Ratings

Several analysts have issued updated ratings and price targets on First Citizens BancShares. Keefe, Bruyette & Woods raised their price target from $2,500.00 to $2,600.00, maintaining an "outperform" rating. Barclays also increased their target from $2,456.00 to $2,568.00, recommending an "equal weight" rating. Piper Sandler set a new target of $2,250.00 with a "neutral" rating.

In contrast, StockNews.com upgraded First Citizens BancShares from "sell" to "hold". Moreover, JPMorgan Chase & Co. raised their target from $2,550.00 to $2,600.00, assigning an "overweight" rating. Currently, the stock has a consensus rating categorized as a "Moderate Buy" with an average target price listed at $2,323.50.

About First Citizens BancShares

First Citizens BancShares, Inc. operates as the holding company for First-Citizens Bank & Trust Company, providing a variety of retail and commercial banking services to individuals, businesses, and professionals. Their offerings include checking, savings, money market accounts, and time deposits.

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