109 Shares in First Citizens BancShares, Inc. (NASDAQ:FCNCA) Purchased by Concurrent Investment Advisors LLC

Concurrent Investment Advisors LLC bought a new stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 109 shares of the bank’s stock, valued at approximately $201,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Capital Research Global Investors acquired a new position in First Citizens BancShares during the 1st quarter worth about $298,180,000. Vanguard Group Inc. lifted its position in shares of First Citizens BancShares by 4.6% during the first quarter. Vanguard Group Inc. now owns 1,064,822 shares of the bank’s stock worth $1,740,984,000 after purchasing an additional 47,167 shares in the last quarter. Toronto Dominion Bank grew its stake in shares of First Citizens BancShares by 3,577.5% during the second quarter. Toronto Dominion Bank now owns 35,010 shares of the bank’s stock valued at $58,943,000 after purchasing an additional 34,058 shares during the last quarter. Zurich Insurance Group Ltd FI increased its holdings in shares of First Citizens BancShares by 225.2% in the second quarter. Zurich Insurance Group Ltd FI now owns 42,159 shares of the bank’s stock valued at $70,979,000 after purchasing an additional 29,194 shares in the last quarter. Finally, Westfield Capital Management Co. LP raised its position in First Citizens BancShares by 770.1% in the 1st quarter. Westfield Capital Management Co. LP now owns 27,713 shares of the bank’s stock worth $45,312,000 after purchasing an additional 24,528 shares during the last quarter. 61.18% of the stock is owned by institutional investors.

Analysts Set New Price Targets

FCNCA has been the topic of a number of recent research reports. Wedbush decreased their price objective on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a research report on Friday, October 25th. Keefe, Bruyette & Woods boosted their price objective on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. JPMorgan Chase & Co. reduced their target price on shares of First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating on the stock in a research note on Friday, October 25th. Piper Sandler boosted their price target on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. Finally, Barclays increased their price objective on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $2,025.90.

First Citizens BancShares Trading Up 1.3 %

FCNCA opened at $2,193.07 on Tuesday. The firm’s fifty day moving average is $1,956.13 and its two-hundred day moving average is $1,860.83. The firm has a market cap of $31.73 billion, a PE ratio of 12.56 and a beta of 0.80. First Citizens BancShares, Inc. has a twelve month low of $1,363.97 and a twelve month high of $2,275.90. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.08 and a current ratio of 1.08.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share for the quarter, missing the consensus estimate of $47.40 by ($1.53). First Citizens BancShares had a return on equity of 13.78% and a net margin of 17.36%. The business had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter in the prior year, the firm posted $55.92 earnings per share. Equities research analysts anticipate that First Citizens BancShares, Inc. will post 189.06 EPS for the current year.

First Citizens BancShares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be paid a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a yield of 0.36%. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.64. The ex-dividend date of this dividend is Friday, November 29th. First Citizens BancShares’s dividend payout ratio is presently 3.76%.

First Citizens BancShares announced that its Board of Directors has approved a share repurchase program on Thursday, July 25th that authorizes the company to buyback $3.50 billion in outstanding shares. This buyback authorization authorizes the bank to purchase up to 12.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

First Citizens BancShares 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.