Tandem Capital Management Corp ADV Has $845,000 Stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Tandem Capital Management Corp ADV boosted its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 1.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 459 shares of the bank’s stock after buying an additional 8 shares during the period. Tandem Capital Management Corp ADV’s holdings in First Citizens BancShares were worth $845,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FCNCA. Ballentine Partners LLC bought a new position in First Citizens BancShares during the third quarter worth about $245,000. E. Ohman J or Asset Management AB raised its position in shares of First Citizens BancShares by 3.7% in the 3rd quarter. E. Ohman J or Asset Management AB now owns 20,181 shares of the bank’s stock valued at $37,152,000 after acquiring an additional 727 shares during the period. Assenagon Asset Management S.A. boosted its stake in First Citizens BancShares by 40.8% during the 3rd quarter. Assenagon Asset Management S.A. now owns 3,544 shares of the bank’s stock worth $6,524,000 after acquiring an additional 1,027 shares during the last quarter. International Assets Investment Management LLC grew its holdings in First Citizens BancShares by 183,992.3% during the third quarter. International Assets Investment Management LLC now owns 23,932 shares of the bank’s stock valued at $440,580,000 after purchasing an additional 23,919 shares during the period. Finally, Sequoia Financial Advisors LLC increased its stake in First Citizens BancShares by 15.2% in the third quarter. Sequoia Financial Advisors LLC now owns 348 shares of the bank’s stock valued at $641,000 after purchasing an additional 46 shares in the last quarter. 61.18% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FCNCA. Raymond James raised shares of First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price target for the company in a report on Tuesday, July 2nd. Jefferies Financial Group assumed coverage on First Citizens BancShares in a research note on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 target price for the company. Keefe, Bruyette & Woods raised their price target on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Wedbush cut First Citizens BancShares from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $2,450.00 to $2,150.00 in a report on Tuesday, September 24th. Finally, StockNews.com cut First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Monday, October 7th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, First Citizens BancShares has a consensus rating of “Hold” and an average price target of $2,012.11.

First Citizens BancShares Stock Down 1.0 %

Shares of NASDAQ FCNCA traded down $19.19 during midday trading on Friday, reaching $1,860.75. The company’s stock had a trading volume of 1,578 shares, compared to its average volume of 86,007. The stock has a 50 day simple moving average of $1,951.59 and a 200-day simple moving average of $1,822.63. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.72. The stock has a market capitalization of $27.04 billion, a price-to-earnings ratio of 10.44 and a beta of 0.81. First Citizens BancShares, Inc. has a fifty-two week low of $1,339.10 and a fifty-two week high of $2,174.80.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results on Thursday, October 24th. The bank reported $45.87 EPS for the quarter, missing the consensus estimate of $47.40 by ($1.53). The company had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.36 billion. First Citizens BancShares had a net margin of 18.19% and a return on equity of 14.84%. During the same period last year, the company posted $55.92 earnings per share. Equities research analysts predict that First Citizens BancShares, Inc. will post 200 earnings per share for the current year.

First Citizens BancShares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be paid a $1.95 dividend. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.64. The ex-dividend date of this dividend is Friday, November 29th. This represents a $7.80 annualized dividend and a yield of 0.42%. First Citizens BancShares’s dividend payout ratio is currently 3.64%.

First Citizens BancShares announced that its Board of Directors has initiated a share repurchase program on Thursday, July 25th that permits the company to buyback $3.50 billion in shares. This buyback authorization permits the bank to buy 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.