Fmr LLC Increases Stock Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Fmr LLC raised its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 11.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 323,532 shares of the bank’s stock after purchasing an additional 33,713 shares during the period. Fmr LLC owned 2.24% of First Citizens BancShares worth $595,607,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Wedbush Securities Inc. grew its position in shares of First Citizens BancShares by 0.5% during the second quarter. Wedbush Securities Inc. now owns 1,199 shares of the bank’s stock worth $2,019,000 after acquiring an additional 6 shares during the last quarter. Metis Global Partners LLC grew its position in shares of First Citizens BancShares by 4.9% during the third quarter. Metis Global Partners LLC now owns 129 shares of the bank’s stock worth $237,000 after acquiring an additional 6 shares during the last quarter. HB Wealth Management LLC grew its position in shares of First Citizens BancShares by 3.9% during the second quarter. HB Wealth Management LLC now owns 187 shares of the bank’s stock worth $315,000 after acquiring an additional 7 shares during the last quarter. Tandem Capital Management Corp ADV grew its position in shares of First Citizens BancShares by 1.8% during the third quarter. Tandem Capital Management Corp ADV now owns 459 shares of the bank’s stock worth $845,000 after acquiring an additional 8 shares during the last quarter. Finally, Mount Lucas Management LP grew its position in First Citizens BancShares by 2.6% in the 3rd quarter. Mount Lucas Management LP now owns 315 shares of the bank’s stock valued at $580,000 after buying an additional 8 shares during the last quarter. 61.18% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on FCNCA shares. The Goldman Sachs Group lifted their price objective on shares of First Citizens BancShares from $2,025.00 to $2,625.00 and gave the company a “buy” rating in a research report on Tuesday. Wedbush lowered their price objective on shares of 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. StockNews.com upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Thursday, November 14th. Finally, JPMorgan Chase & Co. lowered their price objective 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 report on Friday, October 25th. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, First Citizens BancShares presently has an average rating of “Moderate Buy” and a consensus price target of $2,093.40.

First Citizens BancShares Price Performance

First Citizens BancShares stock opened at $2,308.48 on Friday. First Citizens BancShares, Inc. has a one year low of $1,363.97 and a one year high of $2,388.78. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. The business has a fifty day moving average of $2,041.80 and a two-hundred day moving average of $1,904.59. The company has a market cap of $32.30 billion, a P/E ratio of 13.23 and a beta of 0.80.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Thursday, October 24th. The bank reported $45.87 EPS for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53). The business had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.36 billion. First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%. During the same period last year, the business posted $55.92 EPS. As a group, analysts predict that First Citizens BancShares, Inc. will post 187.88 earnings per share for the current fiscal year.

First Citizens BancShares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be paid a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a dividend yield of 0.34%. The ex-dividend date is Friday, November 29th. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.64. First Citizens BancShares’s payout ratio is 3.76%.

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.