Caisse DE Depot ET Placement DU Quebec Boosts Stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Caisse DE Depot ET Placement DU Quebec raised its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 337.2% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 26,125 shares of the bank’s stock after acquiring an additional 20,149 shares during the period. Caisse DE Depot ET Placement DU Quebec’s holdings in First Citizens BancShares were worth $48,095,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Martingale Asset Management L P acquired a new position in First Citizens BancShares during the 3rd quarter worth approximately $258,000. Vinva Investment Management Ltd increased its position in First Citizens BancShares by 2.4% during the 3rd quarter. Vinva Investment Management Ltd now owns 547 shares of the bank’s stock worth $1,010,000 after purchasing an additional 13 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in First Citizens BancShares by 15.0% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 58,529 shares of the bank’s stock worth $107,749,000 after purchasing an additional 7,613 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in First Citizens BancShares by 6.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,162 shares of the bank’s stock worth $3,980,000 after purchasing an additional 123 shares during the period. Finally, Cynosure Group LLC increased its position in First Citizens BancShares by 24.0% during the 3rd quarter. Cynosure Group LLC now owns 563 shares of the bank’s stock worth $1,036,000 after purchasing an additional 109 shares during the period. 61.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FCNCA has been the topic of a number of research reports. Wedbush lowered their price target on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. StockNews.com upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Thursday, November 14th. JPMorgan Chase & Co. lowered their price target on First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. Finally, The Goldman Sachs Group upped their price target on First Citizens BancShares from $2,025.00 to $2,625.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, First Citizens BancShares currently has an average rating of “Moderate Buy” and an average price target of $2,093.40.

First Citizens BancShares Price Performance

Shares of First Citizens BancShares stock opened at $2,295.00 on Friday. First Citizens BancShares, Inc. has a twelve month low of $1,363.97 and a twelve month high of $2,388.78. The stock has a market capitalization of $32.10 billion, a P/E ratio of 13.15 and a beta of 0.80. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68. The business’s fifty day moving average price is $2,055.78 and its 200 day moving average price is $1,912.44.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings data on Thursday, October 24th. The bank reported $45.87 EPS for the quarter, missing analysts’ consensus estimates 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 return on equity of 13.63% and a net margin of 17.36%. During the same quarter in the prior year, the firm earned $55.92 EPS. As a group, research analysts anticipate that First Citizens BancShares, Inc. will post 187.88 earnings per share for the current year.

First Citizens BancShares Increases Dividend

The business 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 dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.34%. The ex-dividend date of this dividend is Friday, November 29th. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.64. First Citizens BancShares’s payout ratio is currently 4.47%.

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.