Reinhart Partners LLC. Boosts Stock Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Reinhart Partners LLC. grew its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 0.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,798 shares of the bank’s stock after buying an additional 416 shares during the quarter. First Citizens BancShares makes up 4.0% of Reinhart Partners LLC.’s portfolio, making the stock its 3rd largest position. Reinhart Partners LLC.’s holdings in First Citizens BancShares were worth $104,562,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. ORG Partners LLC acquired a new position in shares of First Citizens BancShares during the 1st quarter worth about $29,000. Mather Group LLC. acquired a new position in shares of First Citizens BancShares during the 1st quarter worth about $31,000. LRI Investments LLC acquired a new position in shares of First Citizens BancShares during the 1st quarter worth about $33,000. V Square Quantitative Management LLC acquired a new position in shares of First Citizens BancShares during the 2nd quarter worth about $35,000. Finally, Riverview Trust Co acquired a new position in shares of First Citizens BancShares during the 1st quarter worth about $49,000. 61.18% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods boosted their price objective on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Wedbush cut shares of First Citizens BancShares from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $2,450.00 to $2,150.00 in a report on Tuesday, September 24th. Barclays increased their price target 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. Jefferies Financial Group assumed coverage on shares of First Citizens BancShares in a report on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 price target on the stock. Finally, 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 on the stock in a report on Tuesday, July 2nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $2,012.11.

First Citizens BancShares Stock Up 1.2 %

Shares of FCNCA opened at $2,021.10 on Friday. First Citizens BancShares, Inc. has a 12 month low of $1,290.60 and a 12 month high of $2,174.80. 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 $29.25 billion, a PE ratio of 11.12 and a beta of 0.81. The firm’s 50 day moving average is $1,936.49 and its 200-day moving average is $1,795.13.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings results on Thursday, July 25th. The bank reported $50.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $44.91 by $5.96. The firm had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $2.30 billion. First Citizens BancShares had a net margin of 18.19% and a return on equity of 14.84%. During the same quarter last year, the firm earned $52.60 earnings per share. Equities research analysts forecast that First Citizens BancShares, Inc. will post 200 EPS for the current year.

First Citizens BancShares declared that its Board of Directors has authorized 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 shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

First Citizens BancShares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were paid a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 0.32%. The ex-dividend date of this dividend was Friday, August 30th. First Citizens BancShares’s payout ratio is currently 3.61%.

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.