Retireful LLC Purchases Shares of 435 First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Retireful LLC acquired a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the third quarter, HoldingsChannel reports. The institutional investor acquired 435 shares of the bank’s stock, valued at approximately $801,000.

Several other institutional investors and hedge funds also recently made changes to their positions in FCNCA. LRI Investments LLC acquired a new stake in shares of First Citizens BancShares during the 1st quarter worth $33,000. V Square Quantitative Management LLC bought a new stake in shares of First Citizens BancShares during the 2nd quarter worth approximately $35,000. Gradient Investments LLC bought a new stake in shares of First Citizens BancShares during the 2nd quarter worth approximately $52,000. Blue Trust Inc. boosted its position in shares of First Citizens BancShares by 120.0% during the 2nd quarter. Blue Trust Inc. now owns 66 shares of the bank’s stock worth $108,000 after acquiring an additional 36 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in First Citizens BancShares by 129.6% during the third quarter. GAMMA Investing LLC now owns 62 shares of the bank’s stock valued at $114,000 after purchasing an additional 35 shares in the last quarter. Institutional investors and hedge funds own 61.18% of the company’s stock.

First Citizens BancShares Trading Up 1.1 %

FCNCA opened at $2,217.73 on Wednesday. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08. First Citizens BancShares, Inc. has a fifty-two week low of $1,363.97 and a fifty-two week high of $2,275.90. The company’s 50 day moving average price is $1,986.99 and its two-hundred day moving average price is $1,880.94. The firm has a market capitalization of $31.03 billion, a price-to-earnings ratio of 12.71 and a beta of 0.80.

First Citizens BancShares (NASDAQ:FCNCA) last announced its earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share (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 the consensus estimate 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 period in the prior year, the business earned $55.92 earnings per share. As a group, research analysts predict that First Citizens BancShares, Inc. will post 189.06 earnings per share for the current year.

First Citizens BancShares announced that its board has approved a share buyback plan on Thursday, July 25th that permits the company to repurchase $3.50 billion in outstanding shares. This repurchase authorization permits the bank to repurchase up to 12.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

First Citizens BancShares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors 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. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date is Friday, November 29th. First Citizens BancShares’s payout ratio is currently 3.76%.

Analyst Upgrades and Downgrades

FCNCA has been the topic of a number of research analyst reports. StockNews.com raised First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Thursday, November 14th. Barclays boosted their target price on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods raised their price target on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Wedbush decreased their price target on shares of 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. Finally, Piper Sandler increased their price objective on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a research note on Friday, July 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. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $2,025.90.

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.