Reinhart Partners LLC. Buys 1,183 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Reinhart Partners LLC. grew its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 2.1% during the fourth quarter, HoldingsChannel reports. The firm owned 57,981 shares of the bank’s stock after purchasing an additional 1,183 shares during the quarter. First Citizens BancShares comprises approximately 4.7% of Reinhart Partners LLC.’s portfolio, making the stock its biggest holding. Reinhart Partners LLC.’s holdings in First Citizens BancShares were worth $122,516,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FCNCA. FMR LLC grew its holdings in First Citizens BancShares by 11.6% in the third quarter. FMR LLC now owns 323,532 shares of the bank’s stock valued at $595,607,000 after purchasing an additional 33,713 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in First Citizens BancShares by 6.8% in the third quarter. JPMorgan Chase & Co. now owns 288,960 shares of the bank’s stock valued at $531,961,000 after buying an additional 18,501 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in First Citizens BancShares by 15.0% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 58,529 shares of the bank’s stock valued at $107,749,000 after buying an additional 7,613 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in First Citizens BancShares by 2.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 47,156 shares of the bank’s stock worth $86,812,000 after buying an additional 1,339 shares during the period. Finally, Zurich Insurance Group Ltd FI increased its position in shares of First Citizens BancShares by 225.2% in the second quarter. Zurich Insurance Group Ltd FI now owns 42,159 shares of the bank’s stock worth $70,979,000 after acquiring an additional 29,194 shares in the last quarter. Institutional investors and hedge funds own 78.01% of the company’s stock.

First Citizens BancShares Stock Performance

NASDAQ:FCNCA traded up $2.50 during trading hours on Monday, reaching $2,066.30. 29,990 shares of the stock were exchanged, compared to its average volume of 60,563. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68. The firm has a 50 day simple moving average of $2,161.81 and a 200-day simple moving average of $2,004.66. First Citizens BancShares, Inc. has a 52 week low of $1,363.97 and a 52 week high of $2,388.78. The stock has a market capitalization of $28.91 billion, a P/E ratio of 11.84 and a beta of 0.86.

First Citizens BancShares (NASDAQ:FCNCA) last posted its 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). First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%. The business had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.36 billion. During the same quarter in the prior year, the business earned $55.92 earnings per share. As a group, sell-side analysts forecast that First Citizens BancShares, Inc. will post 188.21 earnings per share for the current fiscal year.

First Citizens BancShares Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were given a $1.95 dividend. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.64. This represents a $7.80 annualized dividend and a yield of 0.38%. The ex-dividend date of this dividend was Friday, November 29th. First Citizens BancShares’s dividend payout ratio (DPR) is currently 4.47%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on FCNCA shares. Barclays increased their price target on First Citizens BancShares from $2,250.00 to $2,456.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. StockNews.com downgraded First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Wednesday, January 8th. JPMorgan Chase & Co. upped their price target on First Citizens BancShares from $2,550.00 to $2,600.00 and gave the stock an “overweight” rating in a report on Tuesday, January 7th. Truist Financial began coverage on shares of First Citizens BancShares in a research note on Tuesday, January 7th. They set a “hold” rating and a $2,303.00 price objective on the stock. Finally, The Goldman Sachs Group lifted their price target on shares of First Citizens BancShares from $2,025.00 to $2,625.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $2,290.75.

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.