Principal Financial Group Inc. Raises Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Principal Financial Group Inc. raised its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 84.9% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 1,751 shares of the bank’s stock after acquiring an additional 804 shares during the quarter. Principal Financial Group Inc.’s holdings in First Citizens BancShares were worth $2,948,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FCNCA. Capital Research Global Investors acquired a new stake in shares of First Citizens BancShares in the 1st quarter valued at $298,180,000. Norges Bank acquired a new stake in shares of First Citizens BancShares in the 4th quarter valued at $180,039,000. Vanguard Group Inc. raised its holdings in shares of First Citizens BancShares by 4.6% in the 1st quarter. Vanguard Group Inc. now owns 1,064,822 shares of the bank’s stock valued at $1,740,984,000 after purchasing an additional 47,167 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of First Citizens BancShares by 21.1% in the 4th quarter. Wellington Management Group LLP now owns 239,563 shares of the bank’s stock valued at $339,933,000 after purchasing an additional 41,793 shares in the last quarter. Finally, Point72 Asset Management L.P. raised its holdings in shares of First Citizens BancShares by 130.1% in the 4th quarter. Point72 Asset Management L.P. now owns 46,180 shares of the bank’s stock valued at $65,528,000 after purchasing an additional 26,107 shares in the last quarter. Hedge funds and other institutional investors own 61.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods raised their price objective on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Piper Sandler raised 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 report on Friday, July 26th. Barclays lifted their price target on shares of 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. Raymond James upgraded 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 research note on Tuesday, July 2nd. Finally, Jefferies Financial Group started coverage on shares of First Citizens BancShares in a research note on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, First Citizens BancShares has an average rating of “Moderate Buy” and an average price target of $1,920.82.

First Citizens BancShares Trading Down 0.3 %

Shares of First Citizens BancShares stock opened at $1,819.60 on Thursday. First Citizens BancShares, Inc. has a 1 year low of $1,274.91 and a 1 year high of $2,174.80. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.08 and a current ratio of 1.08. The company has a market capitalization of $26.33 billion, a P/E ratio of 10.10 and a beta of 0.82. The company’s fifty day moving average is $1,923.36 and its two-hundred day moving average is $1,744.91.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings data on Thursday, July 25th. The bank reported $50.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $44.91 by $5.96. First Citizens BancShares had a net margin of 18.19% and a return on equity of 14.84%. The company had revenue of $3.77 billion for the quarter, compared to the consensus estimate of $2.30 billion. During the same period last year, the firm posted $52.60 EPS. Analysts forecast that First Citizens BancShares, Inc. will post 200.92 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be given a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 0.36%. The ex-dividend date of this dividend is Friday, August 30th. First Citizens BancShares’s payout ratio is currently 3.64%.

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.