Victory Capital Management Inc. Buys 68 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Victory Capital Management Inc. increased its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 0.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,103 shares of the bank’s stock after acquiring an additional 68 shares during the quarter. Victory Capital Management Inc. owned approximately 0.06% of First Citizens BancShares worth $15,326,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Capital Research Global Investors bought a new stake in shares of First Citizens BancShares in the 1st quarter worth approximately $298,180,000. Norges Bank bought a new stake in shares of First Citizens BancShares in the 4th quarter worth approximately $180,039,000. Vanguard Group Inc. grew its position 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 worth $1,740,984,000 after buying an additional 47,167 shares during the last quarter. Wellington Management Group LLP grew its position 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 worth $339,933,000 after buying an additional 41,793 shares during the last quarter. Finally, Point72 Asset Management L.P. grew its position 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 worth $65,528,000 after buying an additional 26,107 shares during the last quarter. 61.18% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on FCNCA shares. Raymond James upgraded 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 report on Tuesday, July 2nd. Piper Sandler lifted their price target on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Keefe, Bruyette & Woods lifted their price target on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Jefferies Financial Group assumed coverage on First Citizens BancShares in a research note on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 price objective for the company. Finally, Barclays lifted their price objective on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $1,920.82.

First Citizens BancShares Stock Performance

Shares of FCNCA opened at $1,832.68 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.72. The business has a 50-day simple moving average of $1,927.61 and a two-hundred day simple moving average of $1,745.99. The stock has a market cap of $26.52 billion, a price-to-earnings ratio of 10.17 and a beta of 0.82. First Citizens BancShares, Inc. has a 52 week low of $1,274.91 and a 52 week high of $2,174.80.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results 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 return on equity of 14.84% and a net margin of 18.19%. The firm had revenue of $3.77 billion during the quarter, compared to analysts’ expectations of $2.30 billion. During the same quarter last year, the business posted $52.60 earnings per share. On average, analysts expect that First Citizens BancShares, Inc. will post 200.92 EPS for the current year.

First Citizens BancShares Dividend Announcement

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

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.