Oppenheimer Asset Management Inc. Has $475,000 Stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Oppenheimer Asset Management Inc. raised its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 46.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 282 shares of the bank’s stock after buying an additional 90 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in First Citizens BancShares were worth $475,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in FCNCA. ORG Partners LLC bought a new stake in shares of First Citizens BancShares during the 1st quarter worth $29,000. Mather Group LLC. bought a new position in shares of First Citizens BancShares in the first quarter worth about $31,000. LRI Investments LLC acquired a new stake in shares of First Citizens BancShares in the 1st quarter valued at approximately $33,000. V Square Quantitative Management LLC bought a new stake in shares of First Citizens BancShares during the 2nd quarter valued at approximately $35,000. Finally, Principal Securities Inc. acquired a new position in First Citizens BancShares during the 4th quarter worth approximately $43,000. 61.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have weighed in on FCNCA. Piper Sandler raised their target price on shares of 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. Barclays boosted their price objective on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods increased their target price 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. 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 report on Tuesday, July 2nd. Finally, Jefferies Financial Group began 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 objective for the company. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,927.90.

First Citizens BancShares Price Performance

First Citizens BancShares stock opened at $1,965.18 on Friday. The firm has a market cap of $28.55 billion, a P/E ratio of 10.91 and a beta of 0.82. The stock’s 50 day moving average is $1,949.31 and its 200 day moving average is $1,759.84. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.08 and a quick ratio of 1.08. First Citizens BancShares, Inc. has a one year low of $1,274.91 and a one year high of $2,174.80.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data on Thursday, July 25th. The bank reported $50.87 EPS for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $2.30 billion. During the same period in the prior year, the firm posted $52.60 EPS. As a group, research analysts expect that First Citizens BancShares, Inc. will post 200.92 EPS for the current year.

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

First Citizens BancShares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were given a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 0.33%. The ex-dividend date of this dividend was Friday, August 30th. First Citizens BancShares’s dividend payout ratio (DPR) is presently 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.