Mackenzie Financial Corp Buys 12,463 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Mackenzie Financial Corp raised its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 783.8% in the 2nd quarter, Holdings Channel.com reports. The firm owned 14,053 shares of the bank’s stock after acquiring an additional 12,463 shares during the quarter. Mackenzie Financial Corp’s holdings in First Citizens BancShares were worth $23,660,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. ORG Partners LLC purchased a new position in shares of First Citizens BancShares during the 1st quarter valued at $29,000. Mather Group LLC. bought a new stake in First Citizens BancShares in the 1st quarter valued at about $31,000. LRI Investments LLC purchased a new stake in First Citizens BancShares during the first quarter valued at about $33,000. V Square Quantitative Management LLC bought a new position in First Citizens BancShares during the second quarter worth about $35,000. Finally, Riverview Trust Co purchased a new position in shares of First Citizens BancShares in the first quarter worth about $49,000. 61.18% of the stock is owned by hedge funds and other institutional investors.

First Citizens BancShares Stock Performance

NASDAQ:FCNCA opened at $1,845.53 on Friday. The stock has a market cap of $26.82 billion, a P/E ratio of 10.25 and a beta of 0.82. 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’s 50-day moving average price is $1,954.63 and its two-hundred day moving average price is $1,770.76. First Citizens BancShares, Inc. has a twelve month low of $1,274.91 and a twelve month high of $2,174.80.

First Citizens BancShares (NASDAQ:FCNCA) last announced its earnings results on Thursday, July 25th. The bank reported $50.87 earnings per share 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 business 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 earnings per share. As a group, equities analysts predict that First Citizens BancShares, Inc. will post 200.92 EPS for the current fiscal year.

First Citizens BancShares declared 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 reacquire up to 12.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

First Citizens BancShares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were issued a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 0.36%. The ex-dividend date of this dividend was Friday, August 30th. First Citizens BancShares’s dividend payout ratio is currently 3.64%.

Analyst Ratings Changes

FCNCA has been the topic of a number of recent research reports. 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. Piper Sandler raised their price target on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a report on Friday, July 26th. Keefe, Bruyette & Woods boosted their price objective on 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 cut First Citizens BancShares from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $2,450.00 to $2,150.00 in a report on Tuesday, September 24th. Finally, Barclays lifted their target price on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, First Citizens BancShares has a consensus rating of “Hold” and a consensus target price of $1,962.90.

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.