First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Acquired by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lifted its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 22.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,682 shares of the bank’s stock after purchasing an additional 1,050 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in First Citizens BancShares were worth $9,566,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in FCNCA. Capital Research Global Investors acquired a new stake in shares of First Citizens BancShares during the 1st quarter worth approximately $298,180,000. Vanguard Group Inc. raised its position in shares of First Citizens BancShares by 4.6% during the 1st quarter. Vanguard Group Inc. now owns 1,064,822 shares of the bank’s stock worth $1,740,984,000 after purchasing an additional 47,167 shares during the period. Wellington Management Group LLP raised its position in shares of First Citizens BancShares by 21.1% during the 4th quarter. Wellington Management Group LLP now owns 239,563 shares of the bank’s stock worth $339,933,000 after purchasing an additional 41,793 shares during the period. Toronto Dominion Bank increased its position in First Citizens BancShares by 3,577.5% in the 2nd quarter. Toronto Dominion Bank now owns 35,010 shares of the bank’s stock valued at $58,943,000 after acquiring an additional 34,058 shares during the period. Finally, Zurich Insurance Group Ltd FI increased its position in First Citizens BancShares by 225.2% in the 2nd quarter. Zurich Insurance Group Ltd FI now owns 42,159 shares of the bank’s stock valued at $70,979,000 after acquiring an additional 29,194 shares during the period. 61.18% of the stock is currently owned by institutional investors and hedge funds.

First Citizens BancShares Stock Up 4.7 %

Shares of FCNCA stock opened at $1,950.12 on Friday. First Citizens BancShares, Inc. has a 1 year low of $1,290.60 and a 1 year high of $2,174.80. The stock has a market cap of $28.34 billion, a PE ratio of 10.83 and a beta of 0.81. The business’s fifty day moving average is $1,945.80 and its 200-day moving average is $1,781.72. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.08 and a current ratio of 1.08.

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

First Citizens BancShares Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 0.34%. The ex-dividend date of this dividend was Friday, August 30th. First Citizens BancShares’s payout ratio is 3.64%.

First Citizens BancShares declared that its Board of Directors has initiated a share buyback program on Thursday, July 25th that authorizes the company to repurchase $3.50 billion in outstanding shares. This repurchase authorization authorizes the bank to repurchase up to 12.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

FCNCA has been the topic of several analyst reports. Barclays raised 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 research report on Monday, July 29th. Wedbush cut First Citizens BancShares from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $2,450.00 to $2,150.00 in a research report on Tuesday, September 24th. Jefferies Financial Group initiated coverage on First Citizens BancShares in a research report on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 target price on the stock. Keefe, Bruyette & Woods raised 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. Finally, Raymond James upgraded First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 target price on the stock in a research report on Tuesday, July 2nd. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $2,012.11.

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.