100 Shares in First Citizens BancShares, Inc. (NASDAQ:FCNCA) Purchased by nVerses Capital LLC

nVerses Capital LLC purchased a new stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 100 shares of the bank’s stock, valued at approximately $184,000.

A number of other large investors have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in 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 purchasing an additional 47,167 shares during the last quarter. Capital Research Global Investors acquired a new position in First Citizens BancShares during the 1st quarter valued at about $298,180,000. Reinhart Partners LLC. boosted its stake in shares of First Citizens BancShares by 0.7% in the 3rd quarter. Reinhart Partners LLC. now owns 56,798 shares of the bank’s stock valued at $104,562,000 after purchasing an additional 416 shares during the last quarter. Zurich Insurance Group Ltd FI boosted its stake in shares of 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 purchasing an additional 29,194 shares during the last quarter. Finally, Sculptor Capital LP grew its position in shares of First Citizens BancShares by 16.8% during the 2nd quarter. Sculptor Capital LP now owns 37,998 shares of the bank’s stock worth $63,974,000 after buying an additional 5,467 shares during the period. 61.18% of the stock is currently owned by institutional investors.

First Citizens BancShares Stock Up 1.4 %

Shares of NASDAQ FCNCA opened at $2,115.01 on Friday. First Citizens BancShares, Inc. has a 52-week low of $1,290.60 and a 52-week 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’s 50 day moving average price is $1,949.68 and its 200-day moving average price is $1,811.96. The company has a market capitalization of $30.73 billion, a P/E ratio of 11.74 and a beta of 0.81.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results on Thursday, July 25th. The bank reported $50.87 EPS for the quarter, beating analysts’ consensus estimates of $44.91 by $5.96. The business had revenue of $3.77 billion for the quarter, compared to analysts’ expectations of $2.30 billion. First Citizens BancShares had a net margin of 18.19% and a return on equity of 14.84%. During the same quarter in the prior year, the firm posted $52.60 earnings per share. Equities analysts forecast that First Citizens BancShares, Inc. will post 200 earnings per share for the current year.

First Citizens BancShares announced that its board has approved a stock buyback plan on Thursday, July 25th that permits the company to buyback $3.50 billion in shares. This buyback authorization permits the bank to buy up to 12.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

First Citizens BancShares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were paid a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 0.31%. The ex-dividend date of this dividend was Friday, August 30th. First Citizens BancShares’s dividend payout ratio (DPR) is presently 3.64%.

Analyst Ratings Changes

Several analysts have commented on the stock. StockNews.com cut shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Monday, October 7th. Wedbush cut First Citizens BancShares from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $2,450.00 to $2,150.00 in a research note on Tuesday, September 24th. Barclays increased their price target on shares of 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. Keefe, Bruyette & Woods increased 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. Finally, Raymond James upgraded First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price target for the company in a research note on Tuesday, July 2nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $2,012.11.

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.