First Citizens BancShares, Inc. (NASDAQ:FCNCA) Stake Boosted by Creative Planning

Creative Planning increased its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 4.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,138 shares of the bank’s stock after purchasing an additional 49 shares during the quarter. Creative Planning’s holdings in First Citizens BancShares were worth $2,095,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in FCNCA. ORG Partners LLC bought a new stake in shares of First Citizens BancShares during the first quarter valued at about $29,000. LRI Investments LLC purchased a new position in First Citizens BancShares in the 1st quarter worth about $33,000. V Square Quantitative Management LLC purchased a new position in First Citizens BancShares in the 2nd quarter worth about $35,000. Gradient Investments LLC acquired a new position in shares of First Citizens BancShares in the 2nd quarter valued at about $52,000. Finally, Blue Trust Inc. increased its holdings in shares of First Citizens BancShares by 120.0% in the 2nd quarter. Blue Trust Inc. now owns 66 shares of the bank’s stock valued at $108,000 after purchasing an additional 36 shares during the period. 61.18% of the stock is currently owned by institutional investors.

First Citizens BancShares Trading Up 0.1 %

NASDAQ FCNCA opened at $1,881.83 on Monday. The stock’s 50-day moving average is $1,948.26 and its 200-day moving average is $1,827.43. First Citizens BancShares, Inc. has a one year low of $1,339.10 and a one year high of $2,174.80. The firm has a market cap of $27.23 billion, a P/E ratio of 10.35 and a beta of 0.81. 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 (NASDAQ:FCNCA) last posted its quarterly earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share for the quarter, missing the consensus estimate of $47.40 by ($1.53). First Citizens BancShares had a return on equity of 14.84% and a net margin of 18.19%. The company had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same period last year, the firm earned $55.92 EPS. Sell-side analysts anticipate that First Citizens BancShares, Inc. will post 198.72 earnings per share for the current fiscal year.

First Citizens BancShares declared that its board has approved a share repurchase program on Thursday, July 25th that allows the company to buyback $3.50 billion in shares. This buyback authorization allows the bank to buy up to 12.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

First Citizens BancShares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be issued a dividend of $1.95 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.41%. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.64. First Citizens BancShares’s payout ratio is 3.61%.

Analysts Set New Price Targets

FCNCA has been the subject of a number of recent analyst reports. StockNews.com cut First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Monday, October 7th. Wedbush reduced their price objective on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a research report on Friday. JPMorgan Chase & Co. cut their target price on First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating for the company in a research note on Friday. Jefferies Financial Group initiated 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, Piper Sandler increased their price objective on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $2,025.90.

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.