Ballentine Partners LLC Acquires New Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Ballentine Partners LLC acquired a new stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the third quarter, HoldingsChannel reports. The institutional investor acquired 133 shares of the bank’s stock, valued at approximately $245,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. ORG Partners LLC bought a new position in First Citizens BancShares in the 1st quarter worth approximately $29,000. LRI Investments LLC bought a new position in First Citizens BancShares in the 1st quarter worth approximately $33,000. V Square Quantitative Management LLC purchased a new stake in shares of First Citizens BancShares during the 2nd quarter worth approximately $35,000. Gradient Investments LLC purchased a new stake in shares of First Citizens BancShares during the 2nd quarter worth approximately $52,000. Finally, GAMMA Investing LLC raised its holdings in shares of First Citizens BancShares by 129.6% during the 3rd quarter. GAMMA Investing LLC now owns 62 shares of the bank’s stock worth $114,000 after acquiring an additional 35 shares in the last quarter. 61.18% of the stock is currently owned by institutional investors.

First Citizens BancShares Stock Performance

Shares of First Citizens BancShares stock opened at $1,941.86 on Wednesday. The stock’s fifty day moving average is $1,946.31 and its two-hundred day moving average is $1,829.72. The company has a market capitalization of $28.22 billion, a PE ratio of 10.69 and a beta of 0.81. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.72. First Citizens BancShares, Inc. has a 52 week low of $1,339.10 and a 52 week high of $2,174.80.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings data on Thursday, October 24th. The bank reported $45.87 EPS for the quarter, missing the consensus estimate of $47.40 by ($1.53). The business had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.36 billion. First Citizens BancShares had a net margin of 18.19% and a return on equity of 14.84%. During the same period last year, the company earned $55.92 EPS. As a group, analysts expect that First Citizens BancShares, Inc. will post 198.72 earnings per share for the current year.

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

First Citizens BancShares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a dividend of $1.95 per share. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.64. 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 0.40%. First Citizens BancShares’s dividend payout ratio is presently 4.33%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FCNCA. Jefferies Financial Group began coverage on First Citizens BancShares in a report on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 price objective on the stock. Keefe, Bruyette & Woods upped their price objective on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Barclays upped 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 report on Monday, July 29th. JPMorgan Chase & Co. decreased their price objective on First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. Finally, Wedbush decreased their price target on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus 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.