Nisa Investment Advisors LLC Purchases 621 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Nisa Investment Advisors LLC increased its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 50.0% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,863 shares of the bank’s stock after acquiring an additional 621 shares during the period. Nisa Investment Advisors LLC’s holdings in First Citizens BancShares were worth $3,430,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of First Citizens BancShares by 4.6% in the first quarter. Vanguard Group Inc. now owns 1,064,822 shares of the bank’s stock worth $1,740,984,000 after buying an additional 47,167 shares in the last quarter. Capital Research Global Investors bought a new stake in shares of First Citizens BancShares in the 1st quarter worth $298,180,000. Reinhart Partners LLC. grew its holdings in shares of First Citizens BancShares by 0.7% in the third quarter. Reinhart Partners LLC. now owns 56,798 shares of the bank’s stock worth $104,562,000 after acquiring an additional 416 shares during the period. Zurich Insurance Group Ltd FI raised its holdings 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 worth $70,979,000 after purchasing an additional 29,194 shares during the period. Finally, Sculptor Capital LP grew its stake in First Citizens BancShares by 16.8% during the second quarter. Sculptor Capital LP now owns 37,998 shares of the bank’s stock valued at $63,974,000 after acquiring an additional 5,467 shares in the last quarter. Institutional investors own 61.18% of the company’s stock.

First Citizens BancShares Trading Down 0.5 %

Shares of FCNCA opened at $1,926.77 on Friday. The firm has a market capitalization of $27.87 billion, a price-to-earnings ratio of 11.04 and a beta of 0.81. First Citizens BancShares, Inc. has a 12-month low of $1,359.29 and a 12-month high of $2,174.80. The stock’s 50-day moving average price is $1,944.12 and its 200 day moving average price is $1,834.06. 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 (NASDAQ:FCNCA) last issued its earnings results on Thursday, October 24th. The bank reported $45.87 EPS for the quarter, missing the consensus estimate of $47.40 by ($1.53). The firm had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.36 billion. First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.78%. During the same quarter in the prior year, the firm posted $55.92 EPS. As a group, research analysts predict that First Citizens BancShares, Inc. will post 189.06 earnings per share for the current year.

First Citizens BancShares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be issued a dividend of $1.95 per share. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.64. This represents a $7.80 annualized dividend and a yield of 0.40%. The ex-dividend date is Friday, November 29th. First Citizens BancShares’s payout ratio is currently 4.47%.

First Citizens BancShares announced that its board has approved a share buyback program on Thursday, July 25th that allows the company to buyback $3.50 billion in outstanding shares. This buyback authorization allows the bank to reacquire up to 12.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. StockNews.com raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Monday, October 28th. Piper Sandler increased their price target on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Keefe, Bruyette & Woods upped their target price on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. JPMorgan Chase & Co. reduced their price target on shares of First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. Finally, Jefferies Financial Group assumed coverage on First Citizens BancShares in a research report on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 target price on the stock. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $2,025.90.

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.