US Bancorp DE Grows Stock Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

US Bancorp DE boosted its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 17.0% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 654 shares of the bank’s stock after acquiring an additional 95 shares during the period. US Bancorp DE’s holdings in First Citizens BancShares were worth $1,204,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Covestor Ltd grew its stake in shares of First Citizens BancShares by 2.9% during the 1st quarter. Covestor Ltd now owns 215 shares of the bank’s stock valued at $352,000 after buying an additional 6 shares during the period. Wedbush Securities Inc. grew its stake in shares of First Citizens BancShares by 0.5% during the 2nd quarter. Wedbush Securities Inc. now owns 1,199 shares of the bank’s stock valued at $2,019,000 after buying an additional 6 shares during the period. HB Wealth Management LLC grew its stake in shares of First Citizens BancShares by 3.9% during the 2nd quarter. HB Wealth Management LLC now owns 187 shares of the bank’s stock valued at $315,000 after buying an additional 7 shares during the period. Tandem Capital Management Corp ADV grew its stake in shares of First Citizens BancShares by 1.8% during the 3rd quarter. Tandem Capital Management Corp ADV now owns 459 shares of the bank’s stock valued at $845,000 after buying an additional 8 shares during the period. Finally, Raymond James Trust N.A. lifted its holdings in shares of First Citizens BancShares by 1.6% during the 2nd quarter. Raymond James Trust N.A. now owns 625 shares of the bank’s stock valued at $1,052,000 after acquiring an additional 10 shares in the last quarter. 61.18% of the stock is owned by hedge funds and other institutional investors.

First Citizens BancShares Price Performance

Shares of NASDAQ:FCNCA opened at $2,172.87 on Friday. 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 fifty-two week low of $1,363.97 and a fifty-two week high of $2,275.90. The firm has a 50-day simple moving average of $1,950.19 and a 200 day simple moving average of $1,851.14. The company has a market cap of $31.44 billion, a PE ratio of 12.45 and a beta of 0.80.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings data on Thursday, October 24th. The bank reported $45.87 earnings per share for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53). First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.78%. The business had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same period in the prior year, the company earned $55.92 EPS. On average, sell-side analysts anticipate that First Citizens BancShares, Inc. will post 189.06 EPS for the current year.

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

First Citizens BancShares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be given a $1.95 dividend. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.64. The ex-dividend date is Friday, November 29th. This represents a $7.80 annualized dividend and a yield of 0.36%. First Citizens BancShares’s dividend payout ratio is 3.76%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on FCNCA. Wedbush reduced their target price on shares of 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. StockNews.com lowered shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Tuesday. JPMorgan Chase & Co. reduced their target price on shares of 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. Barclays lifted their target price on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat, First Citizens BancShares presently has an average rating of “Hold” and an average 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.