Assetmark Inc. Buys 779 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Assetmark Inc. raised its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 29.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 3,401 shares of the bank’s stock after purchasing an additional 779 shares during the period. Assetmark Inc.’s holdings in First Citizens BancShares were worth $6,261,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. LRI Investments LLC purchased a new stake in First Citizens BancShares in the 1st quarter worth $33,000. V Square Quantitative Management LLC purchased a new stake in shares of First Citizens BancShares during the second quarter worth about $35,000. Gradient Investments LLC bought a new stake in First Citizens BancShares during the 2nd quarter valued at approximately $52,000. Blue Trust Inc. lifted its holdings in First Citizens BancShares by 120.0% in the 2nd quarter. Blue Trust Inc. now owns 66 shares of the bank’s stock worth $108,000 after purchasing an additional 36 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in First Citizens BancShares by 129.6% in the 3rd quarter. GAMMA Investing LLC now owns 62 shares of the bank’s stock worth $114,000 after purchasing an additional 35 shares during the period. Hedge funds and other institutional investors own 61.18% of the company’s stock.

First Citizens BancShares Stock Up 1.3 %

NASDAQ FCNCA opened at $2,193.07 on Tuesday. 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 $1,363.97 and a 52 week high of $2,275.90. The firm has a market capitalization of $31.73 billion, a price-to-earnings ratio of 12.56 and a beta of 0.80. The company has a fifty day moving average of $1,956.13 and a two-hundred day moving average of $1,860.83.

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

First Citizens BancShares declared that its Board of Directors has approved a stock buyback plan on Thursday, July 25th that allows the company to repurchase $3.50 billion in outstanding shares. This repurchase authorization allows the bank to buy up to 12.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

First Citizens BancShares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be paid a dividend of $1.95 per share. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.64. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.36%. The ex-dividend date is Friday, November 29th. First Citizens BancShares’s dividend payout ratio (DPR) is currently 3.76%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Wedbush lowered 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. Keefe, Bruyette & Woods raised their price objective 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. JPMorgan Chase & Co. decreased their target price on First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating on the stock in a research report on Friday, October 25th. Piper Sandler increased their price target on 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. Finally, StockNews.com downgraded First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price 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.