First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Bought by GSA Capital Partners LLP

GSA Capital Partners LLP grew its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 44.5% in the third quarter, Holdings Channel reports. The institutional investor owned 575 shares of the bank’s stock after acquiring an additional 177 shares during the quarter. GSA Capital Partners LLP’s holdings in First Citizens BancShares were worth $1,059,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Capital Research Global Investors acquired a new stake in First Citizens BancShares in the 1st quarter worth about $298,180,000. Vanguard Group Inc. boosted its stake 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 acquiring an additional 47,167 shares during the last quarter. Toronto Dominion Bank increased its position in shares of First Citizens BancShares by 3,577.5% during the second quarter. Toronto Dominion Bank now owns 35,010 shares of the bank’s stock worth $58,943,000 after purchasing an additional 34,058 shares in the last quarter. Zurich Insurance Group Ltd FI raised its stake 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 valued at $70,979,000 after purchasing an additional 29,194 shares during the last quarter. Finally, Westfield Capital Management Co. LP raised its stake in First Citizens BancShares by 770.1% in the 1st quarter. Westfield Capital Management Co. LP now owns 27,713 shares of the bank’s stock valued at $45,312,000 after purchasing an additional 24,528 shares during the last quarter. Hedge funds and other institutional investors own 61.18% of the company’s stock.

First Citizens BancShares Stock Performance

Shares of First Citizens BancShares stock opened at $2,200.46 on Friday. The firm has a market cap of $31.84 billion, a PE ratio of 12.61 and a beta of 0.80. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68. First Citizens BancShares, Inc. has a 52 week low of $1,363.97 and a 52 week high of $2,275.90. The business’s fifty day simple moving average is $1,973.28 and its 200-day simple moving average is $1,871.30.

First Citizens BancShares (NASDAQ:FCNCA) last posted its 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). First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%. The company had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.36 billion. During the same period in the previous year, the company earned $55.92 EPS. Equities analysts forecast that First Citizens BancShares, Inc. will post 189.06 earnings per share for the current year.

First Citizens BancShares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a $1.95 dividend. This represents a $7.80 annualized dividend and a yield of 0.35%. The ex-dividend date of this dividend is Friday, November 29th. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.64. First Citizens BancShares’s dividend payout ratio (DPR) is 3.76%.

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

Wall Street Analyst Weigh In

Several equities research analysts have issued reports 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 research note on Friday, October 25th. Piper Sandler upped their price objective 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. StockNews.com raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Thursday. Keefe, Bruyette & Woods increased their price target on 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. Finally, Barclays upped their target price on 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. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, First Citizens BancShares presently has a consensus rating of “Moderate Buy” 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.