Charles Schwab Investment Management Inc. Raises Stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Charles Schwab Investment Management Inc. increased its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 2.9% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 47,156 shares of the bank’s stock after purchasing an additional 1,339 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.33% of First Citizens BancShares worth $86,812,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Wedbush Securities Inc. boosted its position in First Citizens BancShares by 0.5% during the second quarter. Wedbush Securities Inc. now owns 1,199 shares of the bank’s stock worth $2,019,000 after purchasing an additional 6 shares in the last quarter. Metis Global Partners LLC boosted its position in shares of First Citizens BancShares by 4.9% in the 3rd quarter. Metis Global Partners LLC now owns 129 shares of the bank’s stock worth $237,000 after buying an additional 6 shares in the last quarter. HB Wealth Management LLC grew its stake in First Citizens BancShares by 3.9% in the 2nd quarter. HB Wealth Management LLC now owns 187 shares of the bank’s stock valued at $315,000 after acquiring an additional 7 shares during the last quarter. Tandem Capital Management Corp ADV grew its stake in First Citizens BancShares by 1.8% in the 3rd quarter. Tandem Capital Management Corp ADV now owns 459 shares of the bank’s stock valued at $845,000 after acquiring an additional 8 shares during the last quarter. Finally, Mount Lucas Management LP increased its holdings in First Citizens BancShares by 2.6% during the 3rd quarter. Mount Lucas Management LP now owns 315 shares of the bank’s stock valued at $580,000 after acquiring an additional 8 shares in the last quarter. Institutional investors and hedge funds own 61.18% of the company’s stock.

First Citizens BancShares Stock Performance

First Citizens BancShares stock opened at $2,308.48 on Thursday. The stock has a fifty day moving average price of $2,033.61 and a 200 day moving average price of $1,901.75. First Citizens BancShares, Inc. has a 52 week low of $1,363.97 and a 52 week high of $2,388.78. The firm has a market capitalization of $32.30 billion, a P/E ratio of 13.23 and a beta of 0.80. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data 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 for the quarter, compared to analyst estimates of $2.36 billion. During the same period in the prior year, the company earned $55.92 EPS. Equities research analysts anticipate that First Citizens BancShares, Inc. will post 187.88 earnings per share for the current year.

First Citizens BancShares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be issued a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.34%. The ex-dividend date is Friday, November 29th. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.64. First Citizens BancShares’s dividend payout ratio (DPR) is 3.76%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. StockNews.com raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Thursday, November 14th. JPMorgan Chase & Co. lowered 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 report on Friday, October 25th. Wedbush dropped their price target on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a research report on Friday, October 25th. Finally, The Goldman Sachs Group upped their price objective on First Citizens BancShares from $2,025.00 to $2,625.00 and gave the company a “buy” rating in a research report on Tuesday. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $2,093.40.

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.