JPMorgan Chase & Co. Raises Stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

JPMorgan Chase & Co. lifted its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 6.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 288,960 shares of the bank’s stock after acquiring an additional 18,501 shares during the period. JPMorgan Chase & Co. owned 2.07% of First Citizens BancShares worth $531,961,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Brooklyn Investment Group purchased a new position in shares of First Citizens BancShares during the third quarter valued at about $39,000. GAMMA Investing LLC grew its holdings in First Citizens BancShares by 129.6% during the 3rd quarter. GAMMA Investing LLC now owns 62 shares of the bank’s stock valued at $114,000 after buying an additional 35 shares in the last quarter. National Bank of Canada FI increased its stake in First Citizens BancShares by 17.7% in the 2nd quarter. National Bank of Canada FI now owns 73 shares of the bank’s stock worth $124,000 after acquiring an additional 11 shares during the last quarter. Quarry LP purchased a new stake in First Citizens BancShares during the second quarter valued at $126,000. Finally, Private Trust Co. NA raised its position in shares of First Citizens BancShares by 2,100.0% during the 3rd quarter. Private Trust Co. NA now owns 88 shares of the bank’s stock valued at $162,000 after buying an additional 84 shares in the last quarter. 78.01% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FCNCA. Deutsche Bank Aktiengesellschaft started coverage on First Citizens BancShares in a research note on Monday, December 9th. They issued a “buy” rating and a $2,600.00 price objective for the company. The Goldman Sachs Group raised their price target on First Citizens BancShares from $2,025.00 to $2,625.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Keefe, Bruyette & Woods downgraded shares of First Citizens BancShares from an “outperform” rating to a “market perform” rating and upped their price target for the company from $2,100.00 to $2,500.00 in a report on Wednesday, December 4th. JPMorgan Chase & Co. reduced their price target 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. Finally, Citigroup cut First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. Seven analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, First Citizens BancShares currently has a consensus rating of “Hold” and a consensus target price of $2,243.64.

First Citizens BancShares Trading Down 1.0 %

Shares of First Citizens BancShares stock opened at $2,132.44 on Friday. First Citizens BancShares, Inc. has a 12-month low of $1,363.97 and a 12-month high of $2,388.78. The firm’s 50 day simple moving average is $2,133.41 and its two-hundred day simple moving average is $1,967.26. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68. The firm has a market capitalization of $29.83 billion, a price-to-earnings ratio of 12.22 and a beta of 0.83.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53). The firm had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.36 billion. First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. During the same quarter last year, the business earned $55.92 EPS. Analysts predict that First Citizens BancShares, Inc. will post 187.88 EPS for the current year.

First Citizens BancShares Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were issued a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a dividend yield of 0.37%. The ex-dividend date of this dividend was Friday, November 29th. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.64. First Citizens BancShares’s dividend payout ratio (DPR) is 4.47%.

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.