Park Avenue Securities LLC Purchases 34 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Park Avenue Securities LLC raised its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 9.4% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 395 shares of the bank’s stock after acquiring an additional 34 shares during the period. Park Avenue Securities LLC’s holdings in First Citizens BancShares were worth $728,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Capital Research Global Investors purchased a new stake in First Citizens BancShares in the first quarter worth about $298,180,000. Vanguard Group Inc. raised its holdings in 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 purchasing an additional 47,167 shares in the last quarter. Wellington Management Group LLP raised its holdings in First Citizens BancShares by 21.1% in the fourth quarter. Wellington Management Group LLP now owns 239,563 shares of the bank’s stock worth $339,933,000 after purchasing an additional 41,793 shares in the last quarter. Toronto Dominion Bank raised its holdings in First Citizens BancShares by 3,577.5% in 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. Finally, Zurich Insurance Group Ltd FI raised its holdings in First Citizens BancShares by 225.2% in the second quarter. Zurich Insurance Group Ltd FI now owns 42,159 shares of the bank’s stock worth $70,979,000 after purchasing an additional 29,194 shares in the last quarter. Institutional investors own 61.18% of the company’s stock.

First Citizens BancShares Trading Up 1.1 %

First Citizens BancShares stock opened at $1,996.73 on Friday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.72. First Citizens BancShares, Inc. has a 12 month low of $1,290.60 and a 12 month high of $2,174.80. The stock’s 50 day simple moving average is $1,935.23 and its two-hundred day simple moving average is $1,792.23. The firm has a market cap of $29.01 billion, a PE ratio of 11.08 and a beta of 0.81.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings data on Thursday, July 25th. The bank reported $50.87 EPS for the quarter, topping the consensus estimate of $44.91 by $5.96. First Citizens BancShares had a return on equity of 14.84% and a net margin of 18.19%. The business had revenue of $3.77 billion for the quarter, compared to analyst estimates of $2.30 billion. During the same quarter in the prior year, the firm posted $52.60 EPS. Analysts anticipate that First Citizens BancShares, Inc. will post 200.92 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were given a dividend of $1.64 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 0.33%. First Citizens BancShares’s dividend payout ratio (DPR) is 3.64%.

First Citizens BancShares declared that its Board of Directors has authorized a share repurchase 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 board believes its stock is undervalued.

Analyst Ratings Changes

FCNCA has been the subject of a number of recent research reports. Piper Sandler boosted their target price on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a report on Friday, July 26th. Raymond James upgraded shares of First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price objective on the stock in a report on Tuesday, July 2nd. Barclays upped their price objective 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. StockNews.com downgraded shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Monday. Finally, Keefe, Bruyette & Woods upped their price objective 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 investment analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $2,012.11.

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.