Whittier Trust Co. of Nevada Inc. Invests $4.57 Million in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Whittier Trust Co. of Nevada Inc. purchased a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the third quarter, according to its most recent disclosure with the SEC. The firm purchased 2,480 shares of the bank’s stock, valued at approximately $4,565,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Whittier Trust Co. raised its stake in shares of First Citizens BancShares by 562,500.0% during the 3rd quarter. Whittier Trust Co. now owns 5,626 shares of the bank’s stock worth $10,357,000 after purchasing an additional 5,625 shares in the last quarter. Raymond James & Associates raised its stake in shares of First Citizens BancShares by 5.1% during the 3rd quarter. Raymond James & Associates now owns 16,826 shares of the bank’s stock worth $30,976,000 after purchasing an additional 811 shares in the last quarter. Blue Trust Inc. raised its stake in shares of First Citizens BancShares by 119.7% during the 3rd quarter. Blue Trust Inc. now owns 145 shares of the bank’s stock worth $244,000 after purchasing an additional 79 shares in the last quarter. Generate Investment Management Ltd increased its holdings in shares of First Citizens BancShares by 21.3% during the 3rd quarter. Generate Investment Management Ltd now owns 15,649 shares of the bank’s stock valued at $28,809,000 after acquiring an additional 2,746 shares during the last quarter. Finally, Stonegate Investment Group LLC increased its holdings in shares of First Citizens BancShares by 42.8% during the 3rd quarter. Stonegate Investment Group LLC now owns 267 shares of the bank’s stock valued at $492,000 after acquiring an additional 80 shares during the last quarter. 61.18% of the stock is owned by hedge funds and other institutional investors.

First Citizens BancShares Stock Performance

FCNCA opened at $2,059.01 on Tuesday. The stock’s 50 day moving average price is $1,951.62 and its two-hundred day moving average price is $1,816.97. 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 12-month low of $1,290.60 and a 12-month high of $2,174.80. The firm has a market capitalization of $29.92 billion, a P/E ratio of 11.43 and a beta of 0.81.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings data on Thursday, July 25th. The bank reported $50.87 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $2.30 billion. During the same quarter last year, the company earned $52.60 EPS. On average, equities analysts forecast that First Citizens BancShares, Inc. will post 200 earnings per share for the current year.

First Citizens BancShares announced that its Board of Directors has approved a share buyback program on Thursday, July 25th that permits the company to repurchase $3.50 billion in shares. This repurchase authorization permits the bank to buy up to 12.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

FCNCA has been the topic of a number of analyst reports. Jefferies Financial Group initiated coverage on First Citizens BancShares in a report on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 price objective on the stock. Barclays increased their price objective 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. Raymond James raised 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. Piper Sandler increased their price objective on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Finally, StockNews.com lowered First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Monday, October 7th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $2,012.11.

First Citizens BancShares Company 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.