First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Bought by Mount Lucas Management LP

Mount Lucas Management LP raised its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 2.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 315 shares of the bank’s stock after buying an additional 8 shares during the quarter. Mount Lucas Management LP’s holdings in First Citizens BancShares were worth $580,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Capital Research Global Investors acquired a new position in First Citizens BancShares during the first quarter worth $298,180,000. Vanguard Group Inc. boosted its position in shares of First Citizens BancShares by 4.6% during the 1st quarter. Vanguard Group Inc. now owns 1,064,822 shares of the bank’s stock valued at $1,740,984,000 after acquiring an additional 47,167 shares during the last quarter. Toronto Dominion Bank boosted its position in shares of First Citizens BancShares by 3,577.5% during the 2nd quarter. Toronto Dominion Bank now owns 35,010 shares of the bank’s stock valued at $58,943,000 after acquiring an additional 34,058 shares during the last quarter. Zurich Insurance Group Ltd FI grew its holdings in shares of 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 valued at $70,979,000 after purchasing an additional 29,194 shares during the period. Finally, International Assets Investment Management LLC increased its position in First Citizens BancShares by 183,992.3% during the third quarter. International Assets Investment Management LLC now owns 23,932 shares of the bank’s stock worth $440,580,000 after purchasing an additional 23,919 shares during the last quarter. 61.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FCNCA has been the subject of several analyst reports. StockNews.com raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Thursday. Wedbush lowered their price objective 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. Keefe, Bruyette & Woods lifted their target price on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Piper Sandler increased their price target on 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. Finally, JPMorgan Chase & Co. reduced their price objective on shares of 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. Five investment 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.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $2,025.90.

First Citizens BancShares Stock Up 2.3 %

Shares of FCNCA opened at $2,200.46 on Monday. The company’s 50-day simple moving average is $1,973.28 and its 200-day simple moving average is $1,873.97. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. First Citizens BancShares, Inc. has a 1 year low of $1,363.97 and a 1 year high of $2,275.90. The stock has a market capitalization of $31.83 billion, a PE ratio of 12.61 and a beta of 0.80.

First Citizens BancShares (NASDAQ:FCNCA) last released 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 business had revenue of $2.45 billion for the quarter, compared to analyst estimates 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 company earned $55.92 earnings per share. Analysts forecast that First Citizens BancShares, Inc. will post 189.06 earnings per share for the current fiscal 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 paid a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a yield of 0.35%. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.64. The ex-dividend date of this dividend is Friday, November 29th. First Citizens BancShares’s payout ratio is presently 4.47%.

First Citizens BancShares announced that its board has authorized a share buyback program on Thursday, July 25th that permits the company to buyback $3.50 billion in outstanding shares. This buyback authorization permits the bank to purchase up to 12.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

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.