First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Acquired by Investment Management Corp of Ontario

Investment Management Corp of Ontario lifted its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 7.8% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,390 shares of the bank’s stock after buying an additional 100 shares during the period. Investment Management Corp of Ontario’s holdings in First Citizens BancShares were worth $2,559,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. FMR LLC boosted its stake in First Citizens BancShares by 11.6% during the 3rd quarter. FMR LLC now owns 323,532 shares of the bank’s stock valued at $595,607,000 after purchasing an additional 33,713 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in First Citizens BancShares by 15.0% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 58,529 shares of the bank’s stock worth $107,749,000 after acquiring an additional 7,613 shares in the last quarter. Reinhart Partners LLC. lifted its holdings in shares of First Citizens BancShares by 0.7% in the third quarter. Reinhart Partners LLC. now owns 56,798 shares of the bank’s stock valued at $104,562,000 after purchasing an additional 416 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of First Citizens BancShares by 2.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 47,156 shares of the bank’s stock valued at $86,812,000 after acquiring an additional 1,339 shares during the last quarter. Finally, Zurich Insurance Group Ltd FI increased its position 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 acquiring an additional 29,194 shares during the last quarter. Institutional investors own 61.18% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Keefe, Bruyette & Woods downgraded First Citizens BancShares from an “outperform” rating to a “market perform” rating and boosted their price target for the stock from $2,100.00 to $2,500.00 in a research report on Wednesday. JPMorgan Chase & Co. decreased 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 research report on Friday, October 25th. The Goldman Sachs Group upped their target price on First Citizens BancShares from $2,025.00 to $2,625.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Wedbush cut their target price on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a research note on Friday, October 25th. Finally, StockNews.com upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Thursday, November 14th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $2,113.40.

First Citizens BancShares Price Performance

FCNCA stock opened at $2,197.92 on Thursday. First Citizens BancShares, Inc. has a 1 year low of $1,363.97 and a 1 year high of $2,388.78. The stock has a market capitalization of $30.75 billion, a PE ratio of 12.59 and a beta of 0.83. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08. The company’s 50-day moving average is $2,075.39 and its 200-day moving average is $1,922.12.

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

First Citizens BancShares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be given a $1.95 dividend. 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. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.35%. First Citizens BancShares’s payout ratio is presently 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.