Brooklyn Investment Group Purchases 7 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Brooklyn Investment Group boosted its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 33.3% in the fourth quarter, Holdings Channel.com reports. The firm owned 28 shares of the bank’s stock after buying an additional 7 shares during the quarter. Brooklyn Investment Group’s holdings in First Citizens BancShares were worth $57,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Raymond James & Associates increased its stake in shares of First Citizens BancShares by 5.1% during the third quarter. Raymond James & Associates now owns 16,826 shares of the bank’s stock valued at $30,976,000 after purchasing an additional 811 shares in the last quarter. Balentine LLC purchased a new stake in shares of First Citizens BancShares in the 3rd quarter worth approximately $3,564,000. Hiddenite Capital Partners LP increased its position in First Citizens BancShares by 14.1% during the 3rd quarter. Hiddenite Capital Partners LP now owns 3,230 shares of the bank’s stock valued at $5,946,000 after buying an additional 400 shares in the last quarter. Retireful LLC purchased a new position in First Citizens BancShares during the third quarter valued at $801,000. Finally, Oliver Luxxe Assets LLC boosted its holdings in First Citizens BancShares by 22.6% in the third quarter. Oliver Luxxe Assets LLC now owns 2,916 shares of the bank’s stock worth $5,368,000 after acquiring an additional 537 shares in the last quarter. Hedge funds and other institutional investors own 78.01% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on FCNCA shares. JPMorgan Chase & Co. raised their price objective on shares of First Citizens BancShares from $2,550.00 to $2,600.00 and gave the company an “overweight” rating in a research note on Tuesday, January 7th. Truist Financial initiated coverage on shares of First Citizens BancShares in a report on Tuesday, January 7th. They issued a “hold” rating and a $2,303.00 price objective for the company. The Goldman Sachs Group increased their target price on First Citizens BancShares from $2,025.00 to $2,625.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. 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 target for the company. Finally, Wedbush dropped their price objective on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a research report on Friday, October 25th. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, First Citizens BancShares currently has a consensus rating of “Moderate Buy” and a consensus target price of $2,290.75.

First Citizens BancShares Price Performance

Shares of FCNCA stock opened at $2,188.94 on Monday. The stock’s 50-day moving average is $2,167.50 and its 200 day moving average is $2,020.28. First Citizens BancShares, Inc. has a 1-year low of $1,371.77 and a 1-year high of $2,388.78. 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 has a market cap of $30.62 billion, a P/E ratio of 12.54, a PEG ratio of 0.96 and a beta of 0.86.

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 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 period in the previous year, the company posted $55.92 earnings per share. Research analysts predict that First Citizens BancShares, Inc. will post 186.98 earnings per share for the current fiscal year.

First Citizens BancShares Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were issued a dividend of $1.95 per share. The ex-dividend date was Friday, November 29th. This represents a $7.80 annualized dividend and a dividend yield of 0.36%. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.64. First Citizens BancShares’s dividend payout ratio is 4.47%.

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.