First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Purchased by Livforsakringsbolaget Skandia Omsesidigt

Livforsakringsbolaget Skandia Omsesidigt grew its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 32.7% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,249 shares of the bank’s stock after purchasing an additional 1,292 shares during the period. Livforsakringsbolaget Skandia Omsesidigt’s holdings in First Citizens BancShares were worth $9,647,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. ORG Partners LLC acquired a new position in shares of First Citizens BancShares in the first quarter valued at approximately $29,000. Mather Group LLC. acquired a new position in shares of First Citizens BancShares in the first quarter worth $31,000. LRI Investments LLC purchased a new stake in shares of First Citizens BancShares during the first quarter worth $33,000. V Square Quantitative Management LLC acquired a new stake in shares of First Citizens BancShares in the second quarter valued at $35,000. Finally, Riverview Trust Co purchased a new position in First Citizens BancShares in the first quarter valued at $49,000. 61.18% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FCNCA has been the topic of several analyst reports. Barclays raised their target price 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. Keefe, Bruyette & Woods lifted their price objective on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Jefferies Financial Group initiated coverage on First Citizens BancShares in a report on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 target price on the stock. Piper Sandler lifted 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, Wedbush cut First Citizens BancShares from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $2,450.00 to $2,150.00 in a research report on Tuesday, September 24th. One equities research 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. Based on data from MarketBeat, First Citizens BancShares has an average rating of “Hold” and a consensus target price of $2,012.11.

First Citizens BancShares Stock Up 1.2 %

FCNCA stock opened at $2,021.10 on Friday. First Citizens BancShares, Inc. has a one year low of $1,290.60 and a one year high of $2,174.80. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.08 and a current ratio of 1.08. The company has a fifty day moving average of $1,936.49 and a 200-day moving average of $1,795.13. The stock has a market capitalization of $29.25 billion, a PE ratio of 11.12 and a beta of 0.81.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Thursday, July 25th. The bank reported $50.87 EPS for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $2.30 billion. During the same period last year, the firm earned $52.60 EPS. As a group, analysts expect that First Citizens BancShares, Inc. will post 200 EPS for the current year.

First Citizens BancShares Announces Dividend

The business also recently declared 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 0.32%. First Citizens BancShares’s payout ratio is 3.61%.

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 shares. This repurchase authorization permits the bank to reacquire up to 12.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is 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.