Affinity Wealth Management LLC Increases Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Affinity Wealth Management LLC increased its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 116.4% in the third quarter, HoldingsChannel reports. The firm owned 448 shares of the bank’s stock after buying an additional 241 shares during the period. Affinity Wealth Management LLC’s holdings in First Citizens BancShares were worth $825,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. ORG Partners LLC purchased a new position in First Citizens BancShares in the first quarter worth $29,000. Mather Group LLC. purchased a new position in First Citizens BancShares during the 1st quarter worth $31,000. LRI Investments LLC acquired a new position in First Citizens BancShares during the 1st quarter valued at about $33,000. V Square Quantitative Management LLC purchased a new stake in First Citizens BancShares in the second quarter valued at about $35,000. Finally, Riverview Trust Co acquired a new stake in First Citizens BancShares in the 1st quarter worth approximately $49,000. Institutional investors own 61.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on FCNCA. Keefe, Bruyette & Woods lifted their price target on 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. Raymond James upgraded shares of First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price target on the stock in a report on Tuesday, July 2nd. Barclays lifted their price objective on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Piper Sandler increased their price objective on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. Finally, Jefferies Financial Group began coverage on shares of First Citizens BancShares in a report on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 target price for the company. One 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 company. Based on data from MarketBeat, First Citizens BancShares has a consensus rating of “Hold” and a consensus target price of $2,012.11.

First Citizens BancShares Trading Up 0.7 %

Shares of FCNCA traded up $13.90 during midday trading on Monday, reaching $2,035.00. The company had a trading volume of 2,667 shares, compared to its average volume of 85,827. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.72. The firm has a 50 day simple moving average of $1,936.49 and a 200-day simple moving average of $1,797.77. First Citizens BancShares, Inc. has a 1-year low of $1,290.60 and a 1-year high of $2,174.80. The stock has a market cap of $29.57 billion, a PE ratio of 11.22 and a beta of 0.81.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Thursday, July 25th. The bank reported $50.87 EPS for the quarter, beating analysts’ consensus estimates of $44.91 by $5.96. The company had revenue of $3.77 billion for the quarter, compared to the consensus estimate of $2.30 billion. First Citizens BancShares had a return on equity of 14.84% and a net margin of 18.19%. During the same quarter in the previous year, the business earned $52.60 earnings per share. Research analysts forecast that First Citizens BancShares, Inc. will post 200 EPS for the current fiscal year.

First Citizens BancShares declared that its board has authorized a stock repurchase plan on Thursday, July 25th that permits the company to repurchase $3.50 billion in shares. This repurchase authorization permits the bank to repurchase up to 12.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

First Citizens BancShares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were paid a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 0.32%. The ex-dividend date was Friday, August 30th. First Citizens BancShares’s dividend payout ratio (DPR) is presently 3.64%.

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.