Jackson Square Capital LLC Makes New $999,000 Investment in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Jackson Square Capital LLC purchased a new position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 473 shares of the bank’s stock, valued at approximately $999,000.

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

Analysts Set New Price Targets

Several brokerages have commented on FCNCA. UBS Group initiated coverage on shares of First Citizens BancShares in a research note on Tuesday, December 17th. They issued a “buy” rating and a $2,700.00 price target on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on First Citizens BancShares in a research report on Monday, December 9th. They issued a “buy” rating and a $2,600.00 target price on the stock. Keefe, Bruyette & Woods upgraded First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $2,500.00 price target for the company in a research report on Tuesday, January 14th. StockNews.com raised First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Thursday. Finally, JPMorgan Chase & Co. upped their price objective on shares of First Citizens BancShares from $2,550.00 to $2,600.00 and gave the stock an “overweight” rating in a report on Tuesday, January 7th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $2,290.75.

First Citizens BancShares Stock Performance

Shares of FCNCA opened at $2,188.94 on Friday. 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 firm’s 50 day moving average is $2,167.50 and its 200-day moving average is $2,018.15. First Citizens BancShares, Inc. has a 12-month low of $1,371.77 and a 12-month high of $2,388.78. The stock has a market capitalization of $30.62 billion, a P/E ratio of 12.54, a P/E/G ratio of 0.96 and a beta of 0.86.

First Citizens BancShares (NASDAQ:FCNCA) last posted 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 business had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.36 billion. During the same quarter last year, the firm posted $55.92 EPS. Equities research analysts anticipate that First Citizens BancShares, Inc. will post 186.98 EPS for the current fiscal year.

First Citizens BancShares Increases Dividend

The business also recently announced 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. 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. The ex-dividend date of this dividend was Friday, November 29th. First Citizens BancShares’s dividend payout ratio is currently 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.