Thrivent Financial for Lutherans Has $78.65 Million Position in First Citizens BancShares, Inc. $FCNCA

Thrivent Financial for Lutherans lifted its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 11.9% in the second quarter, HoldingsChannel reports. The institutional investor owned 40,200 shares of the bank’s stock after buying an additional 4,264 shares during the period. Thrivent Financial for Lutherans’ holdings in First Citizens BancShares were worth $78,650,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. JPMorgan Chase & Co. raised its holdings in First Citizens BancShares by 4.0% during the second quarter. JPMorgan Chase & Co. now owns 417,088 shares of the bank’s stock worth $816,022,000 after acquiring an additional 15,921 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of First Citizens BancShares by 13.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 121,583 shares of the bank’s stock worth $225,429,000 after purchasing an additional 14,060 shares during the last quarter. Norges Bank bought a new stake in shares of First Citizens BancShares during the 2nd quarter worth approximately $177,604,000. First Citizens Bank & Trust Co. boosted its holdings in shares of First Citizens BancShares by 0.3% in the 2nd quarter. First Citizens Bank & Trust Co. now owns 79,132 shares of the bank’s stock valued at $154,819,000 after buying an additional 258 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in shares of First Citizens BancShares by 3.9% in the 1st quarter. Alliancebernstein L.P. now owns 77,148 shares of the bank’s stock valued at $143,042,000 after buying an additional 2,919 shares during the last quarter. Institutional investors and hedge funds own 78.01% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Frank B. Holding, Jr. bought 135 shares of the company’s stock in a transaction dated Wednesday, November 26th. The stock was bought at an average price of $1,629.67 per share, with a total value of $220,005.45. Following the completion of the acquisition, the chief executive officer owned 2,527 shares of the company’s stock, valued at $4,118,176.09. This represents a 5.64% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Ellen R. Alemany purchased 300 shares of the firm’s stock in a transaction that occurred on Thursday, November 13th. The stock was acquired at an average price of $1,000.00 per share, for a total transaction of $300,000.00. Following the completion of the purchase, the director directly owned 300 shares of the company’s stock, valued at $300,000. This represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 13.19% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on FCNCA. UBS Group boosted their target price on shares of First Citizens BancShares from $2,200.00 to $2,250.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. Wall Street Zen lowered shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Sunday, September 28th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of First Citizens BancShares in a report on Monday, December 8th. Truist Financial raised their target price on shares of First Citizens BancShares from $2,000.00 to $2,050.00 and gave the company a “hold” rating in a research note on Tuesday, October 28th. Finally, The Goldman Sachs Group lowered their price target on First Citizens BancShares from $2,250.00 to $1,950.00 and set a “buy” rating on the stock in a research report on Monday, October 6th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $2,126.36.

First Citizens BancShares Stock Down 1.3%

Shares of FCNCA opened at $2,055.52 on Monday. The firm has a market cap of $25.57 billion, a P/E ratio of 12.15 and a beta of 0.71. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.03 and a current ratio of 1.03. First Citizens BancShares, Inc. has a 52 week low of $1,473.62 and a 52 week high of $2,412.93. The firm’s 50-day simple moving average is $1,831.32 and its 200 day simple moving average is $1,900.75.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings data on Thursday, October 23rd. The bank reported $44.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $41.51 by $3.11. The company had revenue of $2.25 billion during the quarter, compared to analysts’ expectations of $2.21 billion. First Citizens BancShares had a return on equity of 11.09% and a net margin of 15.99%. On average, analysts forecast that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Friday, November 28th will be given a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a yield of 0.4%. The ex-dividend date is Friday, November 28th. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.95. First Citizens BancShares’s dividend payout ratio (DPR) is 4.97%.

About First Citizens BancShares

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.