Cigna Investments Inc. New Purchases New Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Cigna Investments Inc. New acquired a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 125 shares of the bank’s stock, valued at approximately $210,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. ORG Partners LLC purchased a new stake in First Citizens BancShares during the 1st quarter worth $29,000. Mather Group LLC. purchased a new position in First Citizens BancShares in the first quarter valued at about $31,000. GAMMA Investing LLC acquired a new stake in First Citizens BancShares during the 4th quarter valued at approximately $30,000. LRI Investments LLC purchased a new stake in First Citizens BancShares during the 1st quarter worth approximately $33,000. Finally, V Square Quantitative Management LLC acquired a new position in shares of First Citizens BancShares in the 2nd quarter valued at approximately $35,000. Institutional investors and hedge funds own 61.18% of the company’s stock.

Analyst Upgrades and Downgrades

FCNCA has been the subject of a number of recent analyst reports. Raymond James raised shares of First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price target for the company in a research report on Tuesday, July 2nd. StockNews.com upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Monday, April 29th. Jefferies Financial Group started coverage on First Citizens BancShares in a research note on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 price target for the company. Barclays upped their price objective on 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. Finally, Keefe, Bruyette & Woods lifted their target price 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. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, First Citizens BancShares presently has an average rating of “Moderate Buy” and a consensus target price of $1,920.82.

First Citizens BancShares Stock Performance

FCNCA traded up $48.82 during trading on Thursday, reaching $2,048.43. 105,322 shares of the company were exchanged, compared to its average volume of 86,333. First Citizens BancShares, Inc. has a 52 week low of $1,274.91 and a 52 week high of $2,174.80. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 1.77. The firm has a 50 day moving average of $1,802.91 and a 200 day moving average of $1,680.46. The stock has a market cap of $29.76 billion, a P/E ratio of 11.37 and a beta of 0.83.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings results on Thursday, July 25th. The bank reported $50.87 EPS for the quarter, topping the consensus estimate of $44.91 by $5.96. The business had revenue of $3.77 billion during the quarter, compared to analyst estimates of $2.30 billion. First Citizens BancShares had a net margin of 18.19% and a return on equity of 15.09%. During the same quarter in the prior year, the firm earned $52.60 earnings per share. On average, sell-side analysts forecast that First Citizens BancShares, Inc. will post 195.31 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be given a dividend of $1.64 per share. The ex-dividend date is Friday, August 30th. This represents a $6.56 annualized dividend and a dividend yield of 0.32%. First Citizens BancShares’s dividend payout ratio is presently 3.64%.

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.