Freemont Management S.A. Purchases New Shares in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Freemont Management S.A. bought a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 1,000 shares of the bank’s stock, valued at approximately $1,841,000.

A number of other institutional investors have also recently modified their holdings of the stock. Raymond James & Associates grew its position in First Citizens BancShares by 5.1% in the third quarter. Raymond James & Associates now owns 16,826 shares of the bank’s stock valued at $30,976,000 after acquiring an additional 811 shares during the last quarter. Bessemer Group Inc. lifted its stake in shares of First Citizens BancShares by 2,583.3% in the 1st quarter. Bessemer Group Inc. now owns 805 shares of the bank’s stock valued at $1,316,000 after acquiring an additional 775 shares during the last quarter. Balentine LLC bought a new stake in First Citizens BancShares during the 3rd quarter worth $3,564,000. Sei Investments Co. increased its holdings in First Citizens BancShares by 67.5% in the 1st quarter. Sei Investments Co. now owns 6,067 shares of the bank’s stock worth $9,921,000 after purchasing an additional 2,444 shares in the last quarter. Finally, Cetera Investment Advisers raised its position in First Citizens BancShares by 301.3% in the first quarter. Cetera Investment Advisers now owns 1,244 shares of the bank’s stock valued at $2,034,000 after purchasing an additional 934 shares during the last quarter. 61.18% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently issued reports on FCNCA. Piper Sandler upped their price objective on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. JPMorgan Chase & Co. decreased their price objective on First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating for the company in a report on Friday, October 25th. Wedbush lowered their price target on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a report on Friday, October 25th. Keefe, Bruyette & Woods boosted their price target 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. Finally, StockNews.com cut shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Tuesday, November 5th. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $2,025.90.

First Citizens BancShares Price Performance

Shares of NASDAQ FCNCA opened at $2,163.07 on Thursday. The firm has a market capitalization of $31.30 billion, a P/E ratio of 12.39 and a beta of 0.80. The firm’s 50-day moving average price is $1,963.24 and its 200-day moving average price is $1,865.89. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68. First Citizens BancShares, Inc. has a 1-year low of $1,363.97 and a 1-year high of $2,275.90.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings data on Thursday, October 24th. The bank reported $45.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53). First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%. The business had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same quarter in the prior year, the business earned $55.92 earnings per share. Equities research analysts anticipate that First Citizens BancShares, Inc. will post 189.06 earnings per share for the current fiscal year.

First Citizens BancShares declared that its board has authorized a share buyback plan on Thursday, July 25th that authorizes the company to buyback $3.50 billion in shares. This buyback authorization authorizes the bank to repurchase up to 12.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

First Citizens BancShares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be paid a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.36%. The ex-dividend date of this dividend is Friday, November 29th. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.64. First Citizens BancShares’s payout ratio is presently 3.76%.

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.