First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Acquired by CIBC Asset Management Inc

CIBC Asset Management Inc grew its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 9.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 549 shares of the bank’s stock after acquiring an additional 46 shares during the quarter. CIBC Asset Management Inc’s holdings in First Citizens BancShares were worth $1,160,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of FCNCA. Balentine LLC purchased a new position in shares of First Citizens BancShares during the 3rd quarter worth $3,564,000. Hiddenite Capital Partners LP grew its holdings in shares of First Citizens BancShares by 14.1% during the 3rd quarter. Hiddenite Capital Partners LP now owns 3,230 shares of the bank’s stock worth $5,946,000 after purchasing an additional 400 shares during the period. Retireful LLC purchased a new position in shares of First Citizens BancShares during the 3rd quarter worth $801,000. JPMorgan Chase & Co. grew its holdings in shares of First Citizens BancShares by 6.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 288,960 shares of the bank’s stock worth $531,961,000 after purchasing an additional 18,501 shares during the period. Finally, Blue Trust Inc. grew its holdings in shares of First Citizens BancShares by 119.7% during the 3rd quarter. Blue Trust Inc. now owns 145 shares of the bank’s stock worth $244,000 after purchasing an additional 79 shares during the period. 78.01% of the stock is owned by institutional investors and hedge funds.

First Citizens BancShares Stock Performance

Shares of FCNCA opened at $2,049.25 on Friday. The stock has a 50-day simple moving average of $2,145.78 and a 200-day simple moving average of $2,070.75. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. The stock has a market capitalization of $28.67 billion, a PE ratio of 10.82, a PEG ratio of 0.94 and a beta of 0.85. First Citizens BancShares, Inc. has a 1 year low of $1,500.94 and a 1 year high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Friday, January 24th. The bank reported $45.10 earnings per share for the quarter, topping the consensus estimate of $39.32 by $5.78. First Citizens BancShares had a return on equity of 13.22% and a net margin of 18.55%. On average, analysts predict that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Friday, February 28th will be given a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a dividend yield of 0.38%. The ex-dividend date of this dividend is Friday, February 28th. First Citizens BancShares’s dividend payout ratio (DPR) is presently 4.12%.

Analyst Ratings Changes

A number of research firms have recently weighed in on FCNCA. Keefe, Bruyette & Woods increased their price target on First Citizens BancShares from $2,500.00 to $2,600.00 and gave the stock an “outperform” rating in a report on Monday, January 27th. StockNews.com upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Saturday, February 1st. Deutsche Bank Aktiengesellschaft initiated coverage on First Citizens BancShares in a report on Monday, December 9th. They set a “buy” rating and a $2,600.00 target price for the company. JPMorgan Chase & Co. raised their target price on First Citizens BancShares from $2,550.00 to $2,600.00 and gave the company an “overweight” rating in a report on Tuesday, January 7th. Finally, Barclays raised their target price on First Citizens BancShares from $2,456.00 to $2,568.00 and gave the company an “equal weight” rating in a report on Monday, January 27th. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $2,323.50.

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.