Oliver Luxxe Assets LLC Increases Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Oliver Luxxe Assets LLC raised its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 22.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,916 shares of the bank’s stock after buying an additional 537 shares during the period. Oliver Luxxe Assets LLC’s holdings in First Citizens BancShares were worth $5,368,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Nordea Investment Management AB raised its stake in First Citizens BancShares by 21.6% in the first quarter. Nordea Investment Management AB now owns 29,077 shares of the bank’s stock worth $47,866,000 after buying an additional 5,172 shares in the last quarter. BNP Paribas Financial Markets raised its stake in First Citizens BancShares by 19.4% in the first quarter. BNP Paribas Financial Markets now owns 3,492 shares of the bank’s stock worth $5,709,000 after buying an additional 568 shares in the last quarter. Bessemer Group Inc. raised its stake in First Citizens BancShares by 2,583.3% in the first quarter. Bessemer Group Inc. now owns 805 shares of the bank’s stock worth $1,316,000 after buying an additional 775 shares in the last quarter. Sei Investments Co. raised its stake in First Citizens BancShares by 67.5% in the first quarter. Sei Investments Co. now owns 6,067 shares of the bank’s stock worth $9,921,000 after buying an additional 2,444 shares in the last quarter. Finally, Hennessy Advisors Inc. raised its stake in First Citizens BancShares by 300.0% in the first quarter. Hennessy Advisors Inc. now owns 800 shares of the bank’s stock worth $1,308,000 after buying an additional 600 shares in the last quarter. Hedge funds and other institutional investors own 61.18% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on FCNCA. Barclays lifted their price target on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Jefferies Financial Group began coverage on shares of First Citizens BancShares in a report on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 price target on the stock. Piper Sandler lifted their price target on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a report on Friday, July 26th. Wedbush lowered shares of First Citizens BancShares from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $2,450.00 to $2,150.00 in a report on Tuesday, September 24th. Finally, 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 on the stock in a report on Tuesday, July 2nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $2,012.11.

First Citizens BancShares Trading Up 1.2 %

Shares of First Citizens BancShares stock opened at $2,021.10 on Monday. The firm has a 50-day simple moving average of $1,936.49 and a two-hundred day simple moving average of $1,797.77. The company has a market cap of $29.37 billion, a P/E ratio of 11.22 and a beta of 0.81. First Citizens BancShares, Inc. has a fifty-two week low of $1,290.60 and a fifty-two week high of $2,174.80. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.08 and a current ratio of 1.08.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings data on Thursday, July 25th. The bank reported $50.87 earnings per share for the quarter, topping analysts’ consensus estimates of $44.91 by $5.96. The business had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $2.30 billion. First Citizens BancShares had a net margin of 18.19% and a return on equity of 14.84%. During the same quarter in the prior year, the firm posted $52.60 earnings per share. As a group, equities analysts predict that First Citizens BancShares, Inc. will post 200 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were given a dividend of $1.64 per share. The ex-dividend date was Friday, August 30th. This represents a $6.56 annualized dividend and a dividend yield of 0.32%. First Citizens BancShares’s dividend payout ratio (DPR) is presently 3.64%.

First Citizens BancShares announced that its board has approved a share buyback plan on Thursday, July 25th that allows the company to repurchase $3.50 billion in shares. This repurchase authorization allows the bank to buy up to 12.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

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.