Oppenheimer Asset Management Inc. Has $475,000 Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Oppenheimer Asset Management Inc. boosted its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 46.9% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 282 shares of the bank’s stock after buying an additional 90 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in First Citizens BancShares were worth $475,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of FCNCA. Federated Hermes Inc. lifted its position in First Citizens BancShares by 127.9% during the 2nd quarter. Federated Hermes Inc. now owns 335 shares of the bank’s stock worth $564,000 after buying an additional 188 shares in the last quarter. DekaBank Deutsche Girozentrale increased its position in shares of First Citizens BancShares by 2.9% in the second quarter. DekaBank Deutsche Girozentrale now owns 1,112 shares of the bank’s stock valued at $1,871,000 after acquiring an additional 31 shares during the last quarter. Qsemble Capital Management LP raised its holdings in First Citizens BancShares by 17.9% during the second quarter. Qsemble Capital Management LP now owns 857 shares of the bank’s stock worth $1,443,000 after acquiring an additional 130 shares in the last quarter. American Century Companies Inc. boosted its position in First Citizens BancShares by 40.1% during the second quarter. American Century Companies Inc. now owns 6,404 shares of the bank’s stock valued at $10,782,000 after purchasing an additional 1,832 shares during the last quarter. Finally, Mawer Investment Management Ltd. grew its stake in First Citizens BancShares by 66.3% in the second quarter. Mawer Investment Management Ltd. now owns 9,467 shares of the bank’s stock valued at $15,939,000 after purchasing an additional 3,773 shares in the last quarter. Institutional investors and hedge funds own 61.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on FCNCA. Keefe, Bruyette & Woods upped their price objective on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Jefferies Financial Group started coverage on shares of 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 lifted their price objective on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Raymond James upgraded shares of First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 target price for the company in a research note on Tuesday, July 2nd. Finally, Piper Sandler boosted their price target on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. Five analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,927.90.

First Citizens BancShares Price Performance

Shares of NASDAQ FCNCA opened at $1,965.18 on Friday. The firm has a market cap of $28.55 billion, a P/E ratio of 10.91 and a beta of 0.82. The business’s 50 day moving average is $1,949.31 and its 200-day moving average is $1,759.84. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.72. First Citizens BancShares, Inc. has a 1-year low of $1,274.91 and a 1-year high of $2,174.80.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results 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. First Citizens BancShares had a return on equity of 14.84% and a net margin of 18.19%. The company had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $2.30 billion. During the same quarter last year, the firm earned $52.60 earnings per share. Equities research analysts predict that First Citizens BancShares, Inc. will post 200.92 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 0.33%. The ex-dividend date was Friday, August 30th. First Citizens BancShares’s dividend payout ratio is currently 3.64%.

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

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.