Vanguard Personalized Indexing Management LLC Boosts Stock Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Vanguard Personalized Indexing Management LLC increased its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 22.1% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 833 shares of the bank’s stock after purchasing an additional 151 shares during the quarter. Vanguard Personalized Indexing Management LLC’s holdings in First Citizens BancShares were worth $1,397,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FCNCA. Covestor Ltd lifted its stake in First Citizens BancShares by 2.9% in the 1st quarter. Covestor Ltd now owns 215 shares of the bank’s stock worth $352,000 after purchasing an additional 6 shares in the last quarter. Wedbush Securities Inc. raised its position in shares of First Citizens BancShares by 0.5% in the second quarter. Wedbush Securities Inc. now owns 1,199 shares of the bank’s stock worth $2,019,000 after buying an additional 6 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its position in shares of First Citizens BancShares by 4.5% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 161 shares of the bank’s stock worth $229,000 after buying an additional 7 shares in the last quarter. Park Avenue Securities LLC boosted its stake in First Citizens BancShares by 1.6% during the first quarter. Park Avenue Securities LLC now owns 450 shares of the bank’s stock valued at $736,000 after buying an additional 7 shares during the period. Finally, HB Wealth Management LLC grew its position in First Citizens BancShares by 3.9% during the second quarter. HB Wealth Management LLC now owns 187 shares of the bank’s stock worth $315,000 after buying an additional 7 shares in the last quarter. 61.18% of the stock is currently owned by institutional investors.

First Citizens BancShares Stock Performance

NASDAQ FCNCA opened at $1,965.18 on Monday. The company has a 50-day simple moving average of $1,949.31 and a two-hundred day simple moving average of $1,762.28. First Citizens BancShares, Inc. has a 12-month low of $1,274.91 and a 12-month high of $2,174.80. The firm has a market cap of $28.55 billion, a price-to-earnings ratio of 10.91 and a beta of 0.82. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.72.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Thursday, July 25th. The bank reported $50.87 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $3.77 billion for the quarter, compared to analyst estimates of $2.30 billion. During the same period last year, the company earned $52.60 EPS. On average, equities analysts forecast that First Citizens BancShares, Inc. will post 200.92 EPS for the current year.

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

First Citizens BancShares Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on FCNCA shares. Barclays lifted their price target on 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 report on Tuesday, July 2nd. Keefe, Bruyette & Woods increased 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 report on Friday, July 26th. Piper Sandler lifted their price objective 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. Finally, Jefferies Financial Group initiated coverage on shares of First Citizens BancShares in a research report on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 target price for the company. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $1,927.90.

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.