Fidelis Capital Partners LLC Takes $224,000 Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Fidelis Capital Partners LLC bought a new position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 133 shares of the bank’s stock, valued at approximately $224,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of First Citizens BancShares by 4.6% in the first quarter. Vanguard Group Inc. now owns 1,064,822 shares of the bank’s stock valued at $1,740,984,000 after acquiring an additional 47,167 shares in the last quarter. Wellington Management Group LLP boosted its stake in First Citizens BancShares by 21.1% in the 4th quarter. Wellington Management Group LLP now owns 239,563 shares of the bank’s stock worth $339,933,000 after purchasing an additional 41,793 shares during the period. Capital Research Global Investors bought a new position in First Citizens BancShares in the 1st quarter worth approximately $298,180,000. Reinhart Partners LLC. grew its holdings in First Citizens BancShares by 3.1% during the 1st quarter. Reinhart Partners LLC. now owns 58,583 shares of the bank’s stock valued at $95,783,000 after buying an additional 1,780 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of First Citizens BancShares by 10.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 46,626 shares of the bank’s stock valued at $66,161,000 after buying an additional 4,298 shares during the last quarter. 61.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Piper Sandler raised their target price on shares of 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. Raymond James upgraded First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price objective for the company in a research report on Tuesday, July 2nd. Barclays boosted their target price on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods raised their price target on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Finally, Jefferies Financial Group assumed coverage on First Citizens BancShares in a report on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 price objective on the stock. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, First Citizens BancShares currently has an average rating of “Moderate Buy” and an average target price of $1,927.90.

First Citizens BancShares Stock Performance

NASDAQ FCNCA opened at $1,955.89 on Tuesday. The business’s 50 day moving average price is $1,952.91 and its 200-day moving average price is $1,765.02. First Citizens BancShares, Inc. has a fifty-two week low of $1,274.91 and a fifty-two week high of $2,174.80. The company has a market cap of $28.42 billion, a P/E ratio of 10.86 and a beta of 0.82. 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 posted its quarterly earnings data on Thursday, July 25th. The bank reported $50.87 earnings per share for the quarter, beating analysts’ consensus estimates of $44.91 by $5.96. The business had revenue of $3.77 billion for the quarter, compared to analysts’ expectations 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 previous year, the business posted $52.60 earnings per share. Sell-side analysts predict that First Citizens BancShares, Inc. will post 200.92 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were paid a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 0.34%. The ex-dividend date of this dividend was Friday, August 30th. First Citizens BancShares’s payout ratio is currently 3.64%.

First Citizens BancShares announced that its Board of Directors has initiated a share buyback program on Thursday, July 25th that allows the company to buyback $3.50 billion in shares. This buyback authorization allows the bank to repurchase up to 12.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board 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.