Interval Partners LP Makes New Investment in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Interval Partners LP bought a new stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 3,497 shares of the bank’s stock, valued at approximately $5,888,000.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of First Citizens BancShares by 4.6% in the 1st 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 grew its stake in shares of First Citizens BancShares by 21.1% in the fourth quarter. Wellington Management Group LLP now owns 239,563 shares of the bank’s stock worth $339,933,000 after acquiring an additional 41,793 shares during the last quarter. Capital Research Global Investors acquired a new stake in First Citizens BancShares in the 1st quarter worth $298,180,000. Reinhart Partners LLC. raised its position in shares of First Citizens BancShares by 3.1% during the first 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 during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in shares of First Citizens BancShares by 10.2% in 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 period. 61.18% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Piper Sandler raised their price objective 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. Jefferies Financial Group began coverage on shares of First Citizens BancShares in a research report on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 target price for the company. Keefe, Bruyette & Woods upped their price objective on shares of 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. Raymond James upgraded 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 research report on Tuesday, July 2nd. Finally, Barclays raised 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 report on Monday, July 29th. Five analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, First Citizens BancShares currently has a consensus rating of “Moderate Buy” and an average price target of $1,927.90.

First Citizens BancShares Price Performance

FCNCA opened at $1,955.89 on Tuesday. The company has a fifty day simple moving average of $1,952.91 and a 200 day simple moving average of $1,765.02. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.72. The stock has a market cap of $28.42 billion, a P/E ratio of 10.86 and a beta of 0.82. First Citizens BancShares, Inc. has a 12 month low of $1,274.91 and a 12 month high of $2,174.80.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings data on Thursday, July 25th. The bank reported $50.87 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $2.30 billion. During the same period in the previous year, the firm earned $52.60 EPS. On average, research analysts expect that First Citizens BancShares, Inc. will post 200.92 EPS for the current year.

First Citizens BancShares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were issued a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 0.34%. The ex-dividend date of this dividend was Friday, August 30th. First Citizens BancShares’s dividend payout ratio (DPR) is presently 3.64%.

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

About First Citizens BancShares

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.