Summit Trail Advisors LLC Makes New Investment in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Summit Trail Advisors LLC bought a new stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 185 shares of the bank’s stock, valued at approximately $312,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Covestor Ltd lifted its position in First Citizens BancShares by 2.9% in the 1st quarter. Covestor Ltd now owns 215 shares of the bank’s stock valued at $352,000 after purchasing an additional 6 shares during the last quarter. Wedbush Securities Inc. boosted its position in shares of First Citizens BancShares by 0.5% during 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 during the period. Envestnet Portfolio Solutions Inc. grew its holdings in First Citizens BancShares by 4.5% in the 4th 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 increased its position in First Citizens BancShares by 1.6% in the 1st quarter. Park Avenue Securities LLC now owns 450 shares of the bank’s stock valued at $736,000 after acquiring an additional 7 shares during the period. Finally, HB Wealth Management LLC raised its stake in First Citizens BancShares by 3.9% during the 2nd quarter. HB Wealth Management LLC now owns 187 shares of the bank’s stock valued at $315,000 after acquiring an additional 7 shares in the last quarter. 61.18% of the stock is currently owned by institutional investors and hedge funds.

First Citizens BancShares Stock Performance

Shares of FCNCA opened at $1,955.89 on Tuesday. The company has a 50-day moving average of $1,952.91 and a two-hundred day moving average of $1,765.02. The stock has a market cap of $28.42 billion, a price-to-earnings ratio of 10.86 and a beta of 0.82. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.08 and a quick ratio of 1.08. First Citizens BancShares, Inc. has a one year low of $1,274.91 and a one year high of $2,174.80.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results 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 the consensus estimate of $2.30 billion. First Citizens BancShares had a return on equity of 14.84% and a net margin of 18.19%. During the same quarter in the previous year, the company posted $52.60 earnings per share. On average, equities research analysts expect that First Citizens BancShares, Inc. will post 200.92 earnings per share for the current year.

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

First Citizens BancShares Dividend Announcement

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

Wall Street Analysts Forecast Growth

FCNCA has been the topic of a number of recent analyst reports. Jefferies Financial Group assumed 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 price target on the stock. Piper Sandler increased their price target on 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. Keefe, Bruyette & Woods boosted 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. Raymond James raised 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, Barclays boosted 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 research report on Monday, July 29th. Five investment 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 has a consensus rating of “Moderate Buy” and a consensus price target of $1,927.90.

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.