Quarry LP Takes Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Quarry LP bought a new stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 75 shares of the bank’s stock, valued at approximately $126,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Covestor Ltd raised its stake in First Citizens BancShares by 2.9% during the first quarter. Covestor Ltd now owns 215 shares of the bank’s stock valued at $352,000 after buying an additional 6 shares during the last quarter. Wedbush Securities Inc. raised its stake in First Citizens BancShares by 0.5% during the second quarter. Wedbush Securities Inc. now owns 1,199 shares of the bank’s stock valued at $2,019,000 after buying an additional 6 shares during the last quarter. Park Avenue Securities LLC raised 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 last quarter. HB Wealth Management LLC raised its stake in First Citizens BancShares by 3.9% during the second quarter. HB Wealth Management LLC now owns 187 shares of the bank’s stock valued at $315,000 after buying an additional 7 shares during the last quarter. Finally, Raymond James Trust N.A. raised its stake in First Citizens BancShares by 1.6% during the second quarter. Raymond James Trust N.A. now owns 625 shares of the bank’s stock valued at $1,052,000 after buying an additional 10 shares during the last quarter. Hedge funds and other institutional investors own 61.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on FCNCA. Barclays lifted 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 report on Monday, July 29th. Raymond James raised 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 report on Tuesday, July 2nd. Wedbush lowered First Citizens BancShares from an “outperform” rating to a “neutral” rating and cut their price objective for the stock from $2,450.00 to $2,150.00 in a report on Tuesday, September 24th. Jefferies Financial Group initiated coverage on First Citizens BancShares in a report on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 price objective for the company. Finally, Keefe, Bruyette & Woods lifted their price objective on 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. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, First Citizens BancShares presently has a consensus rating of “Moderate Buy” and an average price target of $2,012.11.

First Citizens BancShares Price Performance

NASDAQ:FCNCA opened at $1,818.78 on Wednesday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.72. The company has a market capitalization of $26.43 billion, a P/E ratio of 10.10 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. The business’s 50-day moving average is $1,954.56 and its 200 day moving average is $1,776.06.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Thursday, July 25th. The bank reported $50.87 EPS for the quarter, topping analysts’ consensus estimates of $44.91 by $5.96. The company 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 period in the previous year, the business earned $52.60 earnings per share. On average, equities research analysts forecast that First Citizens BancShares, Inc. will post 200.92 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were given 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 0.36%. First Citizens BancShares’s dividend payout ratio (DPR) is presently 3.64%.

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

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.