Creative Planning Boosts Stock Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Creative Planning increased its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 4.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,138 shares of the bank’s stock after purchasing an additional 49 shares during the quarter. Creative Planning’s holdings in First Citizens BancShares were worth $2,095,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Capital Research Global Investors purchased a new position in shares of First Citizens BancShares during the 1st quarter worth $298,180,000. Vanguard Group Inc. boosted its stake in shares of First Citizens BancShares by 4.6% during the 1st quarter. Vanguard Group Inc. now owns 1,064,822 shares of the bank’s stock worth $1,740,984,000 after acquiring an additional 47,167 shares during the last quarter. Toronto Dominion Bank boosted its stake in shares of First Citizens BancShares by 3,577.5% during the 2nd quarter. Toronto Dominion Bank now owns 35,010 shares of the bank’s stock worth $58,943,000 after acquiring an additional 34,058 shares during the last quarter. Zurich Insurance Group Ltd FI boosted its stake in shares of First Citizens BancShares by 225.2% during the 2nd quarter. Zurich Insurance Group Ltd FI now owns 42,159 shares of the bank’s stock worth $70,979,000 after acquiring an additional 29,194 shares during the last quarter. Finally, Westfield Capital Management Co. LP lifted its stake in shares of First Citizens BancShares by 770.1% during the 1st quarter. Westfield Capital Management Co. LP now owns 27,713 shares of the bank’s stock valued at $45,312,000 after buying an additional 24,528 shares in the last quarter. 61.18% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FCNCA has been the topic of several research analyst reports. StockNews.com cut shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Monday, October 7th. Piper Sandler boosted their price target on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. Keefe, Bruyette & Woods boosted 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 research note on Friday, July 26th. Wedbush reduced their target price on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a report on Friday. Finally, Barclays boosted their target price on shares of 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. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, First Citizens BancShares has an average rating of “Hold” and a consensus target price of $2,025.90.

First Citizens BancShares Price Performance

Shares of FCNCA stock opened at $1,881.83 on Monday. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.08 and a quick ratio of 1.08. The firm’s 50-day moving average is $1,948.26 and its two-hundred day moving average is $1,827.43. First Citizens BancShares, Inc. has a 12 month low of $1,339.10 and a 12 month high of $2,174.80. The company has a market capitalization of $27.23 billion, a PE ratio of 10.35 and a beta of 0.81.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings data on Thursday, October 24th. The bank reported $45.87 earnings per share for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53). First Citizens BancShares had a net margin of 18.19% and a return on equity of 14.84%. The business had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.36 billion. During the same quarter last year, the firm posted $55.92 EPS. Analysts predict that First Citizens BancShares, Inc. will post 198.72 earnings per share for the current year.

First Citizens BancShares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be paid a $1.95 dividend. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.64. This represents a $7.80 annualized dividend and a yield of 0.41%. The ex-dividend date is Friday, November 29th. First Citizens BancShares’s payout ratio is currently 3.61%.

First Citizens BancShares declared that its board has initiated a share 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 purchase up to 12.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management 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.