Hsbc Holdings PLC Boosts Stock Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Hsbc Holdings PLC increased its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 65.8% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 18,688 shares of the bank’s stock after buying an additional 7,414 shares during the period. Hsbc Holdings PLC owned 0.13% of First Citizens BancShares worth $31,422,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in FCNCA. Principal Securities Inc. purchased a new stake in shares of First Citizens BancShares in the 4th quarter worth approximately $43,000. Envestnet Portfolio Solutions Inc. boosted its stake in First Citizens BancShares by 4.5% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 161 shares of the bank’s stock valued at $229,000 after purchasing an additional 7 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in First Citizens BancShares by 4.3% during the 4th quarter. PNC Financial Services Group Inc. now owns 832 shares of the bank’s stock valued at $1,181,000 after purchasing an additional 34 shares during the last quarter. Coldstream Capital Management Inc. boosted its stake in First Citizens BancShares by 51.2% during the 4th quarter. Coldstream Capital Management Inc. now owns 257 shares of the bank’s stock valued at $365,000 after purchasing an additional 87 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its stake in First Citizens BancShares by 83.7% during the 4th quarter. Wells Fargo & Company MN now owns 15,212 shares of the bank’s stock valued at $21,586,000 after purchasing an additional 6,931 shares during the last quarter. Hedge funds and other institutional investors own 61.18% of the company’s stock.

Wall Street Analyst Weigh In

FCNCA has been the topic of several recent analyst reports. Keefe, Bruyette & Woods increased their target price on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Barclays increased 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. 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 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 report on Friday, July 26th. Finally, Raymond James raised 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 report on Tuesday, July 2nd. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $1,927.90.

First Citizens BancShares Price Performance

Shares of First Citizens BancShares stock opened at $1,965.18 on Friday. The stock’s 50-day simple moving average is $1,949.31 and its 200-day simple moving average is $1,760.95. First Citizens BancShares, Inc. has a 52 week low of $1,274.91 and a 52 week high of $2,174.80. The company has a market capitalization of $28.55 billion, a price-to-earnings ratio of 10.91 and a beta of 0.82. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.72.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Thursday, July 25th. The bank reported $50.87 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $3.77 billion for the quarter, compared to analysts’ expectations of $2.30 billion. During the same period in the previous year, the firm posted $52.60 earnings per share. As a group, analysts expect that First Citizens BancShares, Inc. will post 200.92 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were paid a dividend of $1.64 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 0.33%. First Citizens BancShares’s dividend payout ratio is 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.

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.