American Century Companies Inc. Raises Stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

American Century Companies Inc. raised its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 40.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,404 shares of the bank’s stock after purchasing an additional 1,832 shares during the quarter. American Century Companies Inc.’s holdings in First Citizens BancShares were worth $10,782,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the company. Mawer Investment Management Ltd. raised its position in shares of First Citizens BancShares by 66.3% during the second quarter. Mawer Investment Management Ltd. now owns 9,467 shares of the bank’s stock valued at $15,939,000 after buying an additional 3,773 shares during the last quarter. Daiwa Securities Group Inc. raised its position in shares of First Citizens BancShares by 180.2% during the second quarter. Daiwa Securities Group Inc. now owns 2,057 shares of the bank’s stock valued at $3,463,000 after buying an additional 1,323 shares during the last quarter. Andra AP fonden raised its position in shares of First Citizens BancShares by 14.7% during the second quarter. Andra AP fonden now owns 7,800 shares of the bank’s stock valued at $13,132,000 after buying an additional 1,000 shares during the last quarter. Royal London Asset Management Ltd. raised its position in shares of First Citizens BancShares by 4.5% during the second quarter. Royal London Asset Management Ltd. now owns 8,542 shares of the bank’s stock valued at $14,381,000 after buying an additional 368 shares during the last quarter. Finally, Choreo LLC bought a new stake in shares of First Citizens BancShares during the second quarter valued at approximately $373,000. Hedge funds and other institutional investors own 61.18% of the company’s stock.

First Citizens BancShares Stock Up 1.3 %

NASDAQ:FCNCA opened at $1,965.18 on Monday. First Citizens BancShares, Inc. has a 1-year low of $1,274.91 and a 1-year high of $2,174.80. The company has a 50-day moving average of $1,949.31 and a 200 day moving average of $1,762.28. The firm has a market cap of $28.55 billion, a PE ratio of 10.91 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 (NASDAQ:FCNCA) last released its quarterly earnings results on Thursday, July 25th. The bank reported $50.87 EPS for the quarter, beating the consensus estimate of $44.91 by $5.96. The business had revenue of $3.77 billion during the quarter, compared to analyst estimates of $2.30 billion. First Citizens BancShares had a net margin of 18.19% and a return on equity of 14.84%. During the same period in the prior year, the firm posted $52.60 earnings per share. As a group, research analysts anticipate that First Citizens BancShares, Inc. will post 200.92 EPS for the current fiscal year.

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

First Citizens BancShares Announces Dividend

The company also recently declared 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. This represents a $6.56 annualized dividend and a dividend yield of 0.33%. The ex-dividend date of this dividend was Friday, August 30th. First Citizens BancShares’s payout ratio is 3.64%.

Wall Street Analysts Forecast Growth

FCNCA has been the topic of several research reports. 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. Jefferies Financial Group initiated coverage on shares of First Citizens BancShares in a research report on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 price target on the stock. 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 report on Friday, July 26th. Raymond James upgraded shares of 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, Keefe, Bruyette & Woods boosted their price objective on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $1,927.90.

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.