Creative Planning Purchases 47 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Creative Planning grew its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 4.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,089 shares of the bank’s stock after buying an additional 47 shares during the period. Creative Planning’s holdings in First Citizens BancShares were worth $1,834,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in FCNCA. SkyView Investment Advisors LLC increased its position in shares of First Citizens BancShares by 10.9% in the second quarter. SkyView Investment Advisors LLC now owns 711 shares of the bank’s stock worth $1,197,000 after purchasing an additional 70 shares during the period. Sculptor Capital LP increased its position in shares of First Citizens BancShares by 16.8% in the second quarter. Sculptor Capital LP now owns 37,998 shares of the bank’s stock worth $63,974,000 after purchasing an additional 5,467 shares during the period. Lighthouse Investment Partners LLC bought a new position in shares of First Citizens BancShares in the second quarter worth $273,000. Mackenzie Financial Corp increased its position in shares of First Citizens BancShares by 783.8% in the second quarter. Mackenzie Financial Corp now owns 14,053 shares of the bank’s stock worth $23,660,000 after purchasing an additional 12,463 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in shares of First Citizens BancShares by 22.7% in the second quarter. The Manufacturers Life Insurance Company now owns 5,682 shares of the bank’s stock worth $9,566,000 after purchasing an additional 1,050 shares during the period. Institutional investors own 61.18% of the company’s stock.

First Citizens BancShares Stock Performance

Shares of FCNCA stock opened at $1,945.48 on Tuesday. The business’s 50-day moving average price is $1,942.79 and its 200-day moving average price is $1,787.12. First Citizens BancShares, Inc. has a 12 month low of $1,290.60 and a 12 month high of $2,174.80. The firm has a market capitalization of $28.27 billion, a price-to-earnings ratio of 10.80 and a beta of 0.81. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.72.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data 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 analyst estimates 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 firm earned $52.60 earnings per share. Equities research analysts forecast that First Citizens BancShares, Inc. will post 200.92 EPS for the current year.

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

First Citizens BancShares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors 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 is currently 3.64%.

Analyst Upgrades and Downgrades

FCNCA has been the topic of a number of recent analyst reports. StockNews.com cut First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Monday. Barclays lifted their target price on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Wedbush cut First Citizens BancShares from an “outperform” rating to a “neutral” rating and decreased their target price for the company from $2,450.00 to $2,150.00 in a research report on Tuesday, September 24th. Piper Sandler lifted their target price on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Finally, Keefe, Bruyette & Woods lifted 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 report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $2,012.11.

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.