First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Acquired by Empowered Funds LLC

Empowered Funds LLC lifted its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 35.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 230 shares of the bank’s stock after purchasing an additional 60 shares during the quarter. Empowered Funds LLC’s holdings in First Citizens BancShares were worth $423,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. LRI Investments LLC purchased a new stake in shares of First Citizens BancShares in the 1st quarter valued at approximately $33,000. V Square Quantitative Management LLC purchased a new position in First Citizens BancShares in the second quarter worth approximately $35,000. Gradient Investments LLC purchased a new position in First Citizens BancShares in the second quarter worth approximately $52,000. Blue Trust Inc. increased its stake in First Citizens BancShares by 120.0% during the second quarter. Blue Trust Inc. now owns 66 shares of the bank’s stock worth $108,000 after acquiring an additional 36 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in First Citizens BancShares by 129.6% in the third quarter. GAMMA Investing LLC now owns 62 shares of the bank’s stock valued at $114,000 after purchasing an additional 35 shares during the period. Hedge funds and other institutional investors own 61.18% of the company’s stock.

First Citizens BancShares Price Performance

Shares of NASDAQ FCNCA opened at $2,353.08 on Monday. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08. The company has a market cap of $32.92 billion, a price-to-earnings ratio of 13.48 and a beta of 0.80. The stock’s 50-day moving average is $2,016.00 and its two-hundred day moving average is $1,893.32. First Citizens BancShares, Inc. has a 1-year low of $1,363.97 and a 1-year high of $2,363.90.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53). First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. The firm had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.36 billion. During the same quarter in the prior year, the firm earned $55.92 EPS. Analysts forecast that First Citizens BancShares, Inc. will post 187.88 EPS for the current fiscal year.

First Citizens BancShares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be issued a $1.95 dividend. The ex-dividend date is Friday, November 29th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.33%. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.64. First Citizens BancShares’s dividend payout ratio is presently 3.76%.

Analysts Set New Price Targets

A number of analysts recently issued reports on FCNCA shares. Barclays raised their price objective on 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. JPMorgan Chase & Co. reduced their price target on shares of First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating on the stock in a research note on Friday, October 25th. Wedbush lowered their price objective on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a research report on Friday, October 25th. Finally, StockNews.com upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Thursday, November 14th. Five analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, First Citizens BancShares currently has an average rating of “Moderate Buy” and an average target price of $2,025.90.

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.