Freemont Management S.A. Purchases Shares of 1,000 First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Freemont Management S.A. acquired a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,000 shares of the bank's stock, valued at approximately $1,841,000.

Other large investors also recently modified their holdings of the company. Hiddenite Capital Partners LP raised its holdings in shares of First Citizens BancShares by 14.1% in the 3rd quarter. Hiddenite Capital Partners LP now owns 3,230 shares of the bank's stock valued at $5,946,000 after purchasing an additional 400 shares during the period. GSA Capital Partners LLP raised its holdings in shares of First Citizens BancShares by 44.5% in the 3rd quarter. GSA Capital Partners LLP now owns 575 shares of the bank's stock valued at $1,059,000 after purchasing an additional 177 shares during the period. Nations Financial Group Inc. IA ADV raised its holdings in shares of First Citizens BancShares by 4.7% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 314 shares of the bank's stock valued at $578,000 after purchasing an additional 14 shares during the period. Rather & Kittrell Inc. bought a new stake in shares of First Citizens BancShares in the 3rd quarter valued at about $368,000. Finally, Assetmark Inc. raised its holdings in shares of First Citizens BancShares by 29.7% in the 3rd quarter. Assetmark Inc. now owns 3,401 shares of the bank's stock valued at $6,261,000 after purchasing an additional 779 shares during the period. 61.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have weighed in on FCNCA shares. StockNews.com raised shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a report on Thursday. Wedbush lowered their price target 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, October 25th. Piper Sandler increased their price target on shares of 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. JPMorgan Chase & Co. lowered 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 report on Friday, October 25th. Finally, Barclays increased their price target on shares of 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. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $2,025.90.

First Citizens BancShares Price Performance

First Citizens BancShares stock traded down $11.05 during mid-day trading on Thursday, reaching $2,152.02. The company had a trading volume of 82,152 shares, compared to its average volume of 87,549. First Citizens BancShares, Inc. has a fifty-two week low of $1,363.97 and a fifty-two week high of $2,275.90. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68. The company has a market cap of $31.14 billion, a P/E ratio of 12.33 and a beta of 0.80. The business has a fifty day simple moving average of $1,967.24 and a 200 day simple moving average of $1,867.87.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its quarterly earnings results on Thursday, October 24th. The bank reported $45.87 EPS for the quarter, missing analysts' consensus estimates of $47.40 by ($1.53). The business had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.36 billion. First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. During the same quarter last year, the firm posted $55.92 EPS. On average, equities research analysts predict that First Citizens BancShares, Inc. will post 189.06 earnings per share for the current year.

First Citizens BancShares declared that its Board of Directors has authorized a share repurchase program on Thursday, July 25th that permits the company to buyback $3.50 billion in shares. This buyback authorization permits the bank to buy up to 12.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

First Citizens BancShares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be paid a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a yield of 0.36%. The ex-dividend date is Friday, November 29th. This is an increase from First Citizens BancShares's previous quarterly dividend of $1.64. First Citizens BancShares's dividend payout ratio (DPR) is currently 3.76%.

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.