1,936 Shares in First Citizens BancShares, Inc. (NASDAQ:FCNCA) Bought by Balentine LLC

Balentine LLC bought a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 1,936 shares of the bank's stock, valued at approximately $3,564,000. First Citizens BancShares comprises approximately 0.1% of Balentine LLC's holdings, making the stock its 28th biggest holding.

Several other hedge funds and other institutional investors have also modified their holdings of FCNCA. ORG Partners LLC bought a new position in First Citizens BancShares during the 1st quarter worth $29,000. LRI Investments LLC bought a new position in First Citizens BancShares during the first quarter worth about $33,000. V Square Quantitative Management LLC acquired a new stake in First Citizens BancShares in the 2nd quarter worth about $35,000. Gradient Investments LLC bought a new stake in First Citizens BancShares in the 2nd quarter valued at about $52,000. Finally, GAMMA Investing LLC grew its position in shares of First Citizens BancShares by 129.6% during the 3rd quarter. GAMMA Investing LLC now owns 62 shares of the bank's stock worth $114,000 after purchasing an additional 35 shares in the last quarter. Institutional investors own 61.18% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on FCNCA shares. Keefe, Bruyette & Woods upped 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. Piper Sandler increased their price objective on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a "neutral" rating in a research note on Friday, July 26th. Barclays boosted their target price on shares of 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. Jefferies Financial Group began coverage on shares of First Citizens BancShares in a report on Tuesday, July 9th. They set a "buy" rating and a $2,005.00 price target for the company. Finally, JPMorgan Chase & Co. decreased their price objective 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. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $2,025.90.

First Citizens BancShares Trading Up 18.3 %

Shares of NASDAQ FCNCA traded up $351.11 during trading on Wednesday, reaching $2,272.62. The company had a trading volume of 267,978 shares, compared to its average volume of 87,400. First Citizens BancShares, Inc. has a 12 month low of $1,363.97 and a 12 month high of $2,275.90. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.72. The stock has a market cap of $32.88 billion, a P/E ratio of 13.02 and a beta of 0.80. The company's fifty day moving average price is $1,946.57 and its 200-day moving average price is $1,848.89.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings data on Thursday, October 24th. The bank reported $45.87 earnings per share for the quarter, missing the consensus estimate of $47.40 by ($1.53). The firm 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 13.78% and a net margin of 17.36%. During the same quarter last year, the company earned $55.92 earnings per share. As a group, research analysts expect that First Citizens BancShares, Inc. will post 189.06 earnings per share for the current year.

First Citizens BancShares Increases Dividend

The business 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. The ex-dividend date of this dividend is Friday, November 29th. This is a positive change from First Citizens BancShares's previous quarterly dividend of $1.64. This represents a $7.80 annualized dividend and a yield of 0.34%. First Citizens BancShares's dividend payout ratio is currently 4.47%.

First Citizens BancShares announced that its board has approved a stock buyback plan 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 stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership 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.