Retireful LLC Invests $801,000 in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Retireful LLC bought a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) during the third quarter, according to its most recent filing with the SEC. The fund bought 435 shares of the bank's stock, valued at approximately $801,000.

Other hedge funds also recently made changes to their positions in the company. Commerce Bank raised its stake in First Citizens BancShares by 4,762.2% in the third quarter. Commerce Bank now owns 21,345 shares of the bank's stock valued at $39,295,000 after purchasing an additional 20,906 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in First Citizens BancShares in the third quarter valued at approximately $414,000. Meeder Asset Management Inc. raised its stake in First Citizens BancShares by 4,666.7% in the third quarter. Meeder Asset Management Inc. now owns 143 shares of the bank's stock valued at $263,000 after purchasing an additional 140 shares in the last quarter. Mawer Investment Management Ltd. grew its position in First Citizens BancShares by 3.2% during the third quarter. Mawer Investment Management Ltd. now owns 9,773 shares of the bank's stock valued at $17,992,000 after acquiring an additional 306 shares during the last quarter. Finally, Thrivent Financial for Lutherans grew its position in First Citizens BancShares by 2.6% during the third quarter. Thrivent Financial for Lutherans now owns 24,554 shares of the bank's stock valued at $45,203,000 after acquiring an additional 633 shares during the last quarter. 61.18% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

FCNCA has been the topic of several recent analyst reports. StockNews.com upgraded shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a report on Thursday, November 14th. Barclays lifted 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. Wedbush cut 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. JPMorgan Chase & Co. cut 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, Piper Sandler lifted 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. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, First Citizens BancShares currently has a consensus rating of "Moderate Buy" and an average price target of $2,025.90.

First Citizens BancShares Price Performance

NASDAQ:FCNCA traded up $40.94 during trading hours on Wednesday, reaching $2,258.67. 113,557 shares of the company were exchanged, compared to its average volume of 87,524. 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 stock's 50-day moving average is $1,995.77 and its 200-day moving average is $1,883.58. The firm has a market cap of $31.60 billion, a PE ratio of 12.94 and a beta of 0.80. First Citizens BancShares, Inc. has a twelve month low of $1,363.97 and a twelve month high of $2,275.90.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its 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 business had revenue of $2.45 billion for the quarter, compared to analysts' expectations of $2.36 billion. During the same period in the previous year, the company earned $55.92 EPS. On average, sell-side analysts anticipate that First Citizens BancShares, Inc. will post 189.06 earnings per share for the current fiscal year.

First Citizens BancShares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be given a $1.95 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $7.80 dividend on an annualized basis and a yield of 0.35%. This is a boost from First Citizens BancShares's previous quarterly dividend of $1.64. First Citizens BancShares's dividend payout ratio is presently 3.76%.

First Citizens BancShares announced that its Board of Directors has initiated a stock buyback program on Thursday, July 25th that allows the company to buyback $3.50 billion in outstanding shares. This buyback authorization allows 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 board believes its shares are undervalued.

First Citizens BancShares 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.