First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Purchased by Assetmark Inc.

Assetmark Inc. raised its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 29.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,401 shares of the bank's stock after acquiring an additional 779 shares during the period. Assetmark Inc.'s holdings in First Citizens BancShares were worth $6,261,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Capital Research Global Investors bought a new position in shares of First Citizens BancShares during the 1st quarter worth approximately $298,180,000. Vanguard Group Inc. grew its position in First Citizens BancShares by 4.6% during the first quarter. Vanguard Group Inc. now owns 1,064,822 shares of the bank's stock worth $1,740,984,000 after buying an additional 47,167 shares in the last quarter. Toronto Dominion Bank boosted its position in First Citizens BancShares by 3,577.5% during the 2nd quarter. Toronto Dominion Bank now owns 35,010 shares of the bank's stock valued at $58,943,000 after buying an additional 34,058 shares during the period. Zurich Insurance Group Ltd FI boosted its stake in First Citizens BancShares by 225.2% during the 2nd quarter. Zurich Insurance Group Ltd FI now owns 42,159 shares of the bank's stock valued at $70,979,000 after purchasing an additional 29,194 shares during the last quarter. Finally, Westfield Capital Management Co. LP grew its holdings in First Citizens BancShares by 770.1% during the 1st quarter. Westfield Capital Management Co. LP now owns 27,713 shares of the bank's stock valued at $45,312,000 after buying an additional 24,528 shares in the last quarter. Institutional investors own 61.18% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods boosted their price target on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an "outperform" rating in a research note on Friday, July 26th. StockNews.com downgraded First Citizens BancShares from a "hold" rating to a "sell" rating in a report on Tuesday, November 5th. Barclays increased their target price on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an "equal weight" rating in a research note on Monday, July 29th. JPMorgan Chase & Co. reduced their price objective on First Citizens BancShares from $2,550.00 to $2,300.00 and set an "overweight" rating for the company in a research note on Friday, October 25th. Finally, Wedbush reduced their price objective on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a "neutral" rating on the stock in a research report on Friday, October 25th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $2,025.90.

First Citizens BancShares Stock Performance

Shares of FCNCA traded down $17.62 during midday trading on Tuesday, hitting $2,175.45. 109,693 shares of the stock traded hands, compared to its average volume of 87,699. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.08 and a current ratio of 1.08. The business's 50 day moving average price is $1,956.13 and its two-hundred day moving average price is $1,860.83. First Citizens BancShares, Inc. has a 1-year low of $1,363.97 and a 1-year high of $2,275.90. The firm has a market capitalization of $31.48 billion, a PE ratio of 12.56 and a beta of 0.80.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share for the quarter, missing analysts' consensus estimates of $47.40 by ($1.53). First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.78%. The firm had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.36 billion. During the same quarter in the prior year, the business earned $55.92 earnings per share. Equities research analysts predict that First Citizens BancShares, Inc. will post 189.06 EPS for the current fiscal year.

First Citizens BancShares Increases Dividend

The firm 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 $1.95 dividend. The ex-dividend date is Friday, November 29th. This is a boost from First Citizens BancShares's previous quarterly dividend of $1.64. This represents a $7.80 annualized dividend and a dividend yield of 0.36%. First Citizens BancShares's dividend payout ratio (DPR) is presently 3.76%.

First Citizens BancShares announced that its board has approved a stock repurchase plan on Thursday, July 25th that allows the company to repurchase $3.50 billion in shares. This repurchase authorization allows the bank to buy up to 12.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

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.