Charles Schwab Investment Management Inc. Raises Stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Charles Schwab Investment Management Inc. grew its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 2.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 47,156 shares of the bank's stock after buying an additional 1,339 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.33% of First Citizens BancShares worth $86,812,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in FCNCA. Reinhart Partners LLC. increased its holdings in First Citizens BancShares by 0.7% during the third quarter. Reinhart Partners LLC. now owns 56,798 shares of the bank's stock valued at $104,562,000 after buying an additional 416 shares during the period. Zurich Insurance Group Ltd FI raised its position in shares of First Citizens BancShares by 225.2% in the 2nd quarter. Zurich Insurance Group Ltd FI now owns 42,159 shares of the bank's stock worth $70,979,000 after acquiring an additional 29,194 shares in the last quarter. Sculptor Capital LP lifted its stake in shares of First Citizens BancShares by 16.8% during the 2nd quarter. Sculptor Capital LP now owns 37,998 shares of the bank's stock worth $63,974,000 after purchasing an additional 5,467 shares during the last quarter. Thompson Siegel & Walmsley LLC boosted its position in First Citizens BancShares by 8.4% during the second quarter. Thompson Siegel & Walmsley LLC now owns 37,697 shares of the bank's stock valued at $63,467,000 after purchasing an additional 2,926 shares in the last quarter. Finally, Toronto Dominion Bank boosted its position in First Citizens BancShares by 3,577.5% during the second quarter. Toronto Dominion Bank now owns 35,010 shares of the bank's stock valued at $58,943,000 after purchasing an additional 34,058 shares in the last quarter. Institutional investors own 61.18% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on FCNCA shares. Wedbush lowered their target price 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 note on Friday, October 25th. The Goldman Sachs Group raised their price objective on First Citizens BancShares from $2,025.00 to $2,625.00 and gave the stock a "buy" rating in a research report on Tuesday. JPMorgan Chase & Co. reduced their target price on First Citizens BancShares from $2,550.00 to $2,300.00 and set an "overweight" rating on the stock in a research report on Friday, October 25th. Finally, StockNews.com raised shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a research report on Thursday, November 14th. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $2,093.40.

First Citizens BancShares Stock Performance

NASDAQ FCNCA opened at $2,308.48 on Thursday. The stock has a market capitalization of $32.30 billion, a price-to-earnings ratio of 13.23 and a beta of 0.80. The stock has a 50-day moving average of $2,033.61 and a 200 day moving average of $1,901.75. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68. First Citizens BancShares, Inc. has a twelve month low of $1,363.97 and a twelve month high of $2,388.78.

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 (EPS) for the quarter, missing the consensus estimate of $47.40 by ($1.53). The company had revenue of $2.45 billion for the quarter, compared to analysts' expectations of $2.36 billion. First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%. During the same period in the previous year, the business earned $55.92 earnings per share. Sell-side analysts anticipate that First Citizens BancShares, Inc. will post 187.88 EPS for the current fiscal year.

First Citizens BancShares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders 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 yield of 0.34%. This is a positive change from First Citizens BancShares's previous quarterly dividend of $1.64. First Citizens BancShares's dividend payout ratio (DPR) is presently 3.76%.

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.