First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Acquired by Commerce Bank

Commerce Bank increased its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 4,762.2% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 21,345 shares of the bank's stock after purchasing an additional 20,906 shares during the period. Commerce Bank owned 0.15% of First Citizens BancShares worth $39,295,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of FCNCA. LRI Investments LLC acquired a new stake in First Citizens BancShares during the first quarter worth about $33,000. V Square Quantitative Management LLC acquired a new position in First Citizens BancShares in the second quarter valued at about $35,000. Gradient Investments LLC bought a new stake in shares of First Citizens BancShares in the 2nd quarter valued at $52,000. Blue Trust Inc. boosted its stake in First Citizens BancShares by 120.0% in the 2nd quarter. Blue Trust Inc. now owns 66 shares of the bank's stock worth $108,000 after purchasing an additional 36 shares during the period. Finally, GAMMA Investing LLC boosted its stake 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 buying an additional 35 shares during the last quarter. Institutional investors own 61.18% of the company's stock.

First Citizens BancShares Stock Performance

Shares of First Citizens BancShares stock traded up $33.09 on Wednesday, hitting $2,250.82. The stock had a trading volume of 79,928 shares, compared to its average volume of 87,371. The stock has a market cap of $31.49 billion, a price-to-earnings ratio of 12.71 and a beta of 0.80. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68. The business's 50 day moving average is $1,986.99 and its two-hundred day moving average is $1,880.94. 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 posted its quarterly earnings data 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 company had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same period in the prior year, the firm posted $55.92 earnings per share. Analysts forecast that First Citizens BancShares, Inc. will post 189.06 EPS for the current year.

First Citizens BancShares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders 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 dividend on an annualized basis and a yield of 0.35%. First Citizens BancShares's dividend payout ratio (DPR) is 3.76%.

First Citizens BancShares announced that its board has authorized a share repurchase program on Thursday, July 25th that authorizes the company to buyback $3.50 billion in outstanding shares. This buyback authorization authorizes the bank to buy up to 12.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on FCNCA. StockNews.com raised shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a research note on Thursday, November 14th. Barclays raised their price objective on 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. Keefe, Bruyette & Woods boosted their price objective on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an "outperform" rating in a research note on Friday, July 26th. 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 boosted their price target on 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. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $2,025.90.

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.