Janney Montgomery Scott LLC Raises Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Janney Montgomery Scott LLC increased its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 6.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,760 shares of the bank's stock after acquiring an additional 244 shares during the period. Janney Montgomery Scott LLC's holdings in First Citizens BancShares were worth $6,922,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Raymond James & Associates raised its position in First Citizens BancShares by 5.1% in the third quarter. Raymond James & Associates now owns 16,826 shares of the bank's stock worth $30,976,000 after acquiring an additional 811 shares during the period. BNP Paribas Financial Markets raised its holdings in First Citizens BancShares by 19.4% in the 1st quarter. BNP Paribas Financial Markets now owns 3,492 shares of the bank's stock worth $5,709,000 after purchasing an additional 568 shares during the period. Bessemer Group Inc. lifted its position in First Citizens BancShares by 2,583.3% during the first quarter. Bessemer Group Inc. now owns 805 shares of the bank's stock valued at $1,316,000 after purchasing an additional 775 shares in the last quarter. Sei Investments Co. grew its holdings in First Citizens BancShares by 67.5% during the first quarter. Sei Investments Co. now owns 6,067 shares of the bank's stock valued at $9,921,000 after purchasing an additional 2,444 shares during the period. Finally, Cetera Investment Advisers increased its position in First Citizens BancShares by 301.3% in the first quarter. Cetera Investment Advisers now owns 1,244 shares of the bank's stock worth $2,034,000 after buying an additional 934 shares in the last quarter. Hedge funds and other institutional investors own 61.18% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FCNCA. Piper Sandler upped their price target on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a "neutral" rating in a research report on Friday, July 26th. Keefe, Bruyette & Woods increased their price target on 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. JPMorgan Chase & Co. lowered their price objective 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. Wedbush cut their target price on First Citizens BancShares from $2,150.00 to $2,000.00 and set a "neutral" rating for the company in a research report on Friday, October 25th. Finally, Barclays boosted their price target on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an "equal weight" rating in a report on Monday, July 29th. 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 stock. Based on data from MarketBeat.com, First Citizens BancShares has an average rating of "Hold" and a consensus target price of $2,025.90.

First Citizens BancShares Trading Down 0.3 %

Shares of FCNCA traded down $7.22 during midday trading on Friday, hitting $2,165.65. The stock had a trading volume of 78,960 shares, compared to its average volume of 96,599. First Citizens BancShares, Inc. has a 1 year low of $1,363.97 and a 1 year high of $2,275.90. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.08 and a quick ratio of 1.08. The stock's 50 day moving average is $1,952.89 and its 200 day moving average is $1,856.54. The firm has a market cap of $31.33 billion, a PE ratio of 12.41 and a beta of 0.80.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its quarterly earnings results 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). First Citizens BancShares had a return on equity of 13.78% and a net margin of 17.36%. The business had revenue of $2.45 billion during the quarter, compared to analysts' expectations of $2.36 billion. During the same quarter in the previous year, the company posted $55.92 earnings per share. As a group, analysts forecast that First Citizens BancShares, Inc. will post 189.06 EPS 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. Stockholders of record on Friday, November 29th will be given a dividend of $1.95 per share. The ex-dividend date 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 dividend on an annualized basis and a dividend yield of 0.36%. First Citizens BancShares's dividend payout ratio (DPR) is 4.47%.

First Citizens BancShares declared that its board has initiated a share repurchase program on Thursday, July 25th that permits the company to buyback $3.50 billion in outstanding shares. This buyback authorization permits the bank to reacquire up to 12.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its shares are 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.