Natixis Advisors LLC Buys 899 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Natixis Advisors LLC raised its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 4.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,366 shares of the bank's stock after acquiring an additional 899 shares during the period. Natixis Advisors LLC owned about 0.15% of First Citizens BancShares worth $41,175,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of FCNCA. LRI Investments LLC purchased a new stake in First Citizens BancShares in the 1st quarter worth about $33,000. V Square Quantitative Management LLC purchased a new stake in First Citizens BancShares in the 2nd quarter worth about $35,000. Gradient Investments LLC purchased a new stake in First Citizens BancShares in the 2nd quarter worth about $52,000. Blue Trust Inc. grew its holdings in First Citizens BancShares by 120.0% during the 2nd quarter. Blue Trust Inc. now owns 66 shares of the bank's stock valued at $108,000 after buying an additional 36 shares in the last quarter. Finally, GAMMA Investing LLC grew its holdings in First Citizens BancShares by 129.6% during the 3rd quarter. GAMMA Investing LLC now owns 62 shares of the bank's stock valued at $114,000 after buying an additional 35 shares in the last quarter. 61.18% of the stock is currently owned by institutional investors.

First Citizens BancShares Stock Down 0.3 %

First Citizens BancShares stock traded down $6.04 on Monday, hitting $2,194.42. 79,202 shares of the stock traded hands, compared to its average volume of 87,403. 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 cap of $31.74 billion, a P/E ratio of 12.57 and a beta of 0.80. The business's fifty day simple moving average is $1,973.28 and its 200 day simple moving average is $1,873.97. 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 (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 net margin of 17.36% and a return on equity of 13.63%. The company had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter in the previous year, the business earned $55.92 earnings per share. As a group, sell-side analysts forecast that First Citizens BancShares, Inc. will post 189.06 earnings per share for the current year.

First Citizens BancShares announced that its Board of Directors has initiated a stock buyback program on Thursday, July 25th that authorizes the company to repurchase $3.50 billion in outstanding shares. This repurchase authorization authorizes the bank to buy up to 12.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's management believes its stock is undervalued.

First Citizens BancShares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be issued a dividend of $1.95 per share. This is a boost from First Citizens BancShares's previous quarterly dividend of $1.64. The ex-dividend date is Friday, November 29th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.36%. First Citizens BancShares's dividend payout ratio is presently 4.47%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Piper Sandler boosted their price objective on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a "neutral" rating in a report on Friday, July 26th. Barclays boosted 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. JPMorgan Chase & Co. lowered 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 report on Friday, October 25th. Wedbush lowered their price objective 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, 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 report 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 company's 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.