First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Acquired by Mawer Investment Management Ltd.

Mawer Investment Management Ltd. boosted its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 3.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,773 shares of the bank's stock after acquiring an additional 306 shares during the period. Mawer Investment Management Ltd. owned 0.07% of First Citizens BancShares worth $17,992,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. LRI Investments LLC purchased a new stake in shares of First Citizens BancShares in the first quarter worth about $33,000. V Square Quantitative Management LLC bought a new position in shares of First Citizens BancShares in the 2nd quarter valued at about $35,000. Gradient Investments LLC purchased a new position in First Citizens BancShares in the second quarter worth about $52,000. GAMMA Investing LLC raised its position in First Citizens BancShares by 129.6% during the third quarter. GAMMA Investing LLC now owns 62 shares of the bank's stock valued at $114,000 after purchasing an additional 35 shares during the period. Finally, Blue Trust Inc. lifted its stake in shares of First Citizens BancShares by 120.0% in the 2nd quarter. Blue Trust Inc. now owns 66 shares of the bank's stock valued at $108,000 after purchasing an additional 36 shares during the last quarter. 61.18% of the stock is owned by hedge funds and other institutional investors.

First Citizens BancShares Stock Performance

NASDAQ FCNCA traded down $6.04 on Monday, reaching $2,194.42. 79,202 shares of the company's stock traded hands, compared to its average volume of 87,403. First Citizens BancShares, Inc. has a fifty-two week low of $1,363.97 and a fifty-two week high of $2,275.90. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. The firm has a market cap of $31.74 billion, a price-to-earnings ratio of 12.57 and a beta of 0.80. The stock has a 50 day moving average price of $1,973.28 and a 200-day moving average price of $1,873.97.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings data on Thursday, October 24th. The bank reported $45.87 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts' expectations of $2.36 billion. During the same quarter in the prior year, the company posted $55.92 EPS. 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. Stockholders of record on Friday, November 29th will be paid a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a dividend yield of 0.36%. This is an increase from First Citizens BancShares's previous quarterly dividend of $1.64. The ex-dividend date is Friday, November 29th. First Citizens BancShares's dividend payout ratio is presently 4.47%.

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

Analyst Ratings Changes

Several research firms have recently weighed in on FCNCA. Wedbush cut their target price on 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. Piper Sandler boosted their price objective on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a "neutral" rating in a research report on Friday, July 26th. Keefe, Bruyette & Woods raised their price target 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. Barclays upped their price objective on shares of 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. Finally, StockNews.com raised shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a research report on Thursday. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, First Citizens BancShares has an average rating of "Moderate Buy" and a consensus target price 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.