JPMorgan Chase & Co. Increases Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

JPMorgan Chase & Co. increased its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 6.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 288,960 shares of the bank's stock after acquiring an additional 18,501 shares during the quarter. JPMorgan Chase & Co. owned approximately 2.07% of First Citizens BancShares worth $531,961,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. HB Wealth Management LLC grew its holdings in First Citizens BancShares by 3.9% in the second quarter. HB Wealth Management LLC now owns 187 shares of the bank's stock worth $315,000 after purchasing an additional 7 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in First Citizens BancShares by 8.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,039 shares of the bank's stock valued at $3,433,000 after buying an additional 156 shares during the last quarter. Principal Financial Group Inc. raised its stake in First Citizens BancShares by 84.9% in the second quarter. Principal Financial Group Inc. now owns 1,751 shares of the bank's stock valued at $2,948,000 after buying an additional 804 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in First Citizens BancShares by 145.7% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 398 shares of the bank's stock worth $670,000 after acquiring an additional 236 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of First Citizens BancShares by 14.9% during the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 1,003 shares of the bank's stock worth $1,689,000 after acquiring an additional 130 shares during the last quarter. 78.01% of the stock is currently owned by institutional investors.

First Citizens BancShares Trading Down 1.0 %

NASDAQ:FCNCA traded down $20.70 during trading hours on Friday, reaching $2,132.44. 41,546 shares of the stock were exchanged, compared to its average volume of 87,455. First Citizens BancShares, Inc. has a twelve month low of $1,363.97 and a twelve month high of $2,388.78. The business has a 50-day moving average of $2,133.41 and a two-hundred day moving average of $1,969.51. The company has a market capitalization of $29.83 billion, a price-to-earnings ratio of 12.22 and a beta of 0.83. The company has a quick ratio of 1.08, a current 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 (EPS) for the quarter, missing the consensus estimate of $47.40 by ($1.53). The business had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.36 billion. First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. During the same period in the prior year, the company posted $55.92 EPS. On average, equities analysts predict that First Citizens BancShares, Inc. will post 187.88 EPS for the current year.

First Citizens BancShares Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were given a $1.95 dividend. The ex-dividend date of this dividend was Friday, November 29th. This represents a $7.80 dividend on an annualized basis and a yield of 0.37%. 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 currently 4.47%.

Analyst Ratings Changes

Several research firms recently issued reports on FCNCA. Keefe, Bruyette & Woods downgraded First Citizens BancShares from an "outperform" rating to a "market perform" rating and upped their target price for the company from $2,100.00 to $2,500.00 in a research report on Wednesday, December 4th. Wedbush cut their price target on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a "neutral" rating on the stock in a report on Friday, October 25th. The Goldman Sachs Group lifted their price objective on shares of First Citizens BancShares from $2,025.00 to $2,625.00 and gave the company a "buy" rating in a research note on Tuesday, November 26th. UBS Group began coverage on First Citizens BancShares in a research note on Tuesday, December 17th. They set a "buy" rating and a $2,700.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on First Citizens BancShares in a research report on Monday, December 9th. They issued a "buy" rating and a $2,600.00 price objective on the stock. Seven 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 data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $2,243.64.

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.