E. Ohman J or Asset Management AB Has $37.15 Million Stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

E. Ohman J or Asset Management AB lifted its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 3.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 20,181 shares of the bank's stock after purchasing an additional 727 shares during the period. E. Ohman J or Asset Management AB owned approximately 0.14% of First Citizens BancShares worth $37,152,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. boosted its stake in First Citizens BancShares by 4.6% in the 1st quarter. Vanguard Group Inc. now owns 1,064,822 shares of the bank's stock worth $1,740,984,000 after purchasing an additional 47,167 shares during the period. Capital Research Global Investors purchased a new stake in shares of First Citizens BancShares in the first quarter valued at $298,180,000. Reinhart Partners LLC. boosted its position in shares of First Citizens BancShares by 0.7% in the third quarter. Reinhart Partners LLC. now owns 56,798 shares of the bank's stock worth $104,562,000 after buying an additional 416 shares during the period. Zurich Insurance Group Ltd FI grew its holdings in shares of First Citizens BancShares by 225.2% during the second quarter. Zurich Insurance Group Ltd FI now owns 42,159 shares of the bank's stock valued at $70,979,000 after buying an additional 29,194 shares in the last quarter. Finally, Sculptor Capital LP raised its position in First Citizens BancShares by 16.8% during the second quarter. Sculptor Capital LP now owns 37,998 shares of the bank's stock valued at $63,974,000 after buying an additional 5,467 shares during the period. 61.18% of the stock is owned by hedge funds and other institutional investors.

First Citizens BancShares Stock Performance

FCNCA stock traded up $1.89 during trading on Friday, reaching $1,881.83. 133,777 shares of the stock were exchanged, compared to its average volume of 86,645. The stock has a 50 day simple moving average of $1,951.59 and a 200-day simple moving average of $1,822.63. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.72. The company has a market capitalization of $27.34 billion, a P/E ratio of 10.50 and a beta of 0.81. First Citizens BancShares, Inc. has a twelve month low of $1,339.10 and a twelve month high of $2,174.80.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced 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). The business had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.36 billion. First Citizens BancShares had a net margin of 18.19% and a return on equity of 14.84%. During the same quarter in the prior year, the company posted $55.92 EPS. As a group, sell-side analysts anticipate that First Citizens BancShares, Inc. will post 200 earnings per share for the current year.

First Citizens BancShares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be issued a dividend of $1.95 per share. 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 dividend yield of 0.41%. First Citizens BancShares's dividend payout ratio (DPR) is presently 3.64%.

First Citizens BancShares declared that its board has initiated a share repurchase plan on Thursday, July 25th that permits the company to repurchase $3.50 billion in shares. This repurchase authorization permits the bank to reacquire up to 12.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Analyst Ratings Changes

Several research firms have weighed in on FCNCA. StockNews.com lowered shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a research note on Monday, October 7th. JPMorgan Chase & Co. dropped 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 research note on Friday. Barclays lifted 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. Wedbush dropped 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. Finally, Piper Sandler lifted their price target on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a "neutral" rating in a report on Friday, July 26th. One analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus 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.