Forsta AP Fonden Purchases 300 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Forsta AP Fonden boosted its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 14.3% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,400 shares of the bank's stock after purchasing an additional 300 shares during the period. Forsta AP Fonden's holdings in First Citizens BancShares were worth $4,418,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in FCNCA. ORG Partners LLC bought a new position in shares of First Citizens BancShares during the 1st quarter worth approximately $29,000. LRI Investments LLC bought a new position in First Citizens BancShares in the 1st quarter valued at about $33,000. V Square Quantitative Management LLC acquired a new stake in First Citizens BancShares during the second quarter worth approximately $35,000. Gradient Investments LLC acquired a new position in shares of First Citizens BancShares in the second quarter valued at approximately $52,000. Finally, Blue Trust Inc. increased its stake in shares of First Citizens BancShares by 120.0% during the second quarter. Blue Trust Inc. now owns 66 shares of the bank's stock worth $108,000 after purchasing an additional 36 shares during the period. 61.18% of the stock is owned by institutional investors.

First Citizens BancShares Trading Up 1.4 %

Shares of First Citizens BancShares stock traded up $26.59 during midday trading on Wednesday, reaching $1,968.45. The company had a trading volume of 47,580 shares, compared to its average volume of 86,580. The firm has a market cap of $28.60 billion, a PE ratio of 10.90 and a beta of 0.81. The stock has a fifty day moving average price of $1,945.16 and a 200 day moving average price of $1,832.34. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.08 and a quick ratio of 1.08. First Citizens BancShares, Inc. has a fifty-two week low of $1,339.10 and a fifty-two week high of $2,174.80.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its earnings results on Thursday, October 24th. The bank reported $45.87 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 the consensus estimate 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 previous year, the company earned $55.92 EPS. On average, equities analysts anticipate that First Citizens BancShares, Inc. will post 198.72 earnings per share for the current year.

First Citizens BancShares Increases Dividend

The company 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 $1.95 dividend. The ex-dividend date is Friday, November 29th. This is an increase from First Citizens BancShares's previous quarterly dividend of $1.64. This represents a $7.80 annualized dividend and a dividend yield of 0.40%. First Citizens BancShares's dividend payout ratio (DPR) is currently 4.33%.

First Citizens BancShares declared that its Board of Directors has initiated a share repurchase program on Thursday, July 25th that permits the company to repurchase $3.50 billion in outstanding shares. This repurchase authorization permits the bank to purchase up to 12.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Jefferies Financial Group began coverage on shares of First Citizens BancShares in a report on Tuesday, July 9th. They issued a "buy" rating and a $2,005.00 price objective for the company. Barclays increased 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 research report on Monday, July 29th. Keefe, Bruyette & Woods lifted their price objective on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an "outperform" rating in a report on Friday, July 26th. Raymond James raised First Citizens BancShares from a "market perform" rating to an "outperform" rating and set a $1,900.00 target price on the stock in a report on Tuesday, July 2nd. Finally, JPMorgan Chase & Co. dropped their price target on First Citizens BancShares from $2,550.00 to $2,300.00 and set an "overweight" rating for the company in a research note on Friday, October 25th. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average 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.