Cortland Associates Inc. MO Has $52.42 Million Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Cortland Associates Inc. MO lowered its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 1.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,477 shares of the bank's stock after selling 358 shares during the quarter. First Citizens BancShares comprises about 6.4% of Cortland Associates Inc. MO's investment portfolio, making the stock its 6th biggest position. Cortland Associates Inc. MO owned approximately 0.20% of First Citizens BancShares worth $52,424,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Covestor Ltd increased its stake in shares of First Citizens BancShares by 2.9% in the first quarter. Covestor Ltd now owns 215 shares of the bank's stock worth $352,000 after purchasing an additional 6 shares during the period. Wedbush Securities Inc. increased its holdings in shares of First Citizens BancShares by 0.5% during the second quarter. Wedbush Securities Inc. now owns 1,199 shares of the bank's stock worth $2,019,000 after buying an additional 6 shares in the last quarter. HB Wealth Management LLC boosted its stake 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 in the last quarter. Tandem Capital Management Corp ADV grew its holdings in First Citizens BancShares by 1.8% during the 3rd quarter. Tandem Capital Management Corp ADV now owns 459 shares of the bank's stock worth $845,000 after acquiring an additional 8 shares during the last quarter. Finally, Raymond James Trust N.A. increased its holdings in shares of First Citizens BancShares by 1.6% in the second quarter. Raymond James Trust N.A. now owns 625 shares of the bank's stock valued at $1,052,000 after purchasing an additional 10 shares in the last quarter. Institutional investors and hedge funds own 61.18% of the company's stock.

First Citizens BancShares Price Performance

Shares of NASDAQ FCNCA traded down $20.81 during midday trading on Monday, reaching $1,905.96. 71,963 shares of the company were exchanged, compared to its average volume of 86,644. First Citizens BancShares, Inc. has a one year low of $1,363.97 and a one year high of $2,174.80. The stock's 50-day moving average price is $1,942.36 and its 200-day moving average price is $1,840.92. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.72. The stock has a market cap of $27.58 billion, a P/E ratio of 10.95 and a beta of 0.80.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced 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 during the quarter, compared to analyst estimates of $2.36 billion. First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.78%. During the same quarter last year, the company posted $55.92 earnings per share. On average, sell-side analysts anticipate that First Citizens BancShares, Inc. will post 189.06 earnings per share for the current fiscal year.

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

First Citizens BancShares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.41%. The ex-dividend date is Friday, November 29th. This is a boost from First Citizens BancShares's previous quarterly dividend of $1.64. First Citizens BancShares's dividend payout ratio is 3.76%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on FCNCA. Piper Sandler increased their target price on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a "neutral" rating in a research note on Friday, July 26th. Jefferies Financial Group assumed coverage on First Citizens BancShares in a research note on Tuesday, July 9th. They issued a "buy" rating and a $2,005.00 target price on the stock. JPMorgan Chase & Co. lowered their price objective on shares of First Citizens BancShares from $2,550.00 to $2,300.00 and set an "overweight" rating on the stock in a report on Friday, October 25th. Barclays increased their target price on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an "equal weight" rating in a report on Monday, July 29th. Finally, Wedbush reduced their price objective on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a "neutral" 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 data from MarketBeat.com, First Citizens BancShares presently 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.