Plato Investment Management Ltd Has $252,000 Stock Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Plato Investment Management Ltd lowered its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 64.3% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 137 shares of the bank's stock after selling 247 shares during the period. Plato Investment Management Ltd's holdings in First Citizens BancShares were worth $252,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of FCNCA. Capital Research Global Investors acquired a new stake in shares of First Citizens BancShares during the first quarter worth $298,180,000. Vanguard Group Inc. raised 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 in the last quarter. Toronto Dominion Bank boosted its holdings in First Citizens BancShares by 3,577.5% in the 2nd quarter. Toronto Dominion Bank now owns 35,010 shares of the bank's stock valued at $58,943,000 after purchasing an additional 34,058 shares during the period. Zurich Insurance Group Ltd FI boosted its holdings in First Citizens BancShares by 225.2% in the 2nd quarter. Zurich Insurance Group Ltd FI now owns 42,159 shares of the bank's stock valued at $70,979,000 after purchasing an additional 29,194 shares during the period. Finally, Westfield Capital Management Co. LP grew its position in shares of First Citizens BancShares by 770.1% during the 1st quarter. Westfield Capital Management Co. LP now owns 27,713 shares of the bank's stock worth $45,312,000 after purchasing an additional 24,528 shares in the last quarter. 61.18% of the stock is owned by institutional investors.

First Citizens BancShares Price Performance

First Citizens BancShares stock traded up $48.44 during mid-day trading on Friday, reaching $2,200.46. The company had a trading volume of 63,438 shares, compared to its average volume of 87,440. 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 business has a fifty day simple moving average of $1,973.28 and a 200 day simple moving average of $1,872.59. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68. The company has a market cap of $31.84 billion, a P/E ratio of 12.61 and a beta of 0.80.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its 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 company had revenue of $2.45 billion for the quarter, compared to the consensus estimate 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 business earned $55.92 earnings per share. On average, equities research analysts predict that First Citizens BancShares, Inc. will post 189.06 earnings per share for the current year.

First Citizens BancShares announced that its board has authorized a stock repurchase plan on Thursday, July 25th that authorizes the company to repurchase $3.50 billion in shares. This repurchase authorization authorizes the bank to buy up to 12.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.

First Citizens BancShares Increases Dividend

The firm 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 $1.95 dividend. The ex-dividend date of this dividend is Friday, November 29th. This is a positive change from First Citizens BancShares's previous quarterly dividend of $1.64. This represents a $7.80 annualized dividend and a dividend yield of 0.35%. First Citizens BancShares's dividend payout ratio (DPR) is 3.76%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on FCNCA shares. Piper Sandler raised their price objective 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. 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. Keefe, Bruyette & Woods upped their price objective on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an "outperform" rating in a research report on Friday, July 26th. Barclays raised their target price on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an "equal weight" rating in a report on Monday, July 29th. Finally, Wedbush cut their price target on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a "neutral" rating for the company in a report on Friday, October 25th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $2,025.90.

First Citizens BancShares Company Profile

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.