The Manufacturers Life Insurance Company Increases Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

The Manufacturers Life Insurance Company increased its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 16.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,628 shares of the bank's stock after acquiring an additional 946 shares during the quarter. The Manufacturers Life Insurance Company's holdings in First Citizens BancShares were worth $12,202,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Janus Henderson Group PLC grew its stake in First Citizens BancShares by 1.2% in the 1st quarter. Janus Henderson Group PLC now owns 903 shares of the bank's stock worth $1,475,000 after buying an additional 11 shares in the last quarter. Tidal Investments LLC grew its position in First Citizens BancShares by 11.7% in the first quarter. Tidal Investments LLC now owns 592 shares of the bank's stock worth $968,000 after acquiring an additional 62 shares in the last quarter. Cetera Investment Advisers increased its stake in First Citizens BancShares by 301.3% in the first quarter. Cetera Investment Advisers now owns 1,244 shares of the bank's stock valued at $2,034,000 after acquiring an additional 934 shares during the last quarter. Cetera Advisors LLC purchased a new stake in First Citizens BancShares during the first quarter valued at about $391,000. Finally, DNB Asset Management AS lifted its stake in First Citizens BancShares by 7.0% during the second quarter. DNB Asset Management AS now owns 1,808 shares of the bank's stock worth $3,046,000 after purchasing an additional 118 shares during the last quarter. Hedge funds and other institutional investors own 61.18% of the company's stock.

First Citizens BancShares Stock Down 1.7 %

FCNCA stock traded down $37.58 during midday trading on Tuesday, hitting $2,185.63. The company's stock had a trading volume of 29,994 shares, compared to its average volume of 87,576. The firm's 50-day moving average is $2,061.12 and its 200-day moving average is $1,917.06. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68. First Citizens BancShares, Inc. has a 12 month low of $1,363.97 and a 12 month high of $2,388.78. The company has a market cap of $30.58 billion, a PE ratio of 12.74 and a beta of 0.83.

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 analysts' consensus estimates of $47.40 by ($1.53). The company had revenue of $2.45 billion for the quarter, compared to analysts' expectations of $2.36 billion. First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%. During the same period in the previous year, the business earned $55.92 EPS. On average, equities research analysts forecast that First Citizens BancShares, Inc. will post 187.88 earnings per share for the current fiscal year.

First Citizens BancShares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be paid a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a dividend yield of 0.36%. 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 (DPR) is currently 4.47%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. The Goldman Sachs Group boosted their price objective on shares of First Citizens BancShares from $2,025.00 to $2,625.00 and gave the stock a "buy" rating in a report on Tuesday, November 26th. StockNews.com upgraded shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a research report on Thursday, November 14th. JPMorgan Chase & Co. decreased their price objective on 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. Finally, Wedbush dropped their target price on 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 investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $2,093.40.

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.