6,108 Shares in First Citizens BancShares, Inc. (NASDAQ:FCNCA) Bought by Element Capital Management LLC

Element Capital Management LLC acquired a new stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 6,108 shares of the bank’s stock, valued at approximately $10,283,000. First Citizens BancShares accounts for approximately 0.8% of Element Capital Management LLC’s investment portfolio, making the stock its 16th biggest position.

Other large investors have also recently made changes to their positions in the company. ORG Partners LLC bought a new stake in shares of First Citizens BancShares in the 1st quarter worth approximately $29,000. Mather Group LLC. bought a new stake in shares of First Citizens BancShares in the first quarter valued at $31,000. LRI Investments LLC purchased a new position in shares of First Citizens BancShares during the 1st quarter valued at $33,000. V Square Quantitative Management LLC bought a new position in shares of First Citizens BancShares during the 2nd quarter worth $35,000. Finally, Principal Securities Inc. purchased a new stake in First Citizens BancShares in the 4th quarter worth about $43,000. 61.18% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FCNCA has been the topic of several recent research reports. Barclays upped their price objective 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. Piper Sandler raised their price objective on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a report on Friday, July 26th. Jefferies Financial Group began coverage on shares of First Citizens BancShares in a report on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 target price on the stock. Raymond James upgraded 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 research report on Tuesday, July 2nd. Finally, Keefe, Bruyette & Woods lifted their price target on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, First Citizens BancShares presently has an average rating of “Moderate Buy” and an average price target of $1,920.82.

First Citizens BancShares Stock Performance

First Citizens BancShares stock opened at $1,832.68 on Friday. The firm has a market cap of $26.52 billion, a P/E ratio of 10.17 and a beta of 0.82. First Citizens BancShares, Inc. has a 1-year low of $1,274.91 and a 1-year high of $2,174.80. The firm has a 50-day moving average of $1,930.42 and a 200-day moving average of $1,747.82. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.72.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings results on Thursday, July 25th. The bank reported $50.87 earnings per share for the quarter, beating the consensus estimate of $44.91 by $5.96. The company had revenue of $3.77 billion for the quarter, compared to analyst estimates of $2.30 billion. First Citizens BancShares had a return on equity of 14.84% and a net margin of 18.19%. During the same period in the previous year, the company posted $52.60 earnings per share. Sell-side analysts expect that First Citizens BancShares, Inc. will post 200.92 EPS for the current year.

First Citizens BancShares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be given a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 0.36%. The ex-dividend date of this dividend is Friday, August 30th. First Citizens BancShares’s dividend payout ratio (DPR) is 3.64%.

First Citizens BancShares 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.