First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Bought by E. Ohman J or Asset Management AB

E. Ohman J or Asset Management AB raised its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 3.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,181 shares of the bank’s stock after buying an additional 727 shares during the quarter. E. Ohman J or Asset Management AB’s holdings in First Citizens BancShares were worth $37,152,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Park Avenue Securities LLC raised its holdings in First Citizens BancShares by 1.6% in the first quarter. Park Avenue Securities LLC now owns 450 shares of the bank’s stock valued at $736,000 after buying an additional 7 shares during the period. Hennessy Advisors Inc. lifted its holdings in shares of First Citizens BancShares by 300.0% during the 1st quarter. Hennessy Advisors Inc. now owns 800 shares of the bank’s stock valued at $1,308,000 after acquiring an additional 600 shares in the last quarter. First Bank & Trust boosted its position in First Citizens BancShares by 5.6% during the 1st quarter. First Bank & Trust now owns 245 shares of the bank’s stock worth $401,000 after purchasing an additional 13 shares during the period. Oliver Luxxe Assets LLC acquired a new stake in First Citizens BancShares in the 1st quarter valued at $3,911,000. Finally, Allspring Global Investments Holdings LLC raised its position in First Citizens BancShares by 76.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 25,618 shares of the bank’s stock valued at $41,886,000 after purchasing an additional 11,117 shares during the period. Institutional investors and hedge funds own 61.18% of the company’s stock.

First Citizens BancShares Stock Down 9.7 %

Shares of NASDAQ:FCNCA opened at $1,879.94 on Friday. The firm has a market cap of $27.32 billion, a PE ratio of 10.44 and a beta of 0.81. The company has a fifty day simple moving average of $1,951.59 and a 200 day simple moving average of $1,822.63. 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, Inc. has a 12-month low of $1,290.60 and a 12-month high of $2,174.80.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share for the quarter, missing the consensus estimate of $47.94 by ($2.07). First Citizens BancShares had a return on equity of 14.84% and a net margin of 18.19%. The company had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same period in the previous year, the firm posted $55.92 EPS. On average, equities research analysts anticipate that First Citizens BancShares, Inc. will post 200 EPS for the current fiscal year.

First Citizens BancShares announced that its Board of Directors has authorized a share buyback plan on Thursday, July 25th that permits the company to repurchase $3.50 billion in shares. This repurchase authorization permits the bank to purchase up to 12.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

First Citizens BancShares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be paid a dividend of $1.95 per share. The ex-dividend date is Friday, November 29th. This represents a $7.80 annualized dividend and a yield of 0.41%. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.64. First Citizens BancShares’s dividend payout ratio is presently 3.64%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on FCNCA. Barclays raised their target price on 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. Keefe, Bruyette & Woods lifted their price objective on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Wedbush cut shares of First Citizens BancShares from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $2,450.00 to $2,150.00 in a research report on Tuesday, September 24th. Piper Sandler upped their target price on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Finally, Jefferies Financial Group started coverage on shares of First Citizens BancShares in a research note on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 price target on the stock. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $2,012.11.

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.