331 Shares in First Citizens BancShares, Inc. (NASDAQ:FCNCA) Acquired by Edgestream Partners L.P.

Edgestream Partners L.P. bought a new stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 331 shares of the bank’s stock, valued at approximately $557,000.

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

First Citizens BancShares Stock Up 1.3 %

NASDAQ:FCNCA opened at $1,965.18 on Monday. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.08 and a current ratio of 1.08. The company has a market capitalization of $28.55 billion, a price-to-earnings ratio of 10.91 and a beta of 0.82. First Citizens BancShares, Inc. has a one year low of $1,274.91 and a one year high of $2,174.80. The stock has a 50-day simple moving average of $1,949.31 and a 200 day simple moving average of $1,762.28.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Thursday, July 25th. The bank reported $50.87 EPS for the quarter, topping the consensus estimate of $44.91 by $5.96. The company had revenue of $3.77 billion during 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 quarter last year, the firm earned $52.60 EPS. Sell-side analysts predict that First Citizens BancShares, Inc. will post 200.92 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were given a $1.64 dividend. The ex-dividend date was Friday, August 30th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 0.33%. First Citizens BancShares’s payout ratio is currently 3.64%.

First Citizens BancShares declared that its board has approved a stock buyback plan on Thursday, July 25th that authorizes the company to buyback $3.50 billion in shares. This buyback authorization authorizes the bank to purchase up to 12.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Jefferies Financial Group began coverage on First Citizens BancShares in a report on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 price target for the company. Barclays upped their price target on 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. Piper Sandler increased their price objective on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Raymond James raised shares of 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 raised their price target on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, First Citizens BancShares currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,927.90.

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.