Mercer Global Advisors Inc. ADV Purchases 32 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Mercer Global Advisors Inc. ADV raised its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 17.2% in the 2nd quarter, Holdings Channel.com reports. The firm owned 218 shares of the bank’s stock after acquiring an additional 32 shares during the quarter. Mercer Global Advisors Inc. ADV’s holdings in First Citizens BancShares were worth $367,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of First Citizens BancShares by 4.6% in the first quarter. Vanguard Group Inc. now owns 1,064,822 shares of the bank’s stock worth $1,740,984,000 after acquiring an additional 47,167 shares during the period. Wellington Management Group LLP boosted its holdings in shares of First Citizens BancShares by 21.1% in the fourth quarter. Wellington Management Group LLP now owns 239,563 shares of the bank’s stock worth $339,933,000 after acquiring an additional 41,793 shares during the period. Capital Research Global Investors bought a new position in shares of First Citizens BancShares in the first quarter worth $298,180,000. Reinhart Partners LLC. boosted its holdings in shares of First Citizens BancShares by 3.1% in the first quarter. Reinhart Partners LLC. now owns 58,583 shares of the bank’s stock worth $95,783,000 after acquiring an additional 1,780 shares during the period. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of First Citizens BancShares by 10.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 46,626 shares of the bank’s stock worth $66,161,000 after acquiring an additional 4,298 shares during the period. 61.18% of the stock is owned by institutional investors.

Analyst Ratings Changes

FCNCA has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods increased their price objective on 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. Piper Sandler increased 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 report on Friday, July 26th. Barclays increased their price objective on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Wedbush downgraded First Citizens BancShares from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $2,450.00 to $2,150.00 in a research report on Tuesday, September 24th. Finally, Raymond James upgraded First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price objective on the stock in a research report on Tuesday, July 2nd. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $2,012.11.

First Citizens BancShares Stock Down 1.7 %

NASDAQ FCNCA opened at $1,845.53 on Monday. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.08 and a quick ratio of 1.08. The stock has a market capitalization of $26.82 billion, a PE ratio of 10.25 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 business’s 50-day moving average is $1,954.63 and its 200 day moving average is $1,773.88.

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

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

First Citizens BancShares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were given a dividend of $1.64 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $6.56 annualized dividend and a yield of 0.36%. First Citizens BancShares’s payout ratio 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.