CIBC Asset Management Inc Grows Stock Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

CIBC Asset Management Inc raised its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 5.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 503 shares of the bank’s stock after acquiring an additional 26 shares during the quarter. CIBC Asset Management Inc’s holdings in First Citizens BancShares were worth $926,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in FCNCA. Raymond James & Associates boosted its position in shares of First Citizens BancShares by 5.1% in the third quarter. Raymond James & Associates now owns 16,826 shares of the bank’s stock valued at $30,976,000 after acquiring an additional 811 shares during the period. Bessemer Group Inc. grew its position in shares of First Citizens BancShares by 2,583.3% during the 1st quarter. Bessemer Group Inc. now owns 805 shares of the bank’s stock valued at $1,316,000 after purchasing an additional 775 shares in the last quarter. Balentine LLC purchased a new position in shares of First Citizens BancShares during the 3rd quarter valued at $3,564,000. Cetera Investment Advisers increased its holdings in shares of First Citizens BancShares by 301.3% in the first quarter. Cetera Investment Advisers now owns 1,244 shares of the bank’s stock worth $2,034,000 after purchasing an additional 934 shares during the period. Finally, Oliver Luxxe Assets LLC raised its position in shares of First Citizens BancShares by 22.6% in the third quarter. Oliver Luxxe Assets LLC now owns 2,916 shares of the bank’s stock worth $5,368,000 after buying an additional 537 shares in the last quarter. Hedge funds and other institutional investors own 61.18% of the company’s stock.

First Citizens BancShares Trading Up 1.8 %

NASDAQ FCNCA opened at $2,258.67 on Thursday. The stock’s fifty day moving average price is $1,995.77 and its 200-day moving average price is $1,883.58. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68. The stock has a market cap of $31.60 billion, a P/E ratio of 12.94 and a beta of 0.80. First Citizens BancShares, Inc. has a 12 month low of $1,363.97 and a 12 month high of $2,275.90.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share for the quarter, missing the consensus estimate of $47.40 by ($1.53). The firm had revenue of $2.45 billion for the quarter, compared to the consensus estimate 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 last year, the business earned $55.92 EPS. As a group, equities analysts forecast that First Citizens BancShares, Inc. will post 189.06 EPS for the current fiscal year.

First Citizens BancShares announced that its board has approved a share repurchase program on Thursday, July 25th that permits the company to buyback $3.50 billion in outstanding shares. This buyback authorization permits the bank to reacquire up to 12.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.

First Citizens BancShares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be issued a $1.95 dividend. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.64. The ex-dividend date is Friday, November 29th. This represents a $7.80 dividend on an annualized basis and a yield of 0.35%. First Citizens BancShares’s dividend payout ratio is currently 3.76%.

Analyst Upgrades and Downgrades

FCNCA has been the topic of several research reports. Wedbush lowered their price objective on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a research report on Friday, October 25th. Keefe, Bruyette & Woods raised 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. Piper Sandler upped their price objective on 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. Barclays raised their price objective 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. Finally, JPMorgan Chase & Co. cut their target price on First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating for the company in a research note on Friday, October 25th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $2,025.90.

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.