Acadian Asset Management LLC Buys New Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Acadian Asset Management LLC purchased a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 283 shares of the bank’s stock, valued at approximately $475,000.

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

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Piper Sandler raised 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. Jefferies Financial Group assumed 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 objective 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. 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. Finally, Raymond James upgraded 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. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $1,920.82.

First Citizens BancShares Stock Performance

Shares of FCNCA opened at $1,898.95 on Thursday. First Citizens BancShares, Inc. has a 1 year low of $1,274.91 and a 1 year high of $2,174.80. The company’s 50 day simple moving average is $1,941.14 and its 200 day simple moving average is $1,755.76. The company has a market capitalization of $27.59 billion, a price-to-earnings ratio of 10.54 and a beta of 0.82. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.08 and a current ratio of 1.08.

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

First Citizens BancShares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were given a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 0.35%. The ex-dividend date was Friday, August 30th. First Citizens BancShares’s dividend payout ratio (DPR) is currently 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.