Commonwealth Equity Services LLC Acquires 72 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Commonwealth Equity Services LLC raised its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 20.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 427 shares of the bank’s stock after purchasing an additional 72 shares during the period. Commonwealth Equity Services LLC’s holdings in First Citizens BancShares were worth $720,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. ORG Partners LLC purchased a new position in shares of First Citizens BancShares during the 1st quarter worth approximately $29,000. Mather Group LLC. purchased a new stake in First Citizens BancShares in the first quarter worth $31,000. LRI Investments LLC bought a new position in First Citizens BancShares in the first quarter worth $33,000. V Square Quantitative Management LLC purchased a new position in First Citizens BancShares during the second quarter valued at $35,000. Finally, Principal Securities Inc. bought a new stake 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.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FCNCA. Jefferies Financial Group assumed coverage on shares of First Citizens BancShares in a report on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 target price for the company. Raymond James raised First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price objective for the company in a research report on Tuesday, July 2nd. Piper Sandler boosted their target price 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 target 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, Keefe, Bruyette & Woods upped their price target on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, First Citizens BancShares has an average rating of “Moderate Buy” and a consensus price target of $1,920.82.

First Citizens BancShares Stock Down 0.8 %

FCNCA opened at $1,898.95 on Thursday. The firm’s 50 day simple moving average is $1,941.14 and its two-hundred day simple moving average is $1,755.76. The company has a market capitalization of $27.59 billion, a PE ratio of 10.54 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 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 (NASDAQ:FCNCA) last issued its quarterly earnings results on Thursday, July 25th. The bank reported $50.87 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $3.77 billion during the quarter, compared to analysts’ expectations of $2.30 billion. During the same quarter in the prior year, the business posted $52.60 earnings per share. As a group, equities analysts forecast 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 issued a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 0.35%. The ex-dividend date of this dividend was Friday, August 30th. First Citizens BancShares’s dividend payout ratio is currently 3.64%.

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.