First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Bought by Federated Hermes Inc.

Federated Hermes Inc. grew its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 127.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 335 shares of the bank’s stock after acquiring an additional 188 shares during the quarter. Federated Hermes Inc.’s holdings in First Citizens BancShares were worth $564,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FCNCA. Capital Research Global Investors acquired a new position in shares of First Citizens BancShares during the 1st quarter valued at about $298,180,000. Vanguard Group Inc. boosted its holdings in First Citizens BancShares by 4.6% in the 1st quarter. Vanguard Group Inc. now owns 1,064,822 shares of the bank’s stock valued at $1,740,984,000 after purchasing an additional 47,167 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of First Citizens BancShares by 21.1% in the 4th quarter. Wellington Management Group LLP now owns 239,563 shares of the bank’s stock valued at $339,933,000 after buying an additional 41,793 shares during the period. Point72 Asset Management L.P. increased its holdings in shares of First Citizens BancShares by 130.1% during the 4th quarter. Point72 Asset Management L.P. now owns 46,180 shares of the bank’s stock worth $65,528,000 after buying an additional 26,107 shares during the last quarter. Finally, Westfield Capital Management Co. LP raised its position in shares of First Citizens BancShares by 770.1% during the 1st quarter. Westfield Capital Management Co. LP now owns 27,713 shares of the bank’s stock valued at $45,312,000 after buying an additional 24,528 shares during the period. Institutional investors and hedge funds own 61.18% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on FCNCA. Keefe, Bruyette & Woods raised their target price on 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. 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. Jefferies Financial Group began coverage on shares of First Citizens BancShares in a research report on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 target price on the stock. Piper Sandler lifted their price target 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. Finally, Barclays upped their price objective on shares of 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. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $1,927.90.

First Citizens BancShares Trading Down 0.5 %

FCNCA opened at $1,955.89 on Tuesday. The business has a fifty day moving average price of $1,952.91 and a 200 day moving average price of $1,765.02. 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 $28.42 billion, a price-to-earnings ratio of 10.86 and a beta of 0.82. First Citizens BancShares, Inc. has a 12 month low of $1,274.91 and a 12 month high of $2,174.80.

First Citizens BancShares (NASDAQ:FCNCA) last issued its 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 net margin of 18.19% and a return on equity of 14.84%. The firm had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $2.30 billion. During the same quarter in the previous year, the firm posted $52.60 earnings per share. Sell-side analysts expect that First Citizens BancShares, Inc. will post 200.92 earnings per share for the current fiscal year.

First Citizens BancShares announced that its board has approved a stock repurchase plan on Thursday, July 25th that allows the company to repurchase $3.50 billion in shares. This repurchase authorization allows the bank to reacquire up to 12.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

First Citizens BancShares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were paid a dividend of $1.64 per share. The ex-dividend date was Friday, August 30th. This represents a $6.56 annualized dividend and a yield of 0.34%. First Citizens BancShares’s dividend payout ratio 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.