Nisa Investment Advisors LLC Buys 621 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Nisa Investment Advisors LLC grew its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 50.0% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,863 shares of the bank’s stock after purchasing an additional 621 shares during the quarter. Nisa Investment Advisors LLC’s holdings in First Citizens BancShares were worth $3,430,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Covestor Ltd grew its stake in First Citizens BancShares by 2.9% in the first quarter. Covestor Ltd now owns 215 shares of the bank’s stock valued at $352,000 after acquiring an additional 6 shares during the period. Wedbush Securities Inc. raised its position in First Citizens BancShares by 0.5% during the 2nd quarter. Wedbush Securities Inc. now owns 1,199 shares of the bank’s stock valued at $2,019,000 after purchasing an additional 6 shares during the last quarter. HB Wealth Management LLC raised its position in shares of First Citizens BancShares by 3.9% in the 2nd quarter. HB Wealth Management LLC now owns 187 shares of the bank’s stock worth $315,000 after acquiring an additional 7 shares in the last quarter. Tandem Capital Management Corp ADV lifted its stake in shares of First Citizens BancShares by 1.8% in the third quarter. Tandem Capital Management Corp ADV now owns 459 shares of the bank’s stock worth $845,000 after buying an additional 8 shares in the last quarter. Finally, Raymond James Trust N.A. grew its position in First Citizens BancShares by 1.6% in the 2nd quarter. Raymond James Trust N.A. now owns 625 shares of the bank’s stock worth $1,052,000 after purchasing an additional 10 shares during the period. 61.18% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on FCNCA. StockNews.com raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Monday, October 28th. Jefferies Financial Group began coverage on shares of First Citizens BancShares in a research note on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 target price for the company. Barclays raised their target price on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Wedbush dropped their price objective on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a report on Friday, October 25th. Finally, Keefe, Bruyette & Woods increased their price objective on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $2,025.90.

First Citizens BancShares Stock Performance

Shares of FCNCA stock opened at $1,926.77 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.72. First Citizens BancShares, Inc. has a 52 week low of $1,359.29 and a 52 week high of $2,174.80. The business has a 50 day moving average of $1,944.12 and a two-hundred day moving average of $1,834.06. The company has a market cap of $27.87 billion, a P/E ratio of 11.04 and a beta of 0.81.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53). The business had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.36 billion. First Citizens BancShares had a return on equity of 13.78% and a net margin of 17.36%. During the same quarter in the previous year, the business posted $55.92 earnings per share. As a group, analysts anticipate that First Citizens BancShares, Inc. will post 189.06 EPS for the current year.

First Citizens BancShares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be paid a dividend of $1.95 per share. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.64. This represents a $7.80 annualized dividend and a yield of 0.40%. The ex-dividend date of this dividend is Friday, November 29th. First Citizens BancShares’s dividend payout ratio is presently 4.47%.

First Citizens BancShares announced that its board has authorized a share buyback plan on Thursday, July 25th that allows the company to buyback $3.50 billion in shares. This buyback authorization allows the bank to repurchase up to 12.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

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.