Balentine LLC purchased a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 1,936 shares of the bank's stock, valued at approximately $3,564,000. First Citizens BancShares accounts for about 0.1% of Balentine LLC's investment portfolio, making the stock its 28th largest position.
A number of other hedge funds also recently made changes to their positions in FCNCA. ORG Partners LLC acquired a new stake in First Citizens BancShares during the 1st quarter worth approximately $29,000. LRI Investments LLC purchased a new position in shares of First Citizens BancShares in the 1st quarter valued at $33,000. V Square Quantitative Management LLC purchased a new position in shares of First Citizens BancShares in the 2nd quarter valued at $35,000. Gradient Investments LLC acquired a new position in shares of First Citizens BancShares during the 2nd quarter valued at $52,000. Finally, GAMMA Investing LLC boosted its position in First Citizens BancShares by 129.6% during the 3rd quarter. GAMMA Investing LLC now owns 62 shares of the bank's stock worth $114,000 after purchasing an additional 35 shares during the period. Institutional investors and hedge funds own 61.18% of the company's stock.
Shares of First Citizens BancShares stock opened at $1,921.51 on Wednesday. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.72. The business has a 50-day moving average price of $1,940.68 and a 200 day moving average price of $1,845.91. First Citizens BancShares, Inc. has a fifty-two week low of $1,363.97 and a fifty-two week high of $2,174.80. The firm has a market cap of $27.80 billion, a P/E ratio of 11.01 and a beta of 0.80.
First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings results on Thursday, October 24th. The bank reported $45.87 EPS for the quarter, missing the consensus estimate of $47.40 by ($1.53). First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.78%. The business had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.36 billion. During the same period last year, the firm posted $55.92 earnings per share. On average, sell-side analysts forecast that First Citizens BancShares, Inc. will post 189.06 earnings per share for the current fiscal year.
First Citizens BancShares declared that its Board of Directors has initiated a share repurchase program on Thursday, July 25th that allows the company to repurchase $3.50 billion in shares. This repurchase authorization allows the bank to repurchase up to 12.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.
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 paid a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a yield of 0.41%. This is a positive change from First Citizens BancShares's previous quarterly dividend of $1.64. The ex-dividend date is Friday, November 29th. First Citizens BancShares's payout ratio is presently 4.47%.
A number of research analysts have commented on FCNCA shares. Keefe, Bruyette & Woods boosted 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 note on Friday, July 26th. Piper Sandler boosted their price target on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a "neutral" rating in a research report on Friday, July 26th. JPMorgan Chase & Co. lowered their price objective on shares of First Citizens BancShares from $2,550.00 to $2,300.00 and set an "overweight" rating for the company in a research report on Friday, October 25th. Jefferies Financial Group initiated coverage on shares of First Citizens BancShares in a research report on Tuesday, July 9th. They set a "buy" rating and a $2,005.00 target price on the stock. Finally, Wedbush decreased their target price on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a "neutral" rating for the company in a research note on Friday, October 25th. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $2,025.90.
Read Our Latest Research Report on First Citizens BancShares
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.
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