Coronation Fund Managers Ltd. Increases Stock Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Coronation Fund Managers Ltd. raised its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 5.4% in the fourth quarter, Holdings Channel reports. The institutional investor owned 1,732 shares of the bank’s stock after purchasing an additional 88 shares during the period. Coronation Fund Managers Ltd.’s holdings in First Citizens BancShares were worth $3,660,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Raymond James & Associates grew its position in shares of First Citizens BancShares by 5.1% during the 3rd quarter. Raymond James & Associates now owns 16,826 shares of the bank’s stock valued at $30,976,000 after acquiring an additional 811 shares during the period. Balentine LLC acquired a new stake in First Citizens BancShares in the third quarter valued at approximately $3,564,000. Hiddenite Capital Partners LP increased its position in shares of First Citizens BancShares by 14.1% in the third quarter. Hiddenite Capital Partners LP now owns 3,230 shares of the bank’s stock valued at $5,946,000 after buying an additional 400 shares in the last quarter. Retireful LLC acquired a new position in shares of First Citizens BancShares during the 3rd quarter worth approximately $801,000. Finally, Oliver Luxxe Assets LLC lifted its position in shares of First Citizens BancShares by 22.6% during the 3rd quarter. Oliver Luxxe Assets LLC now owns 2,916 shares of the bank’s stock valued at $5,368,000 after buying an additional 537 shares in the last quarter. Hedge funds and other institutional investors own 78.01% of the company’s stock.

Analysts Set New Price Targets

FCNCA has been the subject of a number of research analyst reports. Barclays upped their price objective on shares of First Citizens BancShares from $2,456.00 to $2,568.00 and gave the stock an “equal weight” rating in a research report on Monday, January 27th. StockNews.com raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Saturday, February 1st. Piper Sandler boosted their price objective on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock a “neutral” rating in a research note on Monday, January 27th. UBS Group started coverage on First Citizens BancShares in a research note on Tuesday, December 17th. They issued a “buy” rating and a $2,700.00 price target on the stock. Finally, Truist Financial raised their price objective on First Citizens BancShares from $2,303.00 to $2,384.00 and gave the company a “hold” rating in a report on Wednesday, January 29th. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, First Citizens BancShares currently has a consensus rating of “Moderate Buy” and an average price target of $2,323.50.

First Citizens BancShares Trading Up 0.4 %

Shares of FCNCA stock opened at $2,218.40 on Monday. First Citizens BancShares, Inc. has a twelve month low of $1,460.76 and a twelve month high of $2,412.93. The stock has a market cap of $31.04 billion, a price-to-earnings ratio of 11.71, a PEG ratio of 1.00 and a beta of 0.85. The company’s 50-day moving average price is $2,150.58 and its 200-day moving average price is $2,064.06. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Friday, January 24th. The bank reported $45.10 EPS for the quarter, beating analysts’ consensus estimates of $39.32 by $5.78. First Citizens BancShares had a return on equity of 13.22% and a net margin of 18.55%. As a group, equities analysts predict that First Citizens BancShares, Inc. will post 165.15 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Friday, February 28th will be given a dividend of $1.95 per share. The ex-dividend date is Friday, February 28th. This represents a $7.80 annualized dividend and a dividend yield of 0.35%. First Citizens BancShares’s dividend payout ratio is currently 4.12%.

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.