Brooklyn Investment Group Makes New $39,000 Investment in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Brooklyn Investment Group bought a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund bought 21 shares of the bank’s stock, valued at approximately $39,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Raymond James & Associates lifted its stake in shares of First Citizens BancShares by 5.1% in the 3rd quarter. Raymond James & Associates now owns 16,826 shares of the bank’s stock valued at $30,976,000 after purchasing an additional 811 shares during the period. Balentine LLC acquired a new position in shares of First Citizens BancShares in the 3rd quarter valued at about $3,564,000. Cetera Investment Advisers lifted its stake in shares of First Citizens BancShares by 301.3% in the 1st quarter. Cetera Investment Advisers now owns 1,244 shares of the bank’s stock valued at $2,034,000 after purchasing an additional 934 shares during the period. Oliver Luxxe Assets LLC lifted its stake in shares of First Citizens BancShares by 22.6% in the 3rd quarter. Oliver Luxxe Assets LLC now owns 2,916 shares of the bank’s stock valued at $5,368,000 after purchasing an additional 537 shares during the period. Finally, Hiddenite Capital Partners LP lifted its stake in shares of First Citizens BancShares by 14.1% in the 3rd quarter. Hiddenite Capital Partners LP now owns 3,230 shares of the bank’s stock valued at $5,946,000 after purchasing an additional 400 shares during the period. 61.18% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on FCNCA shares. Wedbush dropped their price objective on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a research note on Friday, October 25th. The Goldman Sachs Group boosted their price objective on First Citizens BancShares from $2,025.00 to $2,625.00 and gave the company a “buy” rating in a research note on Tuesday. JPMorgan Chase & Co. decreased their target price on 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. Finally, StockNews.com raised First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Thursday, November 14th. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $2,093.40.

First Citizens BancShares Stock Performance

Shares of FCNCA opened at $2,295.00 on Friday. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. The stock has a 50 day moving average price of $2,049.18 and a two-hundred day moving average price of $1,907.40. The firm has a market capitalization of $32.11 billion, a P/E ratio of 13.15 and a beta of 0.80. First Citizens BancShares, Inc. has a 52 week low of $1,363.97 and a 52 week high of $2,388.78.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings data on Thursday, October 24th. The bank reported $45.87 EPS for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53). First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. The company had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same period in the prior year, the firm posted $55.92 earnings per share. Equities analysts forecast that First Citizens BancShares, Inc. will post 187.88 earnings per share for the current fiscal year.

First Citizens BancShares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be paid a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.34%. The ex-dividend date is Friday, November 29th. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.64. First Citizens BancShares’s payout ratio is presently 3.76%.

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.