Oliver Luxxe Assets LLC Acquires 195 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Oliver Luxxe Assets LLC raised its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 6.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,111 shares of the bank’s stock after buying an additional 195 shares during the period. First Citizens BancShares comprises about 1.1% of Oliver Luxxe Assets LLC’s holdings, making the stock its 20th largest position. Oliver Luxxe Assets LLC’s holdings in First Citizens BancShares were worth $6,574,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in FCNCA. M&T Bank Corp lifted its stake in First Citizens BancShares by 0.8% during the 3rd quarter. M&T Bank Corp now owns 607 shares of the bank’s stock valued at $1,117,000 after acquiring an additional 5 shares in the last quarter. Wedbush Securities Inc. boosted its holdings in First Citizens BancShares by 0.5% during the second quarter. Wedbush Securities Inc. now owns 1,199 shares of the bank’s stock worth $2,019,000 after purchasing an additional 6 shares during the last quarter. Metis Global Partners LLC grew its position in First Citizens BancShares by 4.9% in the 3rd quarter. Metis Global Partners LLC now owns 129 shares of the bank’s stock worth $237,000 after purchasing an additional 6 shares in the last quarter. Tandem Capital Management Corp ADV increased its stake in First Citizens BancShares by 1.8% in the 3rd quarter. Tandem Capital Management Corp ADV now owns 459 shares of the bank’s stock valued at $845,000 after buying an additional 8 shares during the last quarter. Finally, Mount Lucas Management LP grew its holdings in shares of First Citizens BancShares by 2.6% in the third quarter. Mount Lucas Management LP now owns 315 shares of the bank’s stock valued at $580,000 after acquiring an additional 8 shares in the last quarter. 78.01% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have weighed in on FCNCA shares. StockNews.com raised First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Thursday, November 14th. UBS Group assumed coverage on shares of First Citizens BancShares in a research report on Tuesday, December 17th. They set a “buy” rating and a $2,700.00 price target for the company. Keefe, Bruyette & Woods cut shares of First Citizens BancShares from an “outperform” rating to a “market perform” rating and boosted their target price for the company from $2,100.00 to $2,500.00 in a research note on Wednesday, December 4th. Barclays raised their price target on shares of First Citizens BancShares from $2,250.00 to $2,456.00 and gave the stock an “equal weight” rating in a research note on Monday. Finally, The Goldman Sachs Group upped 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, November 26th. Seven investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $2,262.36.

First Citizens BancShares Price Performance

Shares of First Citizens BancShares stock traded down $11.70 during trading on Monday, hitting $2,138.92. 67,153 shares of the stock traded hands, compared to its average volume of 52,883. The firm’s fifty day moving average is $2,145.56 and its 200-day moving average is $1,986.05. The stock has a market cap of $29.92 billion, a price-to-earnings ratio of 12.25 and a beta of 0.86. First Citizens BancShares, Inc. has a 52 week low of $1,363.97 and a 52 week high of $2,388.78. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68.

First Citizens BancShares (NASDAQ:FCNCA) 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 return on equity of 13.63% and a net margin of 17.36%. The business had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.36 billion. During the same period last year, the business posted $55.92 earnings per share. Research analysts expect that First Citizens BancShares, Inc. will post 187.88 EPS for the current fiscal year.

First Citizens BancShares Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were given a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a yield of 0.36%. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.64. The ex-dividend date was Friday, November 29th. First Citizens BancShares’s dividend payout ratio is presently 4.47%.

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.