First Citizens BancShares, Inc. $FCNCA Stake Boosted by KBC Group NV

KBC Group NV boosted its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 11.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 12,014 shares of the bank’s stock after buying an additional 1,261 shares during the period. KBC Group NV’s holdings in First Citizens BancShares were worth $23,505,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in FCNCA. SVB Wealth LLC purchased a new position in shares of First Citizens BancShares in the first quarter worth approximately $35,000. Creekmur Asset Management LLC purchased a new stake in shares of First Citizens BancShares in the 2nd quarter valued at approximately $39,000. Allworth Financial LP boosted its stake in First Citizens BancShares by 35.3% in the 2nd quarter. Allworth Financial LP now owns 23 shares of the bank’s stock worth $45,000 after purchasing an additional 6 shares during the period. Brooklyn Investment Group grew its position in First Citizens BancShares by 32.1% during the 1st quarter. Brooklyn Investment Group now owns 37 shares of the bank’s stock worth $67,000 after purchasing an additional 9 shares in the last quarter. Finally, Toth Financial Advisory Corp grew its position in First Citizens BancShares by 32.5% during the 2nd quarter. Toth Financial Advisory Corp now owns 53 shares of the bank’s stock worth $104,000 after purchasing an additional 13 shares in the last quarter. 78.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on FCNCA shares. Wall Street Zen lowered First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Sunday, September 28th. Raymond James Financial set a $2,100.00 price target on First Citizens BancShares in a research report on Tuesday, October 7th. Keefe, Bruyette & Woods decreased their price objective on First Citizens BancShares from $2,100.00 to $2,050.00 and set an “outperform” rating for the company in a research report on Friday, October 24th. Truist Financial lifted their target price on First Citizens BancShares from $2,000.00 to $2,050.00 and gave the company a “hold” rating in a research note on Tuesday, October 28th. Finally, Barclays dropped their target price on First Citizens BancShares from $2,400.00 to $2,190.00 and set an “equal weight” rating on the stock in a report on Friday, October 24th. Seven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, First Citizens BancShares presently has an average rating of “Moderate Buy” and an average price target of $2,157.50.

First Citizens BancShares Stock Performance

Shares of FCNCA stock opened at $1,824.98 on Friday. First Citizens BancShares, Inc. has a fifty-two week low of $1,473.62 and a fifty-two week high of $2,412.93. The stock’s 50-day moving average is $1,812.73 and its two-hundred day moving average is $1,891.97. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a market cap of $23.58 billion, a P/E ratio of 10.79 and a beta of 0.75.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Thursday, October 23rd. The bank reported $44.62 EPS for the quarter, beating the consensus estimate of $41.51 by $3.11. First Citizens BancShares had a return on equity of 11.06% and a net margin of 15.99%.The business had revenue of $2.25 billion during the quarter, compared to analysts’ expectations of $2.21 billion. Analysts predict that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Friday, November 28th will be paid a dividend of $2.10 per share. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.95. The ex-dividend date is Friday, November 28th. This represents a $8.40 annualized dividend and a dividend yield of 0.5%. First Citizens BancShares’s dividend payout ratio (DPR) is currently 4.97%.

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.