Sculptor Capital LP Purchases 5,467 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Sculptor Capital LP boosted its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 16.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 37,998 shares of the bank’s stock after buying an additional 5,467 shares during the period. First Citizens BancShares accounts for about 1.2% of Sculptor Capital LP’s investment portfolio, making the stock its 25th biggest holding. Sculptor Capital LP owned approximately 0.26% of First Citizens BancShares worth $63,974,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of FCNCA. Capital Research Global Investors acquired a new stake in First Citizens BancShares during the 1st quarter worth about $298,180,000. Vanguard Group Inc. raised its stake in shares of First Citizens BancShares by 4.6% during the 1st quarter. Vanguard Group Inc. now owns 1,064,822 shares of the bank’s stock valued at $1,740,984,000 after buying an additional 47,167 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of First Citizens BancShares by 21.1% during the 4th quarter. Wellington Management Group LLP now owns 239,563 shares of the bank’s stock valued at $339,933,000 after buying an additional 41,793 shares during the last quarter. Toronto Dominion Bank raised its stake in shares of First Citizens BancShares by 3,577.5% during the 2nd quarter. Toronto Dominion Bank now owns 35,010 shares of the bank’s stock valued at $58,943,000 after buying an additional 34,058 shares during the last quarter. Finally, Zurich Insurance Group Ltd FI increased its stake in shares of First Citizens BancShares by 225.2% in the 2nd quarter. Zurich Insurance Group Ltd FI now owns 42,159 shares of the bank’s stock valued at $70,979,000 after purchasing an additional 29,194 shares in the last quarter. Hedge funds and other institutional investors own 61.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on FCNCA. Piper Sandler lifted their price target on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Barclays lifted their price target on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Jefferies Financial Group initiated coverage on First Citizens BancShares in a research note on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 price objective for the company. Raymond James upgraded First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price objective for the company in a research note on Tuesday, July 2nd. Finally, 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. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $1,962.90.

First Citizens BancShares Trading Up 2.1 %

FCNCA opened at $1,876.68 on Friday. First Citizens BancShares, Inc. has a one year low of $1,274.91 and a one year high of $2,174.80. The stock has a market capitalization of $27.27 billion, a PE ratio of 10.42 and a beta of 0.82. The business’s 50 day moving average price is $1,954.37 and its 200 day moving average price is $1,768.40. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.08 and a current ratio of 1.08.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings results on Thursday, July 25th. The bank reported $50.87 EPS for the quarter, topping analysts’ consensus estimates of $44.91 by $5.96. First Citizens BancShares had a return on equity of 14.84% and a net margin of 18.19%. The company had revenue of $3.77 billion for the quarter, compared to analysts’ expectations of $2.30 billion. During the same period in the prior year, the firm earned $52.60 earnings per share. As a group, equities research analysts expect that First Citizens BancShares, Inc. will post 200.92 EPS for the current year.

First Citizens BancShares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were paid a $1.64 dividend. The ex-dividend date was Friday, August 30th. This represents a $6.56 annualized dividend and a yield of 0.35%. First Citizens BancShares’s dividend payout ratio is presently 3.64%.

First Citizens BancShares declared that its Board of Directors has initiated a share buyback plan on Thursday, July 25th that authorizes the company to repurchase $3.50 billion in shares. This repurchase authorization authorizes the bank to repurchase up to 12.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

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.