Raymond James & Associates Increases Stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Raymond James & Associates increased its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCAFree Report) by 5.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 16,826 shares of the bank’s stock after buying an additional 811 shares during the period. Raymond James & Associates owned about 0.12% of First Citizens BancShares worth $30,976,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. ORG Partners LLC acquired a new position in shares of First Citizens BancShares during the 1st quarter worth about $29,000. Mather Group LLC. acquired a new position in First Citizens BancShares in the first quarter valued at approximately $31,000. LRI Investments LLC purchased a new position in First Citizens BancShares in the first quarter valued at approximately $33,000. V Square Quantitative Management LLC acquired a new stake in First Citizens BancShares during the second quarter worth approximately $35,000. Finally, Gradient Investments LLC purchased a new stake in shares of First Citizens BancShares during the 2nd quarter worth approximately $52,000. 61.18% of the stock is currently owned by hedge funds and other institutional investors.

First Citizens BancShares Stock Performance

Shares of FCNCA opened at $2,082.60 on Thursday. The company has a market capitalization of $30.26 billion, a PE ratio of 11.56 and a beta of 0.81. First Citizens BancShares, Inc. has a 52-week low of $1,290.60 and a 52-week high of $2,174.80. The company has a 50-day simple moving average of $1,954.96 and a 200-day simple moving average of $1,822.23. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.72.

First Citizens BancShares (NASDAQ:FCNCAGet Free Report) last posted its quarterly earnings results on Thursday, July 25th. The bank reported $50.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $44.91 by $5.96. The company had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $2.30 billion. First Citizens BancShares had a net margin of 18.19% and a return on equity of 14.84%. During the same period last year, the firm earned $52.60 EPS. Equities research analysts predict that First Citizens BancShares, Inc. will post 200 earnings per share for the current fiscal year.

First Citizens BancShares announced that its board has approved a stock repurchase program on Thursday, July 25th that allows the company to repurchase $3.50 billion in outstanding shares. This repurchase authorization allows the bank to repurchase up to 12.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of research firms recently commented on FCNCA. Piper Sandler increased their target price on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. StockNews.com cut First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Monday, October 7th. Keefe, Bruyette & Woods upped their target price on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. 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, Barclays boosted their price objective 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. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $2,012.11.

Check Out Our Latest Analysis on FCNCA

First Citizens BancShares Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for First Citizens BancShares (NASDAQ:FCNCA)

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