Alberta Investment Management Corp Increases Stake in First Citizens BancShares, Inc. $FCNCA

Alberta Investment Management Corp raised its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 0.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 28,376 shares of the bank’s stock after purchasing an additional 200 shares during the period. First Citizens BancShares accounts for about 0.6% of Alberta Investment Management Corp’s investment portfolio, making the stock its 12th biggest holding. Alberta Investment Management Corp owned approximately 0.21% of First Citizens BancShares worth $55,517,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Cresset Asset Management LLC raised its holdings in First Citizens BancShares by 3.8% during the 1st quarter. Cresset Asset Management LLC now owns 163 shares of the bank’s stock valued at $302,000 after buying an additional 6 shares during the period. Allworth Financial LP raised its stake in shares of First Citizens BancShares by 35.3% during the 2nd quarter. Allworth Financial LP now owns 23 shares of the bank’s stock worth $45,000 after acquiring an additional 6 shares in the last quarter. US Bancorp DE grew its stake in First Citizens BancShares by 0.8% during the 2nd quarter. US Bancorp DE now owns 873 shares of the bank’s stock worth $1,708,000 after buying an additional 7 shares during the last quarter. Venturi Wealth Management LLC boosted its stake in First Citizens BancShares by 3.8% in the 1st quarter. Venturi Wealth Management LLC now owns 221 shares of the bank’s stock worth $410,000 after purchasing an additional 8 shares in the last quarter. Finally, Cooper Financial Group raised its stake in First Citizens BancShares by 5.5% in the 1st quarter. Cooper Financial Group now owns 154 shares of the bank’s stock worth $286,000 after acquiring an additional 8 shares during the last quarter. 78.01% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

FCNCA has been the topic of several recent research reports. Keefe, Bruyette & Woods lowered their price objective on First Citizens BancShares from $2,100.00 to $2,050.00 and set an “outperform” rating on the stock in a research report on Friday, October 24th. Weiss Ratings downgraded shares of First Citizens BancShares from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Cowen reiterated a “buy” rating on shares of First Citizens BancShares in a report on Monday, July 28th. UBS Group boosted their target price on First Citizens BancShares from $2,200.00 to $2,250.00 and gave the company a “buy” rating in a research report on Wednesday, November 5th. Finally, Truist Financial raised their price objective on shares of 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. Seven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $2,157.50.

First Citizens BancShares Price Performance

Shares of NASDAQ:FCNCA opened at $1,845.30 on Friday. First Citizens BancShares, Inc. has a twelve month low of $1,473.62 and a twelve month high of $2,412.93. The company has a market cap of $22.95 billion, a price-to-earnings ratio of 10.91 and a beta of 0.75. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.76. The business has a 50 day moving average price of $1,811.13 and a 200 day moving average price of $1,893.17.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Thursday, October 23rd. The bank reported $44.62 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analyst estimates of $2.21 billion. Research analysts predict that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Increases Dividend

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