Citigroup Inc. Increases Stock Position in First Citizens BancShares, Inc. $FCNCA

Citigroup Inc. grew its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 23.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,938 shares of the bank’s stock after purchasing an additional 3,215 shares during the period. Citigroup Inc. owned approximately 0.13% of First Citizens BancShares worth $30,305,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Norges Bank bought a new position in First Citizens BancShares during the second quarter valued at approximately $177,604,000. Orion Porfolio Solutions LLC raised its holdings in shares of First Citizens BancShares by 2,057.4% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 47,506 shares of the bank’s stock worth $92,944,000 after acquiring an additional 45,304 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of First Citizens BancShares by 390.2% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 48,299 shares of the bank’s stock valued at $84,995,000 after acquiring an additional 38,446 shares during the last quarter. Rakuten Investment Management Inc. purchased a new position in shares of First Citizens BancShares in the third quarter valued at $46,540,000. Finally, JPMorgan Chase & Co. increased its position in First Citizens BancShares by 4.4% in the third quarter. JPMorgan Chase & Co. now owns 435,278 shares of the bank’s stock worth $778,785,000 after purchasing an additional 18,190 shares during the last quarter. 78.01% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. The Goldman Sachs Group lowered shares of First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,300.00 price objective for the company. in a research report on Tuesday, January 6th. JPMorgan Chase & Co. increased their price target on shares of First Citizens BancShares from $2,300.00 to $2,500.00 and gave the company an “overweight” rating in a report on Tuesday, December 16th. Truist Financial lifted their price target on First Citizens BancShares from $2,050.00 to $2,150.00 and gave the stock a “hold” rating in a research report on Monday, January 26th. Piper Sandler upped their price objective on First Citizens BancShares from $2,000.00 to $2,100.00 and gave the company a “neutral” rating in a research report on Thursday, January 29th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of First Citizens BancShares in a research note on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $2,238.27.

First Citizens BancShares Price Performance

FCNCA opened at $1,995.70 on Thursday. The business has a fifty day moving average of $2,109.28 and a 200 day moving average of $1,955.33. The stock has a market cap of $24.83 billion, a P/E ratio of 12.04 and a beta of 0.70. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.81. First Citizens BancShares, Inc. has a 52-week low of $1,473.62 and a 52-week high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Friday, January 23rd. The bank reported $51.27 earnings per share for the quarter, topping the consensus estimate of $44.24 by $7.03. The business had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.24 billion. First Citizens BancShares had a return on equity of 11.12% and a net margin of 15.21%. As a group, sell-side analysts anticipate that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Friday, February 27th will be paid a $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Friday, February 27th. First Citizens BancShares’s dividend payout ratio is currently 5.07%.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.