First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Acquired by Mount Lucas Management LP

Mount Lucas Management LP grew its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 2.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 315 shares of the bank’s stock after purchasing an additional 8 shares during the period. Mount Lucas Management LP’s holdings in First Citizens BancShares were worth $580,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of FCNCA. LRI Investments LLC purchased a new stake in First Citizens BancShares during the first quarter worth about $33,000. V Square Quantitative Management LLC bought a new stake in shares of First Citizens BancShares during the 2nd quarter valued at about $35,000. Gradient Investments LLC bought a new stake in shares of First Citizens BancShares in the 2nd quarter worth approximately $52,000. Blue Trust Inc. boosted its stake in First Citizens BancShares by 120.0% during the 2nd quarter. Blue Trust Inc. now owns 66 shares of the bank’s stock valued at $108,000 after purchasing an additional 36 shares during the period. Finally, GAMMA Investing LLC boosted its position in shares of First Citizens BancShares by 129.6% during the third quarter. GAMMA Investing LLC now owns 62 shares of the bank’s stock worth $114,000 after buying an additional 35 shares during the period. Hedge funds and other institutional investors own 61.18% of the company’s stock.

First Citizens BancShares Stock Up 2.3 %

FCNCA opened at $2,200.46 on Monday. The firm has a market cap of $31.83 billion, a price-to-earnings ratio of 12.61 and a beta of 0.80. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. The firm’s 50-day simple moving average is $1,973.28 and its 200-day simple moving average is $1,873.97. First Citizens BancShares, Inc. has a twelve month low of $1,363.97 and a twelve month high of $2,275.90.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings data on Thursday, October 24th. The bank reported $45.87 earnings per share for the quarter, missing the consensus estimate of $47.40 by ($1.53). First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. The firm had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same period in the prior year, the company posted $55.92 earnings per share. Equities research analysts anticipate that First Citizens BancShares, Inc. will post 189.06 EPS for the current fiscal year.

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

First Citizens BancShares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a $1.95 dividend. This represents a $7.80 annualized dividend and a yield of 0.35%. The ex-dividend date of this dividend is Friday, November 29th. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.64. First Citizens BancShares’s payout ratio is 4.47%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on FCNCA shares. Keefe, Bruyette & Woods increased their price objective on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Barclays raised their price target on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Wedbush reduced their price target on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a research report on Friday, October 25th. Piper Sandler lifted their price target 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. Finally, JPMorgan Chase & Co. lowered their price target on First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating on the stock in a research report on Friday, October 25th. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $2,025.90.

About First Citizens BancShares

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.