First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Bought by Tandem Capital Management Corp ADV

Tandem Capital Management Corp ADV lifted its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 1.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 459 shares of the bank’s stock after purchasing an additional 8 shares during the period. Tandem Capital Management Corp ADV’s holdings in First Citizens BancShares were worth $845,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Park Avenue Securities LLC boosted its position in shares of First Citizens BancShares by 1.6% in the 1st quarter. Park Avenue Securities LLC now owns 450 shares of the bank’s stock valued at $736,000 after purchasing an additional 7 shares during the period. Hennessy Advisors Inc. boosted its holdings in shares of First Citizens BancShares by 300.0% in the first quarter. Hennessy Advisors Inc. now owns 800 shares of the bank’s stock worth $1,308,000 after buying an additional 600 shares during the period. First Bank & Trust increased its position in shares of First Citizens BancShares by 5.6% in the first quarter. First Bank & Trust now owns 245 shares of the bank’s stock worth $401,000 after acquiring an additional 13 shares in the last quarter. Oliver Luxxe Assets LLC acquired a new stake in shares of First Citizens BancShares during the first quarter valued at approximately $3,911,000. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of First Citizens BancShares by 76.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 25,618 shares of the bank’s stock valued at $41,886,000 after acquiring an additional 11,117 shares in the last quarter. 61.18% of the stock is currently owned by institutional investors.

First Citizens BancShares Price Performance

Shares of First Citizens BancShares stock traded down $19.19 during midday trading on Friday, hitting $1,860.75. 1,578 shares of the company were exchanged, compared to its average volume of 86,007. The firm has a 50 day simple moving average of $1,951.59 and a 200-day simple moving average of $1,822.63. First Citizens BancShares, Inc. has a 52 week low of $1,339.10 and a 52 week high of $2,174.80. The firm has a market cap of $27.04 billion, a P/E ratio of 10.44 and a beta of 0.81. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.08 and a quick ratio of 1.08.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Thursday, October 24th. The bank reported $45.87 EPS for the quarter, missing the consensus estimate of $47.40 by ($1.53). First Citizens BancShares had a net margin of 18.19% and a return on equity of 14.84%. The firm had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.36 billion. During the same quarter in the prior year, the firm posted $55.92 EPS. Research analysts forecast that First Citizens BancShares, Inc. will post 200 earnings per share for the current year.

First Citizens BancShares declared that its Board of Directors has initiated a stock buyback program on Thursday, July 25th that authorizes the company to buyback $3.50 billion in outstanding shares. This buyback authorization authorizes the bank to reacquire up to 12.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

First Citizens BancShares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be issued a $1.95 dividend. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.64. This represents a $7.80 annualized dividend and a dividend yield of 0.42%. The ex-dividend date is Friday, November 29th. First Citizens BancShares’s payout ratio is presently 3.64%.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Raymond James raised shares of First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 target price on the stock in a research note on Tuesday, July 2nd. Keefe, Bruyette & Woods increased 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. StockNews.com lowered First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Monday, October 7th. Barclays upped their target price on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Finally, Piper Sandler increased their price target on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $2,012.11.

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.