Edgestream Partners L.P. Has $2.35 Million Stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Edgestream Partners L.P. boosted its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 285.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,275 shares of the bank’s stock after buying an additional 944 shares during the period. Edgestream Partners L.P.’s holdings in First Citizens BancShares were worth $2,347,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Raymond James & Associates increased its stake in shares of First Citizens BancShares by 5.1% in the 3rd quarter. Raymond James & Associates now owns 16,826 shares of the bank’s stock valued at $30,976,000 after acquiring an additional 811 shares during the last quarter. Balentine LLC acquired a new position in First Citizens BancShares during the third quarter valued at approximately $3,564,000. Cetera Investment Advisers increased its stake in First Citizens BancShares by 301.3% in the first quarter. Cetera Investment Advisers now owns 1,244 shares of the bank’s stock valued at $2,034,000 after purchasing an additional 934 shares in the last quarter. Oliver Luxxe Assets LLC raised its holdings in First Citizens BancShares by 22.6% in the third quarter. Oliver Luxxe Assets LLC now owns 2,916 shares of the bank’s stock worth $5,368,000 after purchasing an additional 537 shares during the period. Finally, Hiddenite Capital Partners LP boosted its position in shares of First Citizens BancShares by 14.1% during the third quarter. Hiddenite Capital Partners LP now owns 3,230 shares of the bank’s stock worth $5,946,000 after purchasing an additional 400 shares in the last quarter. 61.18% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

FCNCA has been the subject of a number of recent analyst reports. The Goldman Sachs Group upped their price objective on shares of First Citizens BancShares from $2,025.00 to $2,625.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. JPMorgan Chase & Co. dropped 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. Wedbush decreased their price objective 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. Finally, StockNews.com raised First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Thursday, November 14th. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $2,093.40.

First Citizens BancShares Price Performance

Shares of FCNCA opened at $2,223.21 on Tuesday. The firm has a market capitalization of $31.10 billion, a PE ratio of 12.74 and a beta of 0.80. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08. First Citizens BancShares, Inc. has a fifty-two week low of $1,363.97 and a fifty-two week high of $2,388.78. The company’s 50-day moving average is $2,061.12 and its 200-day moving average is $1,917.06.

First Citizens BancShares (NASDAQ:FCNCA) last announced its earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53). First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%. The business had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same period in the previous year, the firm posted $55.92 EPS. Equities analysts forecast that First Citizens BancShares, Inc. will post 187.88 EPS for the current year.

First Citizens BancShares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be paid a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a yield of 0.35%. The ex-dividend date of this dividend is Friday, November 29th. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.64. First Citizens BancShares’s dividend payout ratio (DPR) is 3.76%.

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.