CCM Investment Advisers LLC Takes $211,000 Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

CCM Investment Advisers LLC bought a new position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the 4th quarter, Holdings Channel.com reports. The firm bought 100 shares of the bank’s stock, valued at approximately $211,000.

A number of other institutional investors have also added to or reduced their stakes in the company. FMR LLC raised its holdings in shares of First Citizens BancShares by 11.6% during the 3rd quarter. FMR LLC now owns 323,532 shares of the bank’s stock valued at $595,607,000 after buying an additional 33,713 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of First Citizens BancShares by 6.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 288,960 shares of the bank’s stock valued at $531,961,000 after purchasing an additional 18,501 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in First Citizens BancShares by 15.0% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 58,529 shares of the bank’s stock worth $107,749,000 after purchasing an additional 7,613 shares during the period. Reinhart Partners LLC. boosted its position in First Citizens BancShares by 0.7% during the third quarter. Reinhart Partners LLC. now owns 56,798 shares of the bank’s stock valued at $104,562,000 after buying an additional 416 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in First Citizens BancShares by 2.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 47,156 shares of the bank’s stock valued at $86,812,000 after buying an additional 1,339 shares during the period. Institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Stock Down 1.5 %

Shares of FCNCA stock traded down $32.37 during trading hours on Friday, hitting $2,061.63. 24,373 shares of the company’s stock traded hands, compared to its average volume of 58,007. First Citizens BancShares, Inc. has a 12-month low of $1,363.97 and a 12-month high of $2,388.78. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68. The stock has a market cap of $28.84 billion, a price-to-earnings ratio of 11.81 and a beta of 0.86. The stock’s fifty day simple moving average is $2,159.07 and its two-hundred day simple moving average is $1,996.68.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results 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). The company had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.36 billion. First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%. During the same quarter in the previous year, the business earned $55.92 earnings per share. On average, analysts expect that First Citizens BancShares, Inc. will post 188.21 EPS for the current year.

First Citizens BancShares Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were paid a $1.95 dividend. This represents a $7.80 annualized dividend and a dividend yield of 0.38%. The ex-dividend date of this dividend was Friday, November 29th. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.64. First Citizens BancShares’s dividend payout ratio is currently 4.47%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. The Goldman Sachs Group increased their target price on First Citizens BancShares from $2,025.00 to $2,625.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Truist Financial began coverage on shares of First Citizens BancShares in a report on Tuesday. They set a “hold” rating and a $2,303.00 price target for the company. Keefe, Bruyette & Woods cut shares of First Citizens BancShares from an “outperform” rating to a “market perform” rating and boosted their price objective for the company from $2,100.00 to $2,500.00 in a research report on Wednesday, December 4th. Barclays increased their target price on shares of First Citizens BancShares from $2,250.00 to $2,456.00 and gave the stock an “equal weight” rating in a report on Monday. Finally, StockNews.com downgraded First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, First Citizens BancShares presently has an average rating of “Hold” and a consensus price target of $2,290.75.

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.