Bronte Capital Management Pty Ltd. Acquires 47 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Bronte Capital Management Pty Ltd. boosted its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 0.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 24,547 shares of the bank’s stock after acquiring an additional 47 shares during the period. First Citizens BancShares makes up approximately 3.9% of Bronte Capital Management Pty Ltd.’s investment portfolio, making the stock its 10th largest holding. Bronte Capital Management Pty Ltd.’s holdings in First Citizens BancShares were worth $45,190,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Envestnet Portfolio Solutions Inc. lifted its position in First Citizens BancShares by 13.7% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 183 shares of the bank’s stock valued at $299,000 after acquiring an additional 22 shares in the last quarter. Empowered Funds LLC bought a new stake in shares of First Citizens BancShares in the first quarter valued at about $263,000. Illinois Municipal Retirement Fund acquired a new position in shares of First Citizens BancShares during the first quarter worth about $659,000. Forsta AP Fonden grew its holdings in shares of First Citizens BancShares by 33.3% during the first quarter. Forsta AP Fonden now owns 2,400 shares of the bank’s stock worth $3,924,000 after buying an additional 600 shares in the last quarter. Finally, Sei Investments Co. grew its holdings in shares of First Citizens BancShares by 67.5% during the first quarter. Sei Investments Co. now owns 6,067 shares of the bank’s stock worth $9,921,000 after buying an additional 2,444 shares in the last quarter. 61.18% of the stock is owned by institutional investors and hedge funds.

First Citizens BancShares Trading Up 1.3 %

Shares of First Citizens BancShares stock opened at $2,193.07 on Tuesday. First Citizens BancShares, Inc. has a 1 year low of $1,363.97 and a 1 year high of $2,275.90. The company has a market capitalization of $31.73 billion, a price-to-earnings ratio of 12.56 and a beta of 0.80. The business has a fifty day simple moving average of $1,956.13 and a two-hundred day simple moving average of $1,860.83. 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 announced 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 return on equity of 13.78% and a net margin of 17.36%. The company had revenue of $2.45 billion for 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. Research analysts forecast that First Citizens BancShares, Inc. will post 189.06 EPS for the current year.

First Citizens BancShares announced that its board has authorized a share buyback program on Thursday, July 25th that permits the company to buyback $3.50 billion in shares. This buyback authorization permits the bank to reacquire up to 12.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.

First Citizens BancShares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a $1.95 dividend. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.64. The ex-dividend date is Friday, November 29th. This represents a $7.80 annualized dividend and a dividend yield of 0.36%. First Citizens BancShares’s dividend payout ratio is presently 3.76%.

Analysts Set New Price Targets

FCNCA has been the subject of a number of recent research reports. 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. StockNews.com cut shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Tuesday, November 5th. Keefe, Bruyette & Woods raised their target price on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Piper Sandler boosted 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. Finally, Barclays raised their price objective 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. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, First Citizens BancShares currently has a consensus rating of “Hold” and an average price target of $2,025.90.

First Citizens BancShares Company 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.