Plato Investment Management Ltd Has $252,000 Stock Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

by · The Cerbat Gem

Plato Investment Management Ltd trimmed its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA – Free Report) by 64.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 137 shares of the bank’s stock after selling 247 shares during the quarter. Plato Investment Management Ltd’s holdings in First Citizens BancShares were worth $252,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in FCNCA. LRI Investments LLC bought a new position in First Citizens BancShares in the 1st quarter valued at approximately $33,000. V Square Quantitative Management LLC bought a new position in shares of First Citizens BancShares in the 2nd quarter valued at $35,000. Gradient Investments LLC acquired a new stake in shares of First Citizens BancShares during the 2nd quarter valued at $52,000. Blue Trust Inc. grew its position in First Citizens BancShares by 120.0% during the 2nd quarter. Blue Trust Inc. now owns 66 shares of the bank’s stock worth $108,000 after acquiring an additional 36 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in First Citizens BancShares by 129.6% in the 3rd quarter. GAMMA Investing LLC now owns 62 shares of the bank’s stock worth $114,000 after purchasing an additional 35 shares in the last quarter. 61.18% of the stock is currently owned by institutional investors and hedge funds.

First Citizens BancShares Stock Performance

NASDAQ FCNCA opened at $2,200.46 on Friday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68. The company has a fifty day simple moving average of $1,973.28 and a 200 day simple moving average of $1,871.30. First Citizens BancShares, Inc. has a 12-month low of $1,363.97 and a 12-month high of $2,275.90. The company has a market cap of $31.84 billion, a P/E ratio of 12.61 and a beta of 0.80.

First Citizens BancShares (NASDAQ:FCNCA – Get Free Report) last released its quarterly 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). The company had revenue of $2.45 billion for the quarter, compared to analyst estimates 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 last year, the firm posted $55.92 EPS. Sell-side analysts predict that First Citizens BancShares, Inc. will post 189.06 earnings per share for the current fiscal year.

First Citizens BancShares Increases Dividend

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

First Citizens BancShares declared that its board has initiated a stock repurchase plan on Thursday, July 25th that allows the company to repurchase $3.50 billion in shares. This repurchase authorization allows the bank to repurchase up to 12.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

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

Read Our Latest Stock Analysis on First Citizens BancShares

First Citizens BancShares Company Profile

(Free Report)

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.

Further Reading

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