First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Purchased by Mawer Investment Management Ltd.

Mawer Investment Management Ltd. increased its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 3.2% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 9,773 shares of the bank’s stock after buying an additional 306 shares during the quarter. Mawer Investment Management Ltd. owned about 0.07% of First Citizens BancShares worth $17,992,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

Several research analysts have weighed in on FCNCA shares. StockNews.com upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Thursday. Barclays raised their price target 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. 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 report on Friday, October 25th. Keefe, Bruyette & Woods raised their price target on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Finally, JPMorgan Chase & Co. reduced their price target on First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating for the company in a report on Friday, October 25th. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, First Citizens BancShares presently has a consensus rating of “Moderate Buy” and an average price target of $2,025.90.

First Citizens BancShares Trading Up 0.7 %

Shares of NASDAQ:FCNCA traded up $14.37 during midday trading on Monday, reaching $2,214.83. The company’s stock had a trading volume of 1,707 shares, compared to its average volume of 87,051. The firm has a market cap of $32.04 billion, a price-to-earnings ratio of 12.61 and a beta of 0.80. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68. First Citizens BancShares, Inc. has a 1 year low of $1,363.97 and a 1 year high of $2,275.90. The business has a 50 day moving average price of $1,973.28 and a 200 day moving average price of $1,873.97.

First Citizens BancShares (NASDAQ:FCNCA) last issued its 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). First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. The company had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.36 billion. During the same period in the previous year, the company earned $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 of Directors has initiated a stock buyback plan on Thursday, July 25th that permits the company to buyback $3.50 billion in outstanding shares. This buyback authorization permits the bank to buy up to 12.3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

First Citizens BancShares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be paid a $1.95 dividend. This is a boost 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 0.35%. First Citizens BancShares’s payout ratio is 4.47%.

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.