Nomura Asset Management Co. Ltd. Increases Stock Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Nomura Asset Management Co. Ltd. grew its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 6.7% in the 3rd quarter, Holdings Channel.com reports. The firm owned 2,856 shares of the bank’s stock after purchasing an additional 180 shares during the quarter. Nomura Asset Management Co. Ltd.’s holdings in First Citizens BancShares were worth $5,258,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the business. Y Intercept Hong Kong Ltd purchased a new stake in shares of First Citizens BancShares in the 3rd quarter worth $204,000. MML Investors Services LLC grew its holdings in First Citizens BancShares by 4.0% during the third quarter. MML Investors Services LLC now owns 1,297 shares of the bank’s stock valued at $2,388,000 after purchasing an additional 50 shares during the period. National Bank of Canada FI grew its holdings in First Citizens BancShares by 7,015.1% during the third quarter. National Bank of Canada FI now owns 5,194 shares of the bank’s stock valued at $9,562,000 after purchasing an additional 5,121 shares during the period. EP Wealth Advisors LLC purchased a new stake in First Citizens BancShares in the third quarter worth about $2,227,000. Finally, Soros Fund Management LLC raised its stake in shares of First Citizens BancShares by 52.7% in the third quarter. Soros Fund Management LLC now owns 5,088 shares of the bank’s stock worth $9,367,000 after buying an additional 1,755 shares during the period. Institutional investors own 78.01% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. The Goldman Sachs Group boosted their price objective on First Citizens BancShares from $2,025.00 to $2,625.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Wedbush reduced their price objective on shares of 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. Keefe, Bruyette & Woods cut shares of First Citizens BancShares from an “outperform” rating to a “market perform” rating and lifted their target price for the company from $2,100.00 to $2,500.00 in a research note on Wednesday, December 4th. JPMorgan Chase & Co. cut 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 research note on Friday, October 25th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on First Citizens BancShares in a research report on Monday, December 9th. They issued a “buy” rating and a $2,600.00 price objective on the stock. Six investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $2,157.64.

First Citizens BancShares Price Performance

NASDAQ:FCNCA opened at $2,086.91 on Friday. The business’s 50-day moving average is $2,113.46 and its 200 day moving average is $1,938.59. 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 market capitalization of $29.20 billion, a P/E ratio of 11.96 and a beta of 0.83. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Thursday, October 24th. The bank reported $45.87 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 firm had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter in the prior year, the company posted $55.92 earnings per share. On average, equities research analysts forecast that First Citizens BancShares, Inc. will post 187.88 earnings per share for the current fiscal year.

First Citizens BancShares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be issued a $1.95 dividend. The ex-dividend date of this dividend is Friday, November 29th. This is an increase 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 0.37%. 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.