JPMorgan Chase & Co. Increases Stock Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

JPMorgan Chase & Co. raised its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 6.8% in the third quarter, Holdings Channel reports. The institutional investor owned 288,960 shares of the bank’s stock after purchasing an additional 18,501 shares during the period. JPMorgan Chase & Co.’s holdings in First Citizens BancShares were worth $531,961,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the company. Raymond James & Associates raised its stake in First Citizens BancShares by 5.1% in the 3rd quarter. Raymond James & Associates now owns 16,826 shares of the bank’s stock valued at $30,976,000 after purchasing an additional 811 shares during the last quarter. Balentine LLC acquired a new position in First Citizens BancShares in the 3rd quarter valued at about $3,564,000. Hiddenite Capital Partners LP grew its stake in shares of First Citizens BancShares by 14.1% in the 3rd quarter. Hiddenite Capital Partners LP now owns 3,230 shares of the bank’s stock valued at $5,946,000 after buying an additional 400 shares during the period. Retireful LLC acquired a new stake in shares of First Citizens BancShares during the 3rd quarter worth approximately $801,000. Finally, Oliver Luxxe Assets LLC raised its position in shares of First Citizens BancShares by 22.6% during the 3rd quarter. Oliver Luxxe Assets LLC now owns 2,916 shares of the bank’s stock valued at $5,368,000 after buying an additional 537 shares during the period. Institutional investors and hedge funds own 78.01% of the company’s stock.

First Citizens BancShares Trading Down 1.0 %

Shares of First Citizens BancShares stock opened at $2,132.44 on Friday. First Citizens BancShares, Inc. has a 12-month low of $1,363.97 and a 12-month high of $2,388.78. The stock has a market cap of $29.83 billion, a price-to-earnings ratio of 12.22 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. The company has a fifty day simple moving average of $2,133.41 and a 200-day simple moving average of $1,967.26.

First Citizens BancShares (NASDAQ:FCNCA) last posted 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). The firm had revenue of $2.45 billion during the quarter, compared to analysts’ expectations 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 period in the previous year, the firm posted $55.92 earnings per share. On average, equities analysts forecast that First Citizens BancShares, Inc. will post 187.88 EPS for the current fiscal year.

First Citizens BancShares Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were issued a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.37%. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.64. The ex-dividend date of this dividend was Friday, November 29th. First Citizens BancShares’s payout ratio is presently 4.47%.

Wall Street Analysts Forecast Growth

FCNCA has been the subject of a number of research analyst reports. StockNews.com upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Thursday, November 14th. Wedbush lowered their target price 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. Deutsche Bank Aktiengesellschaft initiated coverage on shares of First Citizens BancShares in a research note on Monday, December 9th. They issued a “buy” rating and a $2,600.00 price target on the stock. JPMorgan Chase & Co. lowered their price objective on shares of First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. Finally, Keefe, Bruyette & Woods lowered First Citizens BancShares from an “outperform” rating to a “market perform” rating and boosted their target price for the company from $2,100.00 to $2,500.00 in a research report on Wednesday, December 4th. Seven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $2,243.64.

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.