GSA Capital Partners LLP Acquires 177 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

GSA Capital Partners LLP grew its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 44.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 575 shares of the bank’s stock after acquiring an additional 177 shares during the quarter. GSA Capital Partners LLP’s holdings in First Citizens BancShares were worth $1,059,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. LRI Investments LLC bought a new stake in First Citizens BancShares in 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 worth approximately $35,000. Gradient Investments LLC purchased a new position in shares of First Citizens BancShares in the 2nd quarter worth approximately $52,000. GAMMA Investing LLC boosted its holdings 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 worth $114,000 after purchasing an additional 35 shares during the period. Finally, Blue Trust Inc. boosted its holdings 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 worth $108,000 after purchasing an additional 36 shares during the period. Institutional investors own 61.18% of the company’s stock.

First Citizens BancShares Trading Up 2.3 %

Shares of NASDAQ:FCNCA opened at $2,200.46 on Friday. The business’s 50-day moving average is $1,973.28 and its 200 day moving average is $1,871.30. First Citizens BancShares, Inc. has a 1 year low of $1,363.97 and a 1 year high of $2,275.90. The firm has a market capitalization of $31.84 billion, a P/E ratio of 12.61 and a beta of 0.80. The company has a debt-to-equity ratio of 1.68, 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 earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same period in the prior year, the company earned $55.92 earnings per share. On average, research analysts predict that First Citizens BancShares, Inc. will post 189.06 earnings per share for the current fiscal year.

First Citizens BancShares announced that its Board of Directors has approved a share repurchase program on Thursday, July 25th that authorizes the company to repurchase $3.50 billion in outstanding shares. This repurchase authorization authorizes the bank to buy up to 12.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

First Citizens BancShares Increases Dividend

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

Analysts Set New Price Targets

A number of equities analysts have recently commented on FCNCA shares. JPMorgan Chase & Co. dropped their target price 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. Keefe, Bruyette & Woods boosted their price objective 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. Piper Sandler boosted 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. Wedbush dropped their price objective 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. Finally, StockNews.com upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Thursday. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, First Citizens BancShares currently has an average rating of “Moderate Buy” and a consensus price target of $2,025.90.

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.