First Citizens BancShares, Inc. (NASDAQ:FCNCA) is Bronte Capital Management Pty Ltd.’s 10th Largest Position

Bronte Capital Management Pty Ltd. grew its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 0.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 24,547 shares of the bank’s stock after buying an additional 47 shares during the quarter. First Citizens BancShares makes up about 3.9% of Bronte Capital Management Pty Ltd.’s investment portfolio, making the stock its 10th largest holding. Bronte Capital Management Pty Ltd. owned approximately 0.17% of First Citizens BancShares worth $45,190,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in FCNCA. Vanguard Group Inc. lifted its position in shares of First Citizens BancShares by 4.6% in the first quarter. Vanguard Group Inc. now owns 1,064,822 shares of the bank’s stock worth $1,740,984,000 after buying an additional 47,167 shares during the last quarter. Capital Research Global Investors bought a new position in shares of First Citizens BancShares in the 1st quarter valued at approximately $298,180,000. Reinhart Partners LLC. lifted its holdings in First Citizens BancShares by 0.7% in the 3rd quarter. Reinhart Partners LLC. now owns 56,798 shares of the bank’s stock worth $104,562,000 after purchasing an additional 416 shares during the last quarter. Zurich Insurance Group Ltd FI boosted its position in First Citizens BancShares by 225.2% during the second quarter. Zurich Insurance Group Ltd FI now owns 42,159 shares of the bank’s stock worth $70,979,000 after purchasing an additional 29,194 shares during the period. Finally, Sculptor Capital LP grew its holdings in First Citizens BancShares by 16.8% during the second quarter. Sculptor Capital LP now owns 37,998 shares of the bank’s stock valued at $63,974,000 after purchasing an additional 5,467 shares during the last quarter. Institutional investors own 61.18% of the company’s stock.

First Citizens BancShares Price Performance

First Citizens BancShares stock opened at $2,193.07 on Tuesday. First Citizens BancShares, Inc. has a 52 week low of $1,363.97 and a 52 week high of $2,275.90. The firm has a market cap of $31.73 billion, a P/E ratio of 12.56 and a beta of 0.80. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.08 and a current ratio of 1.08. The business’s fifty day moving average is $1,956.13 and its two-hundred day moving average is $1,860.83.

First Citizens BancShares (NASDAQ:FCNCA) last announced its earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53). First Citizens BancShares had a return on equity of 13.78% and a net margin of 17.36%. The company had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same period in the prior year, the firm posted $55.92 earnings per share. Equities research analysts forecast 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 disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be issued a dividend of $1.95 per share. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.64. This represents a $7.80 annualized dividend and a yield of 0.36%. The ex-dividend date of this dividend is Friday, November 29th. First Citizens BancShares’s payout ratio is currently 3.76%.

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

Analysts Set New Price Targets

FCNCA has been the topic of several research analyst reports. 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 research report on Monday, July 29th. Wedbush dropped their price target on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a research report on Friday, October 25th. Piper Sandler upped their price target on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a report on Friday, July 26th. Keefe, Bruyette & Woods raised their price objective on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Finally, JPMorgan Chase & Co. cut their target price 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 note on Friday, October 25th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $2,025.90.

First Citizens BancShares Profile

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.