Check Capital Management Inc. CA Has $51.54 Million Stock Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Check Capital Management Inc. CA raised its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 0.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 27,994 shares of the bank’s stock after acquiring an additional 29 shares during the period. First Citizens BancShares makes up approximately 1.6% of Check Capital Management Inc. CA’s holdings, making the stock its 8th biggest holding. Check Capital Management Inc. CA’s holdings in First Citizens BancShares were worth $51,535,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Envestnet Portfolio Solutions Inc. raised its position in shares of First Citizens BancShares by 13.7% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 183 shares of the bank’s stock valued at $299,000 after purchasing an additional 22 shares during the last quarter. Empowered Funds LLC purchased a new position in shares of First Citizens BancShares in the first quarter worth $263,000. Sei Investments Co. lifted its stake in shares of First Citizens BancShares by 67.5% during the first quarter. Sei Investments Co. now owns 6,067 shares of the bank’s stock worth $9,921,000 after buying an additional 2,444 shares during the period. Russell Investments Group Ltd. grew its holdings in shares of First Citizens BancShares by 46.3% during the first quarter. Russell Investments Group Ltd. now owns 10,305 shares of the bank’s stock valued at $16,849,000 after buying an additional 3,260 shares during the last quarter. Finally, US Bancorp DE raised its stake in First Citizens BancShares by 1.9% in the 1st quarter. US Bancorp DE now owns 632 shares of the bank’s stock worth $1,033,000 after acquiring an additional 12 shares during the last quarter. 61.18% of the stock is owned by hedge funds and other institutional investors.

First Citizens BancShares Stock Performance

NASDAQ FCNCA opened at $2,152.02 on Friday. The stock has a market capitalization of $31.14 billion, a price-to-earnings ratio of 12.33 and a beta of 0.80. The stock has a 50-day moving average of $1,967.24 and a 200 day moving average of $1,867.87. 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, Inc. has a twelve month low of $1,363.97 and a twelve month high of $2,275.90.

First Citizens BancShares (NASDAQ:FCNCA) last issued 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). The business had revenue of $2.45 billion during the quarter, compared to analyst estimates 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 quarter last year, the company earned $55.92 earnings per share. Sell-side analysts anticipate that First Citizens BancShares, Inc. will post 189.06 EPS for the current fiscal year.

First Citizens BancShares declared that its Board of Directors has authorized a stock repurchase 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 shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its stock is undervalued.

First Citizens BancShares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a $1.95 dividend. This represents a $7.80 annualized dividend and a dividend yield of 0.36%. The ex-dividend date is Friday, November 29th. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.64. First Citizens BancShares’s dividend payout ratio (DPR) is currently 3.76%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on FCNCA shares. Barclays increased their price objective 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. Keefe, Bruyette & Woods lifted their price objective on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Piper Sandler raised their target price on shares of 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. StockNews.com raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Thursday. Finally, JPMorgan Chase & Co. reduced their price objective 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. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $2,025.90.

First Citizens BancShares Company 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.