Midwest Professional Planners LTD. Acquires 56 Shares of First Citizens BancShares, Inc. $FCNCA

Midwest Professional Planners LTD. lifted its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 6.6% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 900 shares of the bank’s stock after buying an additional 56 shares during the quarter. Midwest Professional Planners LTD.’s holdings in First Citizens BancShares were worth $1,761,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Universal Beteiligungs und Servicegesellschaft mbH increased its stake in First Citizens BancShares by 11.6% in the second quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 2,773 shares of the bank’s stock valued at $5,425,000 after purchasing an additional 289 shares in the last quarter. Alberta Investment Management Corp increased its position in First Citizens BancShares by 0.7% in the 2nd quarter. Alberta Investment Management Corp now owns 28,376 shares of the bank’s stock valued at $55,517,000 after buying an additional 200 shares in the last quarter. Hedeker Wealth LLC boosted its holdings in First Citizens BancShares by 18.6% in the second quarter. Hedeker Wealth LLC now owns 313 shares of the bank’s stock worth $612,000 after acquiring an additional 49 shares in the last quarter. Ontario Teachers Pension Plan Board grew its stake in First Citizens BancShares by 35.8% in the second quarter. Ontario Teachers Pension Plan Board now owns 307 shares of the bank’s stock valued at $601,000 after acquiring an additional 81 shares during the period. Finally, Creative Planning grew its stake in First Citizens BancShares by 24.6% in the second quarter. Creative Planning now owns 1,593 shares of the bank’s stock valued at $3,117,000 after acquiring an additional 314 shares during the period. 78.01% of the stock is owned by institutional investors.

First Citizens BancShares Stock Performance

Shares of FCNCA stock opened at $1,845.30 on Monday. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a 50-day moving average of $1,811.13 and a 200-day moving average of $1,893.97. First Citizens BancShares, Inc. has a one year low of $1,473.62 and a one year high of $2,412.93. The company has a market cap of $22.95 billion, a P/E ratio of 10.91 and a beta of 0.75.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings data on Thursday, October 23rd. The bank reported $44.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $41.51 by $3.11. The business had revenue of $2.25 billion during the quarter, compared to the consensus estimate of $2.21 billion. First Citizens BancShares had a net margin of 15.99% and a return on equity of 11.06%. Equities research analysts forecast that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Friday, November 28th will be given a dividend of $2.10 per share. The ex-dividend date of this dividend is Friday, November 28th. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.95. This represents a $8.40 dividend on an annualized basis and a dividend yield of 0.5%. First Citizens BancShares’s dividend payout ratio (DPR) is 4.97%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on FCNCA shares. Barclays lowered their target price on First Citizens BancShares from $2,400.00 to $2,190.00 and set an “equal weight” rating on the stock in a research report on Friday, October 24th. The Goldman Sachs Group lowered their price objective on shares of First Citizens BancShares from $2,250.00 to $1,950.00 and set a “buy” rating on the stock in a report on Monday, October 6th. Raymond James Financial set a $2,100.00 price objective on shares of First Citizens BancShares in a research note on Tuesday, October 7th. Wall Street Zen downgraded shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Sunday, September 28th. Finally, Piper Sandler dropped their price target on shares of 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 24th. Seven analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, First Citizens BancShares currently has a consensus rating of “Moderate Buy” and an average target price of $2,157.50.

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.