Korea Investment CORP Buys 3,238 Shares of First Citizens BancShares, Inc. $FCNCA

Korea Investment CORP increased its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 67.7% in the 3rd quarter, Holdings Channel.com reports. The firm owned 8,024 shares of the bank’s stock after buying an additional 3,238 shares during the quarter. Korea Investment CORP’s holdings in First Citizens BancShares were worth $14,356,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FCNCA. SBI Securities Co. Ltd. purchased a new stake in First Citizens BancShares during the 3rd quarter worth about $27,000. UMB Bank n.a. grew its holdings in First Citizens BancShares by 100.0% during the 3rd quarter. UMB Bank n.a. now owns 16 shares of the bank’s stock valued at $29,000 after buying an additional 8 shares in the last quarter. MAI Capital Management increased its position in shares of First Citizens BancShares by 500.0% during the second quarter. MAI Capital Management now owns 18 shares of the bank’s stock valued at $35,000 after buying an additional 15 shares during the period. Steph & Co. bought a new stake in shares of First Citizens BancShares during the third quarter valued at about $32,000. Finally, Root Financial Partners LLC purchased a new stake in shares of First Citizens BancShares in the third quarter worth about $32,000. 78.01% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

FCNCA has been the subject of several recent analyst reports. TD Cowen reduced their price objective on shares of First Citizens BancShares from $2,600.00 to $2,500.00 and set a “buy” rating for the company in a research note on Monday, January 26th. Citigroup reiterated a “buy” rating on shares of First Citizens BancShares in a research note on Monday, January 26th. Truist Financial raised their price target on shares of First Citizens BancShares from $2,050.00 to $2,150.00 and gave the company a “hold” rating in a report on Monday, January 26th. Raymond James Financial upgraded shares of First Citizens BancShares from an “outperform” rating to a “strong-buy” rating and boosted their price target for the company from $2,100.00 to $2,200.00 in a research report on Thursday, November 20th. Finally, UBS Group set a $2,325.00 price target on shares of First Citizens BancShares in a report on Wednesday, February 4th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $2,238.27.

First Citizens BancShares Stock Down 2.8%

Shares of NASDAQ FCNCA opened at $1,858.82 on Thursday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.72. The business has a 50-day moving average of $2,062.74 and a 200-day moving average of $1,956.64. The firm has a market capitalization of $22.19 billion, a price-to-earnings ratio of 11.22 and a beta of 0.68. First Citizens BancShares, Inc. has a 12 month low of $1,473.62 and a 12 month high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA) last announced its earnings results on Friday, January 23rd. The bank reported $51.27 earnings per share for the quarter, beating analysts’ consensus estimates of $44.24 by $7.03. First Citizens BancShares had a net margin of 15.21% and a return on equity of 11.18%. The business had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.24 billion. Sell-side analysts expect that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Friday, February 27th will be given a dividend of $2.10 per share. The ex-dividend date is Friday, February 27th. This represents a $8.40 annualized dividend and a dividend yield of 0.5%. First Citizens BancShares’s dividend payout ratio (DPR) is 5.07%.

First Citizens BancShares Profile

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.