First Citizens BancShares, Inc. $FCNCA Stake Lifted by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments increased its First Citizens BancShares stake by 2.4% in the third quarter, to 94,938 shares valued at about $196.9 million. Institutional investors collectively own 78.01% of the company’s stock.
• First Citizens reported quarterly EPS of $55.37, beating the $46.18 consensus, and revenue of $2.27 billion, above estimates. Its board also authorized up to $1.2 billion in share repurchases, and the company raised its quarterly dividend from $2.10 to $2.25 per share.
• Analysts’ consensus rating is Hold, with an average price target of $2,355.31.

Allspring Global Investments Holdings LLC boosted its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 2.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 94,938 shares of the bank's stock after purchasing an additional 2,239 shares during the period. Allspring Global Investments Holdings LLC owned about 0.84% of First Citizens BancShares worth $196,854,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its position in shares of First Citizens BancShares by 1.5% in the first quarter. Dimensional Fund Advisors LP now owns 125,947 shares of the bank's stock valued at $237,333,000 after acquiring an additional 1,886 shares during the last quarter. Reinhart Partners LLC. grew its stake in shares of First Citizens BancShares by 7.5% in the second quarter. Reinhart Partners LLC. now owns 84,206 shares of the bank's stock valued at $175,253,000 after buying an additional 5,909 shares in the last quarter. Check Capital Management Inc. CA grew its stake in shares of First Citizens BancShares by 3.0% in the first quarter. Check Capital Management Inc. CA now owns 44,068 shares of the bank's stock valued at $83,054,000 after buying an additional 1,280 shares in the last quarter. First Trust Advisors LP grew its stake in shares of First Citizens BancShares by 44.7% in the first quarter. First Trust Advisors LP now owns 43,247 shares of the bank's stock valued at $81,506,000 after buying an additional 13,366 shares in the last quarter. Finally, California Public Employees Retirement System increased its holdings in First Citizens BancShares by 5.0% during the first quarter. California Public Employees Retirement System now owns 18,990 shares of the bank's stock worth $35,790,000 after buying an additional 904 shares during the last quarter. Institutional investors own 78.01% of the company's stock.

First Citizens BancShares Stock Performance

Shares of FCNCA opened at $2,273.74 on Monday. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a market cap of $25.67 billion, a price-to-earnings ratio of 11.65, a PEG ratio of 1.16 and a beta of 0.61. First Citizens BancShares, Inc. has a 52-week low of $1,759.27 and a 52-week high of $2,429.96. The business's fifty day moving average is $2,164.94 and its 200-day moving average is $2,068.87.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its earnings results on Friday, October 23rd. The bank reported $55.37 earnings per share for the quarter, topping analysts' consensus estimates of $46.18 by $9.19. First Citizens BancShares had a net margin of 16.54% and a return on equity of 12.49%. The firm had revenue of $2.27 billion for the quarter, compared to analysts' expectations of $2.23 billion. Equities analysts anticipate that First Citizens BancShares, Inc. will post 203.78 EPS for the current fiscal year.

First Citizens BancShares announced that its Board of Directors has authorized a stock repurchase program on Friday, October 23rd that allows the company to buy back $1.20 billion in outstanding shares. This repurchase authorization allows the bank to buy up to 4.5% of its shares through open market purchases. Share repurchase programs are typically an indication that the company's board of directors believes its shares are undervalued.

First Citizens BancShares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Monday, November 30th will be paid a $2.25 dividend. This is an increase from First Citizens BancShares's previous quarterly dividend of $2.10. This represents a $9.00 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Monday, November 30th. First Citizens BancShares's payout ratio is currently 4.30%.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, Director Diane E. Morais bought 50 shares of the business's stock in a transaction that occurred on Wednesday, August 19th. The shares were acquired at an average cost of $2,168.11 per share, for a total transaction of $108,405.50. Following the transaction, the director directly owned 100 shares in the company, valued at approximately $216,811. This represents a 100.00% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Olivia Britton Holding sold 7,000 shares of First Citizens BancShares stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $19.53, for a total transaction of $136,710.00. Following the sale, the insider owned 15,000 shares in the company, valued at approximately $292,950. This represents a 31.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 14.63% of the company's stock.

Wall Street Analyst Weigh In

FCNCA has been the subject of a number of analyst reports. Citigroup reissued a "neutral" rating on shares of First Citizens BancShares in a research report on Thursday, October 1st. Barclays boosted their price objective on shares of First Citizens BancShares from $2,376.00 to $2,650.00 and gave the stock an "equal weight" rating in a research note on Monday, October 26th. Truist Financial upped their target price on shares of First Citizens BancShares from $2,323.00 to $2,470.00 and gave the company a "hold" rating in a report on Wednesday, October 28th. UBS Group reiterated a "neutral" rating and issued a $2,475.00 target price on shares of First Citizens BancShares in a research note on Monday, October 26th. Finally, TD Cowen lifted their price target on First Citizens BancShares from $2,430.00 to $2,730.00 and gave the stock a "buy" rating in a report on Monday, October 26th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, First Citizens BancShares currently has an average rating of "Hold" and a consensus price target of $2,355.31.

About First Citizens BancShares

First Citizens BancShares is a bank holding company headquartered in Raleigh, North Carolina, and the parent of First Citizens Bank. The company provides commercial and consumer banking services, including deposit accounts, loans, payment services, and wealth management, to individuals, businesses, and institutions.

Founded in 1898 as the Bank of Smithfield, the company grew from its North Carolina roots into a banking organization serving customers across the United States. Its operations include First Citizens Bank and Silicon Valley Bank, which became part of the company after it acquired substantially all of Silicon Valley Bank's deposits and loans from the Federal Deposit Insurance Corporation in 2023.

First Citizens BancShares also expanded its commercial banking and financing capabilities through its 2022 acquisition of CIT Group.

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