Gabelli Funds LLC Boosts Holdings in First Citizens BancShares, Inc. $FCNCA

Key Points

• Gabelli Funds LLC increased its stake in First Citizens BancShares by 19.1% in Q3, owning 5,385 shares valued at $9.635 million after buying an additional 865 shares.
• First Citizens beat quarterly expectations with EPS of $51.27 vs. $44.24 expected and revenue of $2.44 billion vs. $2.24 billion, and announced a $2.10 quarterly dividend ($8.40 annual).
• The stock has a market cap of $22.6 billion, a P/E of 11.42, ~78% institutional ownership, and a consensus analyst rating of "Moderate Buy" with a $2,238.27 average price target.

Gabelli Funds LLC raised its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 19.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,385 shares of the bank's stock after buying an additional 865 shares during the quarter. Gabelli Funds LLC's holdings in First Citizens BancShares were worth $9,635,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in FCNCA. Allworth Financial LP boosted its stake in shares of First Citizens BancShares by 35.3% during the 2nd quarter. Allworth Financial LP now owns 23 shares of the bank's stock worth $45,000 after purchasing an additional 6 shares during the period. Personal CFO Solutions LLC raised its position in First Citizens BancShares by 4.0% in the 2nd quarter. Personal CFO Solutions LLC now owns 156 shares of the bank's stock worth $305,000 after purchasing an additional 6 shares during the period. Corient Private Wealth LLC raised its position in First Citizens BancShares by 0.6% in the 2nd quarter. Corient Private Wealth LLC now owns 1,049 shares of the bank's stock worth $2,051,000 after purchasing an additional 6 shares during the period. Fifth Third Bancorp lifted its stake in First Citizens BancShares by 40.0% in the third quarter. Fifth Third Bancorp now owns 21 shares of the bank's stock worth $38,000 after purchasing an additional 6 shares during the last quarter. Finally, Alteri Wealth LLC lifted its stake in First Citizens BancShares by 4.1% in the third quarter. Alteri Wealth LLC now owns 154 shares of the bank's stock worth $276,000 after purchasing an additional 6 shares during the last quarter. 78.01% of the stock is owned by hedge funds and other institutional investors.

First Citizens BancShares Trading Down 2.6%

NASDAQ FCNCA opened at $1,892.44 on Monday. First Citizens BancShares, Inc. has a one year low of $1,473.62 and a one year high of $2,232.21. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.03 and a current ratio of 1.03. The company has a market capitalization of $22.60 billion, a price-to-earnings ratio of 11.42 and a beta of 0.68. The company's 50-day simple moving average is $2,078.57 and its two-hundred day simple moving average is $1,958.07.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings results on Friday, January 23rd. The bank reported $51.27 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $2.44 billion during the quarter, compared to analysts' expectations of $2.24 billion. Equities analysts forecast that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Friday, February 27th will be paid a $2.10 dividend. The ex-dividend date of this dividend is Friday, February 27th. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. First Citizens BancShares's payout ratio is 5.07%.

Analysts Set New Price Targets

A number of research analysts have recently commented on FCNCA shares. The Goldman Sachs Group cut First Citizens BancShares from a "buy" rating to a "hold" rating and set a $2,300.00 target price on the stock. in a research note on Tuesday, January 6th. Zacks Research lowered First Citizens BancShares from a "hold" rating to a "strong sell" rating in a research note on Monday, February 16th. Citigroup restated a "buy" rating on shares of First Citizens BancShares in a report on Monday, January 26th. Piper Sandler upped their price objective on First Citizens BancShares from $2,000.00 to $2,100.00 and gave the company a "neutral" rating in a research report on Thursday, January 29th. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of First Citizens BancShares in a research note on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, First Citizens BancShares has an average rating of "Moderate Buy" and a consensus price target of $2,238.27.

About First Citizens BancShares

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.

Want to see what other hedge funds are holding FCNCA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.