Huber Capital Management LLC Has $8.40 Million Stock Holdings in First Citizens BancShares, Inc. $FCNCA

Key Points

• Huber Capital increased its stake in First Citizens BancShares by 34.4% in Q3 to 4,693 shares worth $8.397 million, representing about 1.3% of Huber's holdings and its 26th largest position.
• First Citizens posted stronger-than-expected quarterly results (EPS $51.27 vs. $44.24 estimate; revenue $2.44B vs. $2.24B), and the stock trades near $1,813.50 with a market cap of ~$21.65 billion and a P/E of ~10.98.
• The bank declared a quarterly dividend of $2.10 (annualized $8.40, yield ~0.5%, ex-dividend Feb 27, payable Mar 16), and analysts hold a consensus "Moderate Buy" with an average price target of about $2,238.27.

Huber Capital Management LLC grew its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 34.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,693 shares of the bank's stock after acquiring an additional 1,200 shares during the period. First Citizens BancShares accounts for approximately 1.3% of Huber Capital Management LLC's holdings, making the stock its 26th largest position. Huber Capital Management LLC's holdings in First Citizens BancShares were worth $8,397,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. SBI Securities Co. Ltd. acquired a new position in First Citizens BancShares during the third quarter valued at approximately $27,000. UMB Bank n.a. raised its stake in shares of First Citizens BancShares by 100.0% during the 3rd quarter. UMB Bank n.a. now owns 16 shares of the bank's stock worth $29,000 after purchasing an additional 8 shares in the last quarter. Steph & Co. acquired a new stake in shares of First Citizens BancShares in the 3rd quarter valued at approximately $32,000. Root Financial Partners LLC acquired a new stake in shares of First Citizens BancShares in the 3rd quarter valued at approximately $32,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in shares of First Citizens BancShares by 280.0% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 19 shares of the bank's stock valued at $34,000 after buying an additional 14 shares in the last quarter. Institutional investors and hedge funds own 78.01% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on FCNCA shares. Wall Street Zen raised shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a research report on Saturday, February 28th. Piper Sandler lifted their price objective on shares of 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. Citigroup restated a "buy" rating on shares of First Citizens BancShares in a research note on Monday, January 26th. Barclays cut their target price on shares of First Citizens BancShares from $2,456.00 to $2,346.00 and set an "equal weight" rating for the company in a research note on Monday, January 26th. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of First Citizens BancShares in a report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $2,238.27.

First Citizens BancShares Stock Performance

Shares of NASDAQ:FCNCA traded down $45.33 on Friday, hitting $1,813.50. The company had a trading volume of 3,154 shares, compared to its average volume of 108,148. The stock has a 50 day moving average price of $2,056.27 and a 200 day moving average price of $1,955.71. 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 stock has a market cap of $21.65 billion, a price-to-earnings ratio of 10.98 and a beta of 0.68. First Citizens BancShares, Inc. has a 1-year low of $1,473.62 and a 1-year high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its earnings results on Friday, January 23rd. The bank reported $51.27 EPS for the quarter, topping the consensus estimate of $44.24 by $7.03. The business had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.24 billion. First Citizens BancShares had a net margin of 15.21% and a return on equity of 11.18%. Analysts expect that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Announces Dividend

The company also recently declared 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 is Friday, February 27th. This represents a $8.40 annualized dividend and a yield of 0.5%. First Citizens BancShares's payout ratio 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.

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