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

Key Points

• Korea Investment CORP boosted its stake in First Citizens BancShares by 67.7% in Q3, buying 3,238 shares to hold 8,024 shares worth about $14.36 million (≈0.06% of the company).
• First Citizens beat Q4 estimates with $51.27 EPS vs. $44.24 expected and $2.44B revenue vs. $2.24B expected, and analysts have a consensus rating of Moderate Buy with a $2,238.27 target price.
• The bank declared a quarterly dividend of $2.10 (annualized $8.40) with an ex-dividend date of Feb 27 and payment on Mar 16, implying a yield of about 0.5%.

Korea Investment CORP lifted its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 67.7% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,024 shares of the bank's stock after buying an additional 3,238 shares during the period. Korea Investment CORP owned approximately 0.06% of First Citizens BancShares worth $14,356,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. SBI Securities Co. Ltd. bought a new stake in First Citizens BancShares during the third quarter worth $27,000. UMB Bank n.a. grew its stake in First Citizens BancShares by 100.0% in the 3rd quarter. UMB Bank n.a. now owns 16 shares of the bank's stock valued at $29,000 after purchasing an additional 8 shares during the period. Steph & Co. bought a new position in First Citizens BancShares in the 3rd quarter valued at $32,000. Root Financial Partners LLC purchased a new stake in shares of First Citizens BancShares during the 3rd quarter valued at $32,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in shares of First Citizens BancShares by 280.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 19 shares of the bank's stock valued at $34,000 after purchasing an additional 14 shares during the last quarter. 78.01% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Piper Sandler boosted their price target on shares of First Citizens BancShares from $2,000.00 to $2,100.00 and gave the stock a "neutral" rating in a report on Thursday, January 29th. JPMorgan Chase & Co. raised their price objective on shares of First Citizens BancShares from $2,300.00 to $2,500.00 and gave the stock an "overweight" rating in a report on Tuesday, December 16th. Zacks Research lowered shares of First Citizens BancShares from a "hold" rating to a "strong sell" rating in a research report on Monday, February 16th. UBS Group set a $2,325.00 target price on shares of First Citizens BancShares in a research note on Wednesday, February 4th. Finally, TD Cowen reduced their target price 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 report on Monday, January 26th. One equities 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 issued a Sell rating to the company. According to data from MarketBeat.com, First Citizens BancShares has a consensus rating of "Moderate Buy" and a consensus target price of $2,238.27.

First Citizens BancShares Stock Down 2.8%

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

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its 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 the consensus estimate of $2.24 billion. As a group, equities research analysts predict that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current 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. This represents a $8.40 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Friday, February 27th. First Citizens BancShares's payout ratio is currently 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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