Stocks

UBS AM Increases Stake in First Citizens BancShares

Published December 2, 2024

UBS Asset Management Americas LLC, operating as a distinct unit of UBS AM, has boosted its investment in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 15.0% during the third quarter of this year, according to their latest filing with the Securities and Exchange Commission (SEC). Following the acquisition of an additional 7,613 shares, UBS AM now holds a total of 58,529 shares in First Citizens. This investment represents approximately 0.40% of the bank's total stock, valued at around $107,749,000 at the end of the reporting period.

First Citizens Boosts Assets With SVB Acquisition; Stock Surges

Several other institutional investors have similarly adjusted their positions in First Citizens BancShares recently. For instance, V Square Quantitative Management LLC established a new investment valued at about $35,000 in the second quarter. Brooklyn Investment Group initiated a new stake worth approximately $39,000 in the third quarter. Gradient Investments LLC also acquired a new position in First Citizens BancShares valued at $52,000 during the second quarter. Notably, GAMMA Investing LLC raised its holdings by 129.6% in the third quarter, owning 62 shares valued at $114,000 after buying 35 additional shares. Blue Trust Inc. increased its stake by 120.0% in the second quarter, accumulating 66 shares worth $108,000 after making an additional purchase of 36 shares. Currently, institutional investors and hedge funds own about 61.18% of First Citizens BancShares stock.

First Citizens BancShares Price Performance

As of Monday, NASDAQ:FCNCA opened at $2,295.00. First Citizens BancShares recorded a 52-week low of $1,363.97 and a high of $2,388.78. The fifty-day moving average for the stock is $2,055.78, while the two-hundred-day moving average stands at $1,913.78. The company boasts a market capitalization of $32.11 billion, a price-to-earnings (P/E) ratio of 13.15, and a beta of 0.80. Its quick and current ratios both sit at 1.08, with a debt-to-equity ratio of 1.68.

Even at $2,000+ Per Share, These 3 Stocks Are Deals

First Citizens BancShares recently announced its earnings results on October 24th, reporting an earnings per share (EPS) of $45.87 for the quarter. This figure fell short of analysts' consensus estimates of $47.40 by $1.53. The bank maintained a net margin of 17.36% and a return on equity of 13.63%. Revenue for the quarter amounted to $2.45 billion, surpassing predictions of $2.36 billion. In the same quarter last year, the company reported an EPS of $55.92. Analysts forecast that First Citizens BancShares, Inc. will post an EPS of 187.88 for the current fiscal year.

First Citizens BancShares Increases Dividend

Additionally, the company has announced a new quarterly dividend of $1.95, set to be paid on December 16th to investors on record as of November 29th. This raises the annualized dividend to $7.80, giving it a yield of 0.34%. The ex-dividend date is also on November 29th. This increase stands from the previous quarterly dividend of $1.64, with a dividend payout ratio (DPR) of 3.76%.

Analyst Ratings Changes

MarketBeat Week in Review – 4/3 - 4/7

Recent comments from equity research analysts show a variety of perspectives on the stock. JPMorgan Chase & Co. lowered their target price on First Citizens BancShares' shares from $2,550.00 to $2,300.00, maintaining an "overweight" rating in a report issued on October 25th. StockNews.com upgraded its rating from "sell" to "hold" for First Citizens BancShares on November 14th. In contrast, The Goldman Sachs Group increased their target price from $2,025.00 to $2,625.00, providing a "buy" rating on November 26th. Wedbush adjusted their target price from $2,150.00 to $2,000.00, assigning a "neutral" rating. In total, five equities research analysts currently rate the stock with a "hold" rating while six give it a "buy" rating. According to MarketBeat.com, the stock carries a consensus rating of "Moderate Buy" with an average target price of $2,093.40.

View Our Latest Report on First Citizens BancShares

About First Citizens BancShares

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First Citizens BancShares, Inc. serves as the parent company for First-Citizens Bank & Trust Company, offering a range of retail and commercial banking services to individuals, businesses, and professionals. Its deposit offerings include checking, savings, money market, and time deposit accounts.

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