Wells Fargo & Company MN boosted its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 2.2% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 214,365 shares of the bank’s stock after purchasing an additional 4,612 shares during the period. Wells Fargo & Company MN owned about 1.78% of First Citizens BancShares worth $80,149,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. FMR LLC lifted its position in shares of First Citizens BancShares by 11.5% in the second quarter. FMR LLC now owns 1,383,090 shares of the bank’s stock valued at $515,478,000 after acquiring an additional 142,265 shares in the last quarter. American Century Companies Inc. purchased a new position in shares of First Citizens BancShares in the third quarter valued at about $12,912,000. Ameriprise Financial Inc. lifted its position in shares of First Citizens BancShares by 22.1% in the second quarter. Ameriprise Financial Inc. now owns 44,522 shares of the bank’s stock valued at $16,594,000 after acquiring an additional 8,055 shares in the last quarter. State Street Corp lifted its position in shares of First Citizens BancShares by 5.0% in the second quarter. State Street Corp now owns 155,276 shares of the bank’s stock valued at $57,875,000 after acquiring an additional 7,414 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in shares of First Citizens BancShares by 30.0% in the second quarter. Goldman Sachs Group Inc. now owns 31,272 shares of the bank’s stock valued at $11,655,000 after acquiring an additional 7,217 shares in the last quarter. Institutional investors own 44.83% of the company’s stock.
Shares of First Citizens BancShares, Inc. (FCNCA) opened at $411.74 on Wednesday. First Citizens BancShares, Inc. has a twelve month low of $319.40 and a twelve month high of $436.00. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.86 and a quick ratio of 0.85. The stock has a market capitalization of $5,310.00, a PE ratio of 15.73 and a beta of 1.15.
First Citizens BancShares announced that its Board of Directors has initiated a stock buyback program on Wednesday, October 25th that permits the company to repurchase 800,000 outstanding shares. This repurchase authorization permits the bank to repurchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Monday, December 18th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 0.34%. This is a boost from First Citizens BancShares’s previous quarterly dividend of $0.30. The ex-dividend date is Friday, December 15th. First Citizens BancShares’s payout ratio is 4.48%.
Several equities analysts have recently commented on the company. BidaskClub downgraded First Citizens BancShares from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 12th. ValuEngine cut First Citizens BancShares from a “buy” rating to a “hold” rating in a report on Friday, August 18th.
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First Citizens BancShares Profile
First Citizens BancShares, Inc (BancShares) is a holding company of First-Citizens Bank & Trust Company (FCB). As of December 31, 2016, BancShares operated in 21 states providing a range of financial services to individuals, businesses and professionals. FCB offers a range of retail and commercial banking services.
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