Wilmington Savings Fund Society Acquires Shares in First Citizens BancShares

Wilmington Savings Fund Society FSB has acquired a new position inFirst Citizens BancShares, Inc. (NASDAQ:FCNCA) during the third quarter. This information comes from the company's recent 13F filing with the Securities and Exchange Commission, which revealed that the institutional investor purchased 2,933 shares of the bank's stock, with an estimated value of about $5,400,000.

Recent Activity by Other Investors

Additionally, several other large investors have recently adjusted their stakes in FCNCA. M&T Bank Corp increased its holdings by 0.8% in the third quarter, now owning 607 shares valued at approximately $1,117,000 after acquiring 5 more shares. Similarly, Wedbush Securities Inc. raised its stake by 0.5%, and now owns 1,199 shares worth $2,019,000 after adding 6 shares in the previous quarter.

Furthermore, Metis Global Partners LLC boosted its position in First Citizens BancShares by 4.9% during the third quarter, holding 129 shares valued at around $237,000 after acquiring 6 more shares. HB Wealth Management LLC raised its stake by 3.9%, with a total of 187 shares valued at $315,000 following an acquisition of 7 shares in the last quarter. Lastly, Tandem Capital Management Corp ADV increased its holdings by 1.8%, owning 459 shares worth $845,000 after purchasing 8 additional shares last quarter. Overall, institutional investors own about 78.01% of the stock.

Stock Performance Overview

The shares of First Citizens BancShares traded down by 1.1% recently, opening at $2,074.88. The stock has seen a one-year low of $1,363.97 and a one-year high of $2,388.78. The fifty-day moving average currently stands at $2,110.72, while the 200-day moving average is at $1,936.47. The company's market capitalization amounts to $29.03 billion, with a price-to-earnings (PE) ratio of 11.89 and a beta value of 0.83. Additionally, First Citizens reports a debt-to-equity ratio of 1.68.

Recent Earnings Report

First Citizens BancShares recently disclosed its earnings results on October 24, reporting earnings per share (EPS) of $45.87, which fell short of the consensus estimate of $47.40 by $1.53. The company generated a revenue of $2.45 billion for the quarter, surpassing analysts' expectations of $2.36 billion. Notably, First Citizens had a return on equity of 13.63% with a net margin of 17.36%. In comparison, during the same quarter last year, the bank reported an EPS of $55.92. Analysts project that First Citizens BancShares will report an EPS of 187.88 for the current year.

Dividend Announcement

The company also announced a quarterly dividend, scheduled for payment on December 16. Shareholders on record by November 29 will receive a dividend of $1.95, which translates to an annualized dividend of $7.80 and a dividend yield of 0.38%. This dividend is an increase from the previous quarterly amount of $1.64. The current dividend payout ratio stands at 4.47%.

Analyst Ratings Update

Several equity analysts have commented on FCNCA's shares lately. Citigroup upgraded First Citizens BancShares from a “hold” rating to a “strong buy” rating recently. StockNews.com also upgraded the shares from “sell” to “hold” on November 14. However, Wedbush Securities reduced their target price for FCNCA from $2,150.00 to $2,000.00, maintaining a “neutral” rating. Keefe, Bruyette & Woods also downgraded the bank from “outperform” to “market perform” but raised the price target from $2,100.00 to $2,500.00. Deutsche Bank started coverage of the stock, issuing a “buy” rating with a price target of $2,600.00. Currently, the averages indicate a “Moderate Buy” rating with a consensus price target of $2,157.64.

First Citizens BancShares Overview

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

investment, acquisition, earnings