Titan Global Capital Management USA LLC Boosts Stock Holdings in First Citizens BancShares, Inc. $FCNCA

Titan Global Capital Management USA LLC increased its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 19.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,186 shares of the bank’s stock after acquiring an additional 356 shares during the period. First Citizens BancShares makes up about 0.7% of Titan Global Capital Management USA LLC’s holdings, making the stock its 29th largest holding. Titan Global Capital Management USA LLC’s holdings in First Citizens BancShares were worth $4,277,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. boosted its stake in shares of First Citizens BancShares by 16.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 190 shares of the bank’s stock valued at $352,000 after buying an additional 27 shares during the period. Bank of New York Mellon Corp lifted its stake in First Citizens BancShares by 1.9% in the first quarter. Bank of New York Mellon Corp now owns 40,553 shares of the bank’s stock worth $75,190,000 after acquiring an additional 772 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of First Citizens BancShares by 8.7% in the 1st quarter. Envestnet Asset Management Inc. now owns 14,626 shares of the bank’s stock valued at $27,119,000 after purchasing an additional 1,175 shares in the last quarter. M&T Bank Corp increased its holdings in First Citizens BancShares by 1.3% in the first quarter. M&T Bank Corp now owns 632 shares of the bank’s stock valued at $1,172,000 after buying an additional 8 shares during the last quarter. Finally, Axxcess Wealth Management LLC purchased a new stake in First Citizens BancShares during the 1st quarter worth about $2,105,000. 78.01% of the stock is owned by institutional investors and hedge funds.

First Citizens BancShares Price Performance

NASDAQ FCNCA opened at $1,818.84 on Friday. First Citizens BancShares, Inc. has a 12 month low of $1,473.62 and a 12 month high of $2,412.93. The firm has a market capitalization of $23.50 billion, a PE ratio of 10.75 and a beta of 0.75. The company’s 50 day simple moving average is $1,826.29 and its 200 day simple moving average is $1,890.49. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.04 and a quick ratio of 1.04.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Thursday, October 23rd. The bank reported $44.62 earnings per share for the quarter, topping analysts’ consensus estimates of $41.51 by $3.11. First Citizens BancShares had a return on equity of 11.06% and a net margin of 15.99%.The firm had revenue of $2.25 billion during the quarter, compared to the consensus estimate of $2.21 billion. As a group, equities research analysts forecast that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Friday, November 28th will be issued a dividend of $2.10 per share. The ex-dividend date of this dividend is Friday, November 28th. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.95. This represents a $8.40 dividend on an annualized basis and a yield of 0.5%. First Citizens BancShares’s dividend payout ratio is presently 4.97%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on FCNCA shares. Wall Street Zen downgraded First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Sunday, September 28th. The Goldman Sachs Group cut their price objective on shares of First Citizens BancShares from $2,250.00 to $1,950.00 and set a “buy” rating on the stock in a report on Monday, October 6th. Barclays lowered their target price on shares of First Citizens BancShares from $2,400.00 to $2,190.00 and set an “equal weight” rating for the company in a report on Friday, October 24th. Truist Financial lifted their price target on shares of First Citizens BancShares from $2,000.00 to $2,050.00 and gave the stock a “hold” rating in a research note on Tuesday, October 28th. Finally, Citigroup decreased their price objective on shares of First Citizens BancShares from $2,250.00 to $2,000.00 and set a “neutral” rating for the company in a research note on Monday, October 27th. Seven analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, First Citizens BancShares has a consensus rating of “Moderate Buy” and an average price target of $2,157.50.

About First Citizens BancShares

First Citizens BancShares, Inc operates as the holding company for First-Citizens Bank & Trust Company that provides retail and commercial banking services to individuals, businesses, and professionals. The company's deposit products include checking, savings, money market, and time deposit accounts.