The financial market witnessed a new surge in investment, as &Natixis, the French multinational financial services firm, initiated a fresh purchase of significant shares in First Citizens BancShares, Inc. The recent 13F filing with the Securities and Exchange Commission revealed that &Natixis invested $2,958,000 to secure its position by purchasing 3,900 shares in this bank holding company. The move sent ripples across the industry.
Headquartered in Raleigh, North Carolina, First Citizens BancShares provides retail and commercial banking services through its subsidiaries and operates under four broad segments- General Banking, Commercial Banking, Railways and Corporate. Of these segments, General Banking serves individuals with its extensive network of branches across America.
The development took place amidst rising optimism among investors stemming from the company’s recent announcement regarding quarterly dividends. Stockholders of record on Wednesday May 31st will be entitled to a dividend of $0.75 per share on Thursday June 15th. According to sources within First Citizens BancShares ‘sustained growth has resulted in securing their payout ratio presently at 0.43%.’
With this significant move into First Citizens BancShares’s stock portfolio made by &Natixis amid announcements about increasing shareholder value through dividends and sustained growth potential backed up by General Banking segment operations; it seems that better times lie ahead for investors in First Citizens BancShares Inc., while cementing &Natixis’s position as a leading player in investment markets globally.
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First Citizens BancShares Gains Interest from Institutional Investors and Analysts Alike
First Citizens BancShares (NASDAQ:FCNCA) has recently gained attention from institutional investors and hedge funds, with many adding to their stakes in the company. Greenleaf Trust lifted its holdings in shares of First Citizens BancShares by 3.1%, while MML Investors Services LLC increased their holdings by 28.2%. California Public Employees Retirement System also added to their shares by 3.0%. Other companies such as Connor Clark & Lunn Investment Management Ltd. and Caisse DE Depot ET Placement DU Quebec acquired new positions in shares of First Citizens BancShares worth an estimated $1,553,000 and $718,000 respectively.
The recent interest in First Citizens BancShares has seen a surge in their share price, which opened at $1,284.97 on Friday. The company’s fifty-day moving average price is $1,128.91 and its two-hundred day moving average price is $884.26. However, the stock has a market capitalization of $18.66 billion with a beta of 0.99.
It’s not just institutional investors that are taking notice of First Citizens BancShares; research analysts have also weighed in on the company’s future outlook. StockNews.com initiated coverage on the bank and gave it a “sell” rating while UBS Group upgraded the company from a “sell” rating to a “buy” rating with upped target prices from $538 to $1,206.
Finally, DA Davidson gave the company a “neutral” rating but upped their target price from $825 to $1,025 – signaling an upward trend for First Citizens Bancshares’ future performance.
In conclusion, all signs indicate that institutional investors and hedge funds believe that First Citizen BancShares’ strengths outweigh any weaknesses currently being faced by the broader economy – which is great news for this bank in particular as well as banking sector overall since it reinforces much needed stability.