First Citizens Bancshares, Inc (FCNCA) has recently seen a rise in investment, despite a decrease in total shares owned by institutions. The company announced a quarterly dividend of $1.64 per share on October 26, 2023, marking an increase from the previous $0.75 per share. To be eligible for this dividend, shares must be purchased before November 29, with the payout scheduled for December 15 to shareholders of record as of November 30.
The number of funds or institutions investing in FCNCA rose by 8.70% to reach 950 during the last quarter. However, total shares owned by these institutions fell to 10,326K shares, a drop of 5.28%. Alongside this, the average portfolio weight also saw a decrease of 5.25%, indicating a bearish sentiment as evidenced by the put/call ratio standing at 1.70.
Notably, Coatue Management increased its position in FCNCA by 59.78%, while Harris Associates upped its stake by 36.78%. On the other hand, Egerton Capital reduced its stake drastically by 82.90%, and Blackrock (NYSE:BLK) Equity Dividend Fund decreased its position by 23.57%. Vanguard Total Stock Market Index Fund also increased their positions but only marginally by 0.74%.
Analysts have set a one-year price target of $1,784.55 for FCNCA, suggesting a potential upside of 31.84%. This comes as the company's projected annual revenue stands at $4,699MM with a non-GAAP EPS of 99.19.
First Citizens Bank, a major subsidiary of FCNCA and based in Raleigh, N.C., operates in 19 states and manages over $48 billion in assets. The bank was founded in 1898 and continues to be a significant player in the financial sector.
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