First Citizens Bank & Trust Co. Sells 15 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

First Citizens Bank & Trust Co. lessened its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 0.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 91,574 shares of the bank’s stock after selling 15 shares during the period. First Citizens BancShares comprises 2.6% of First Citizens Bank & Trust Co.’s portfolio, making the stock its 7th largest holding. First Citizens Bank & Trust Co. owned approximately 0.63% of First Citizens BancShares worth $168,583,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. PNC Financial Services Group Inc. increased its stake in shares of First Citizens BancShares by 4.3% during the 4th quarter. PNC Financial Services Group Inc. now owns 832 shares of the bank’s stock valued at $1,181,000 after acquiring an additional 34 shares during the last quarter. Mather Group LLC. purchased a new position in First Citizens BancShares during the first quarter worth approximately $31,000. Park Avenue Securities LLC boosted its holdings in shares of First Citizens BancShares by 1.6% in the 1st quarter. Park Avenue Securities LLC now owns 450 shares of the bank’s stock valued at $736,000 after purchasing an additional 7 shares during the last quarter. Salem Investment Counselors Inc. grew its stake in shares of First Citizens BancShares by 34.8% during the 1st quarter. Salem Investment Counselors Inc. now owns 155 shares of the bank’s stock valued at $253,000 after buying an additional 40 shares during the period. Finally, Riverview Trust Co purchased a new stake in shares of First Citizens BancShares during the 1st quarter valued at $49,000. 61.18% of the stock is currently owned by institutional investors and hedge funds.

First Citizens BancShares Trading Up 1.4 %

NASDAQ FCNCA opened at $2,115.01 on Friday. The stock has a market cap of $30.73 billion, a P/E ratio of 11.74 and a beta of 0.81. The company’s fifty day simple moving average is $1,949.68 and its 200-day simple moving average is $1,810.50. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.72. First Citizens BancShares, Inc. has a 52 week low of $1,290.60 and a 52 week high of $2,174.80.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings data on Thursday, July 25th. The bank reported $50.87 EPS for the quarter, topping analysts’ consensus estimates of $44.91 by $5.96. The firm had revenue of $3.77 billion for the quarter, compared to analyst estimates of $2.30 billion. First Citizens BancShares had a net margin of 18.19% and a return on equity of 14.84%. During the same quarter in the previous year, the business posted $52.60 EPS. Equities research analysts predict that First Citizens BancShares, Inc. will post 200 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 0.31%. The ex-dividend date was Friday, August 30th. First Citizens BancShares’s dividend payout ratio is currently 3.64%.

First Citizens BancShares announced that its board has authorized a share repurchase program on Thursday, July 25th that authorizes the company to buyback $3.50 billion in shares. This buyback authorization authorizes the bank to buy up to 12.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Several research analysts recently weighed in on FCNCA shares. StockNews.com lowered First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Monday, October 7th. Jefferies Financial Group started coverage on First Citizens BancShares in a report on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 target price for the company. Keefe, Bruyette & Woods raised their price target on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Raymond James upgraded shares of First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price objective for the company in a research note on Tuesday, July 2nd. Finally, Barclays increased their price objective on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $2,012.11.

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.