Covey Capital Advisors LLC Trims Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Covey Capital Advisors LLC trimmed its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 8.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 315 shares of the bank’s stock after selling 28 shares during the period. First Citizens BancShares comprises 0.8% of Covey Capital Advisors LLC’s investment portfolio, making the stock its 28th biggest holding. Covey Capital Advisors LLC’s holdings in First Citizens BancShares were worth $666,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in FCNCA. Financial Life Planners purchased a new stake in shares of First Citizens BancShares in the 4th quarter valued at approximately $33,000. Hemington Wealth Management raised its stake in shares of First Citizens BancShares by 60.0% in the 4th quarter. Hemington Wealth Management now owns 16 shares of the bank’s stock valued at $33,000 after acquiring an additional 6 shares during the period. Mather Group LLC. raised its stake in shares of First Citizens BancShares by 38.5% in the 4th quarter. Mather Group LLC. now owns 18 shares of the bank’s stock valued at $38,000 after acquiring an additional 5 shares during the period. Asset Planning Inc purchased a new stake in shares of First Citizens BancShares in the 4th quarter valued at approximately $38,000. Finally, Brooklyn Investment Group purchased a new stake in shares of First Citizens BancShares in the 3rd quarter valued at approximately $39,000. 78.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. boosted their price target on shares of First Citizens BancShares from $2,550.00 to $2,600.00 and gave the company an “overweight” rating in a research note on Tuesday, January 7th. Citigroup cut shares of First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. Piper Sandler lifted their price objective on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company a “neutral” rating in a report on Monday, January 27th. Barclays lifted their price objective on shares of First Citizens BancShares from $2,456.00 to $2,568.00 and gave the company an “equal weight” rating in a report on Monday, January 27th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of First Citizens BancShares in a report on Monday, December 9th. They issued a “buy” rating and a $2,600.00 price objective for the company. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $2,323.50.

First Citizens BancShares Trading Down 1.8 %

NASDAQ FCNCA opened at $2,117.11 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68. First Citizens BancShares, Inc. has a 52 week low of $1,490.30 and a 52 week high of $2,412.93. The stock has a market capitalization of $29.62 billion, a PE ratio of 11.18, a price-to-earnings-growth ratio of 0.97 and a beta of 0.85. The firm has a 50 day moving average of $2,146.53 and a two-hundred day moving average of $2,068.47.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Friday, January 24th. The bank reported $45.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $39.32 by $5.78. First Citizens BancShares had a net margin of 18.55% and a return on equity of 13.22%. As a group, research analysts expect that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Friday, February 28th will be given a $1.95 dividend. The ex-dividend date is Friday, February 28th. This represents a $7.80 annualized dividend and a yield of 0.37%. First Citizens BancShares’s dividend payout ratio (DPR) is 4.12%.

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.