Rhumbline Advisers Reduces Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Rhumbline Advisers decreased its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 0.4% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,781 shares of the bank’s stock after selling 64 shares during the quarter. Rhumbline Advisers owned about 0.11% of First Citizens BancShares worth $26,569,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Victory Capital Management Inc. grew its holdings in shares of First Citizens BancShares by 82.7% in the fourth quarter. Victory Capital Management Inc. now owns 9,569 shares of the bank’s stock valued at $13,578,000 after purchasing an additional 4,332 shares during the period. Benjamin F. Edwards & Company Inc. purchased a new stake in shares of First Citizens BancShares in the fourth quarter valued at about $65,000. Lincoln National Corp grew its holdings in shares of First Citizens BancShares by 2.6% in the fourth quarter. Lincoln National Corp now owns 277 shares of the bank’s stock valued at $393,000 after purchasing an additional 7 shares during the period. Principal Securities Inc. purchased a new stake in shares of First Citizens BancShares in the fourth quarter valued at about $43,000. Finally, Cary Street Partners Investment Advisory LLC grew its holdings in shares of First Citizens BancShares by 93.2% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 856 shares of the bank’s stock valued at $1,215,000 after purchasing an additional 413 shares during the period. Hedge funds and other institutional investors own 61.18% of the company’s stock.

First Citizens BancShares Stock Down 2.8 %

Shares of FCNCA opened at $1,898.10 on Friday. The stock has a market capitalization of $27.58 billion, a PE ratio of 10.54 and a beta of 0.83. First Citizens BancShares, Inc. has a 1 year low of $1,274.91 and a 1 year high of $2,174.80. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.08 and a current ratio of 1.08. The company’s 50-day simple moving average is $1,917.34 and its 200-day simple moving average is $1,738.67.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Thursday, July 25th. The bank reported $50.87 earnings per share for the quarter, topping analysts’ consensus estimates of $44.91 by $5.96. First Citizens BancShares had a net margin of 18.19% and a return on equity of 14.84%. The firm had revenue of $3.77 billion for the quarter, compared to analyst estimates of $2.30 billion. During the same period in the prior year, the firm earned $52.60 earnings per share. Analysts forecast that First Citizens BancShares, Inc. will post 200.92 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be paid a dividend of $1.64 per share. The ex-dividend date is Friday, August 30th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 0.35%. First Citizens BancShares’s payout ratio is 3.64%.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Jefferies Financial Group assumed coverage on shares of First Citizens BancShares in a research report on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 target price on the stock. Barclays upped their target price on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Piper Sandler upped their target price on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Raymond James raised shares of First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 target price on the stock in a research report on Tuesday, July 2nd. Finally, Keefe, Bruyette & Woods upped their target price on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, First Citizens BancShares currently has an average rating of “Moderate Buy” and a consensus target price of $1,920.82.

First Citizens BancShares Profile

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.