MRP Capital Investments LLC Cuts Stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

MRP Capital Investments LLC lessened its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 4.1% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 513 shares of the bank’s stock after selling 22 shares during the quarter. MRP Capital Investments LLC’s holdings in First Citizens BancShares were worth $864,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Vanguard Group Inc. increased its position in shares of First Citizens BancShares by 4.6% in the 1st quarter. Vanguard Group Inc. now owns 1,064,822 shares of the bank’s stock valued at $1,740,984,000 after purchasing an additional 47,167 shares during the last quarter. Wellington Management Group LLP increased its holdings in First Citizens BancShares by 21.1% in the fourth quarter. Wellington Management Group LLP now owns 239,563 shares of the bank’s stock valued at $339,933,000 after buying an additional 41,793 shares during the last quarter. Capital Research Global Investors purchased a new position in First Citizens BancShares in the first quarter valued at $298,180,000. Norges Bank acquired a new stake in First Citizens BancShares in the fourth quarter valued at $180,039,000. Finally, Reinhart Partners LLC. lifted its holdings in First Citizens BancShares by 3.1% during the 1st quarter. Reinhart Partners LLC. now owns 58,583 shares of the bank’s stock worth $95,783,000 after buying an additional 1,780 shares during the last quarter. Institutional investors and hedge funds own 61.18% of the company’s stock.

First Citizens BancShares Price Performance

Shares of FCNCA opened at $1,898.95 on Thursday. The company has a market capitalization of $27.59 billion, a price-to-earnings ratio of 10.54 and a beta of 0.82. First Citizens BancShares, Inc. has a fifty-two week low of $1,274.91 and a fifty-two week high of $2,174.80. The firm has a 50-day simple moving average of $1,941.14 and a 200-day simple moving average of $1,755.76. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.08 and a current ratio of 1.08.

First Citizens BancShares (NASDAQ:FCNCA) last announced its earnings results on Thursday, July 25th. The bank reported $50.87 earnings per share for the quarter, beating the consensus estimate of $44.91 by $5.96. The company had revenue of $3.77 billion for the quarter, compared to the consensus estimate of $2.30 billion. First Citizens BancShares had a return on equity of 14.84% and a net margin of 18.19%. During the same period last year, the business posted $52.60 EPS. On average, equities research analysts anticipate that First Citizens BancShares, Inc. will post 200.92 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were given a $1.64 dividend. The ex-dividend date was Friday, August 30th. This represents a $6.56 dividend on an annualized basis and a yield of 0.35%. First Citizens BancShares’s dividend payout ratio (DPR) is 3.64%.

Analyst Upgrades and Downgrades

FCNCA has been the topic of several research analyst reports. Keefe, Bruyette & Woods raised their target price on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Piper Sandler raised their price objective on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a 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. Barclays boosted their price target 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. Finally, Jefferies Financial Group initiated coverage on First Citizens BancShares in a research report on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 target price on the stock. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $1,920.82.

First Citizens BancShares Company 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.