Amalgamated Bank Purchases 882 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Amalgamated Bank increased its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 135.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,535 shares of the bank’s stock after acquiring an additional 882 shares during the quarter. Amalgamated Bank’s holdings in First Citizens BancShares were worth $2,584,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. ORG Partners LLC bought a new position in shares of First Citizens BancShares during the 1st quarter worth about $29,000. Mather Group LLC. bought a new position in shares of First Citizens BancShares during the 1st quarter worth about $31,000. LRI Investments LLC bought a new position in shares of First Citizens BancShares during the 1st quarter worth about $33,000. V Square Quantitative Management LLC bought a new position in shares of First Citizens BancShares during the 2nd quarter worth about $35,000. Finally, Riverview Trust Co bought a new position in shares of First Citizens BancShares during the 1st quarter worth about $49,000. Institutional investors own 61.18% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on FCNCA. Keefe, Bruyette & Woods boosted their price objective on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Barclays boosted 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 report on Monday, July 29th. Raymond James upgraded 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. Jefferies Financial Group assumed coverage on shares of 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. Finally, Piper Sandler lifted 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. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, First Citizens BancShares has an average rating of “Hold” and an average target price of $1,962.90.

First Citizens BancShares Price Performance

NASDAQ:FCNCA opened at $1,856.96 on Wednesday. The firm has a market cap of $26.98 billion, a PE ratio of 10.31 and a beta of 0.82. First Citizens BancShares, Inc. has a 12 month low of $1,274.91 and a 12 month high of $2,174.80. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.72. The company’s 50-day moving average price is $1,953.43 and its two-hundred day moving average price is $1,767.15.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings results on Thursday, July 25th. The bank reported $50.87 EPS for the quarter, beating 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 period in the previous year, the business earned $52.60 earnings per share. On average, equities analysts anticipate that First Citizens BancShares, Inc. will post 200.92 EPS for the current fiscal year.

First Citizens BancShares declared that its Board of Directors has initiated a share buyback program on Thursday, July 25th that authorizes the company to buyback $3.50 billion in outstanding shares. This buyback authorization authorizes the bank to repurchase up to 12.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its shares are undervalued.

First Citizens BancShares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were given a dividend of $1.64 per share. The ex-dividend date was 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%.

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.