Point72 Asset Management L.P. Sells 17,485 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Point72 Asset Management L.P. lowered its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 46.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 20,395 shares of the bank’s stock after selling 17,485 shares during the period. Point72 Asset Management L.P. owned about 0.14% of First Citizens BancShares worth $34,338,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in FCNCA. Wells Fargo & Company MN increased its holdings in shares of First Citizens BancShares by 83.7% in the fourth quarter. Wells Fargo & Company MN now owns 15,212 shares of the bank’s stock worth $21,586,000 after buying an additional 6,931 shares during the period. Corient Private Wealth LLC increased its holdings in shares of First Citizens BancShares by 5.6% in the fourth quarter. Corient Private Wealth LLC now owns 1,675 shares of the bank’s stock worth $2,377,000 after buying an additional 89 shares during the period. Commerce Bank increased its holdings in shares of First Citizens BancShares by 98.4% in the fourth quarter. Commerce Bank now owns 379 shares of the bank’s stock worth $538,000 after buying an additional 188 shares during the period. Advisory Services Network LLC purchased a new position in shares of First Citizens BancShares in the fourth quarter worth about $265,000. Finally, Hsbc Holdings PLC increased its holdings in shares of First Citizens BancShares by 39.7% in the fourth quarter. Hsbc Holdings PLC now owns 4,376 shares of the bank’s stock worth $6,225,000 after buying an additional 1,244 shares during the period. Institutional investors own 61.18% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Wedbush downgraded First Citizens BancShares from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $2,450.00 to $2,150.00 in a report on Tuesday. Piper Sandler boosted their price target on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Keefe, Bruyette & Woods boosted their price target on 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. Jefferies Financial Group assumed coverage on First Citizens BancShares in a report on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 price target on the stock. Finally, Barclays boosted their price target on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $1,962.90.

First Citizens BancShares Stock Up 2.1 %

FCNCA stock opened at $1,876.68 on Friday. 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 business’s 50 day moving average price is $1,954.37 and its two-hundred day moving average price is $1,768.40. 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 has a market capitalization of $27.27 billion, a price-to-earnings ratio of 10.42 and a beta of 0.82.

First Citizens BancShares (NASDAQ:FCNCA) last posted 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 return on equity of 14.84% and a net margin of 18.19%. The firm had revenue of $3.77 billion for the quarter, compared to the consensus estimate of $2.30 billion. During the same quarter in the prior year, the business earned $52.60 EPS. As a group, 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 business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders 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 dividend yield of 0.35%. First Citizens BancShares’s dividend payout ratio is currently 3.64%.

First Citizens BancShares announced that its Board of Directors has approved a share repurchase program on Thursday, July 25th that authorizes the company to repurchase $3.50 billion in outstanding shares. This repurchase authorization authorizes the bank to purchase up to 12.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

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.