Truist Financial Corp Lowers Stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Truist Financial Corp lessened its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 2.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,666 shares of the bank’s stock after selling 211 shares during the period. Truist Financial Corp’s holdings in First Citizens BancShares were worth $16,274,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. ORG Partners LLC purchased a new stake in shares of First Citizens BancShares during the first quarter worth about $29,000. Mather Group LLC. acquired a new position in shares of First Citizens BancShares during the first quarter valued at approximately $31,000. LRI Investments LLC purchased a new position in shares of First Citizens BancShares in the first quarter valued at approximately $33,000. V Square Quantitative Management LLC acquired a new stake in shares of First Citizens BancShares in the second quarter worth approximately $35,000. Finally, Riverview Trust Co purchased a new stake in shares of First Citizens BancShares during the first quarter worth approximately $49,000. Institutional investors and hedge funds own 61.18% of the company’s stock.

First Citizens BancShares Stock Up 4.7 %

First Citizens BancShares stock opened at $1,950.12 on Friday. 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 firm has a 50 day moving average price of $1,945.80 and a 200 day moving average price of $1,781.72. First Citizens BancShares, Inc. has a fifty-two week low of $1,290.60 and a fifty-two week high of $2,174.80. The company has a market capitalization of $28.34 billion, a PE ratio of 10.83 and a beta of 0.81.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Thursday, July 25th. The bank reported $50.87 earnings per share (EPS) for the quarter, topping the consensus estimate 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 return on equity of 14.84% and a net margin of 18.19%. During the same quarter in the prior year, the company earned $52.60 EPS. Research analysts expect that First Citizens BancShares, Inc. will post 200.92 earnings per share for the current year.

First Citizens BancShares declared that its board has approved a stock buyback program on Thursday, July 25th that allows the company to repurchase $3.50 billion in shares. This repurchase authorization allows the bank to reacquire up to 12.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

First Citizens BancShares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 0.34%. The ex-dividend date of this dividend was Friday, August 30th. First Citizens BancShares’s dividend payout ratio (DPR) is currently 3.64%.

Wall Street Analyst Weigh In

FCNCA has been the topic of several research reports. Jefferies Financial Group assumed coverage on shares of First Citizens BancShares in a research note on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 price target on the stock. Keefe, Bruyette & Woods raised 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 research report on Friday, July 26th. Piper Sandler boosted 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 report on Friday, July 26th. Barclays raised their price target 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. Finally, Wedbush cut First Citizens BancShares from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $2,450.00 to $2,150.00 in a report on Tuesday, September 24th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $2,012.11.

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.