Cetera Investment Advisers Sells 100 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Cetera Investment Advisers decreased its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 8.0% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,144 shares of the bank’s stock after selling 100 shares during the period. Cetera Investment Advisers’ holdings in First Citizens BancShares were worth $1,927,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. Nordea Investment Management AB grew its holdings in shares of First Citizens BancShares by 21.6% during the first quarter. Nordea Investment Management AB now owns 29,077 shares of the bank’s stock valued at $47,866,000 after buying an additional 5,172 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in First Citizens BancShares by 19.4% in the first quarter. BNP Paribas Financial Markets now owns 3,492 shares of the bank’s stock valued at $5,709,000 after purchasing an additional 568 shares during the last quarter. Bessemer Group Inc. boosted its stake in shares of First Citizens BancShares by 2,583.3% during the 1st quarter. Bessemer Group Inc. now owns 805 shares of the bank’s stock worth $1,316,000 after acquiring an additional 775 shares in the last quarter. Sei Investments Co. boosted its stake in shares of First Citizens BancShares by 67.5% during the 1st quarter. Sei Investments Co. now owns 6,067 shares of the bank’s stock worth $9,921,000 after acquiring an additional 2,444 shares in the last quarter. Finally, Hennessy Advisors Inc. boosted its stake in shares of First Citizens BancShares by 300.0% during the 1st quarter. Hennessy Advisors Inc. now owns 800 shares of the bank’s stock worth $1,308,000 after acquiring an additional 600 shares in the last quarter. 61.18% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FCNCA. Wedbush lowered shares of First Citizens BancShares from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $2,450.00 to $2,150.00 in a research note on Tuesday, September 24th. Jefferies Financial Group began coverage on shares of First Citizens BancShares in a research note on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 target price on the stock. Keefe, Bruyette & Woods increased their target price on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Piper Sandler increased their target price on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. Finally, StockNews.com downgraded shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Monday, October 7th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $2,012.11.

First Citizens BancShares Stock Up 1.2 %

FCNCA stock opened at $2,021.10 on Monday. The company has a market cap of $29.37 billion, a price-to-earnings ratio of 11.22 and a beta of 0.81. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.72. First Citizens BancShares, Inc. has a 12 month low of $1,290.60 and a 12 month high of $2,174.80. The firm has a 50-day moving average of $1,936.49 and a two-hundred day moving average of $1,797.77.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings data on Thursday, July 25th. The bank reported $50.87 EPS for the quarter, beating analysts’ consensus estimates of $44.91 by $5.96. The company had revenue of $3.77 billion during the quarter, compared to the consensus estimate 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 quarter in the prior year, the firm earned $52.60 EPS. As a group, analysts forecast that First Citizens BancShares, Inc. will post 200 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were issued a $1.64 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $6.56 dividend on an annualized basis and a yield of 0.32%. First Citizens BancShares’s payout ratio is 3.64%.

First Citizens BancShares announced that its board has approved a share buyback plan on Thursday, July 25th that allows the company to repurchase $3.50 billion in shares. This repurchase authorization allows the bank to buy up to 12.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are 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.