Allspring Global Investments Holdings LLC Reduces Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Allspring Global Investments Holdings LLC trimmed its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 19.6% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,766 shares of the bank’s stock after selling 2,630 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in First Citizens BancShares were worth $19,820,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of FCNCA. Nordea Investment Management AB lifted its position 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 worth $47,866,000 after purchasing an additional 5,172 shares during the last quarter. BNP Paribas Financial Markets lifted its position in shares of First Citizens BancShares by 19.4% during the first quarter. BNP Paribas Financial Markets now owns 3,492 shares of the bank’s stock worth $5,709,000 after purchasing an additional 568 shares during the last quarter. Bessemer Group Inc. lifted its position in shares of First Citizens BancShares by 2,583.3% during the first quarter. Bessemer Group Inc. now owns 805 shares of the bank’s stock worth $1,316,000 after purchasing an additional 775 shares during the last quarter. Sei Investments Co. lifted its position in shares of First Citizens BancShares by 67.5% during the first quarter. Sei Investments Co. now owns 6,067 shares of the bank’s stock worth $9,921,000 after purchasing an additional 2,444 shares during the last quarter. Finally, Hennessy Advisors Inc. lifted its position in shares of First Citizens BancShares by 300.0% during the first quarter. Hennessy Advisors Inc. now owns 800 shares of the bank’s stock worth $1,308,000 after purchasing an additional 600 shares during the last quarter. 61.18% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on FCNCA. Jefferies Financial Group began 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 for the company. Wedbush downgraded 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. Raymond James upgraded First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price objective for the company in a report on Tuesday, July 2nd. Keefe, Bruyette & Woods lifted their price objective 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. Finally, Barclays lifted their price objective 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. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, First Citizens BancShares currently has a consensus rating of “Hold” and a consensus price target of $2,012.11.

First Citizens BancShares Stock Performance

Shares of First Citizens BancShares stock opened at $1,879.94 on Friday. The company has a market capitalization of $27.32 billion, a PE ratio of 10.44 and a beta of 0.81. 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 50-day simple moving average of $1,951.59 and a two-hundred day simple moving average of $1,822.63. First Citizens BancShares, Inc. has a one year low of $1,290.60 and a one year high of $2,174.80.

First Citizens BancShares (NASDAQ:FCNCA) last announced its earnings results on Thursday, July 25th. The bank reported $50.87 EPS for the quarter, topping analysts’ consensus estimates of $44.91 by $5.96. The business 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 period in the previous year, the company posted $52.60 earnings per share. Research analysts expect that First Citizens BancShares, Inc. will post 200 EPS for the current fiscal year.

First Citizens BancShares declared that its Board of Directors has approved a share buyback program on Thursday, July 25th that permits the company to repurchase $3.50 billion in shares. This repurchase authorization permits the bank to purchase up to 12.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board 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.