First Trust Direct Indexing L.P. Trims Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

First Trust Direct Indexing L.P. trimmed its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 14.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 131 shares of the bank’s stock after selling 22 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in First Citizens BancShares were worth $241,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of FCNCA. ORG Partners LLC bought a new stake in First Citizens BancShares in the first quarter worth $29,000. LRI Investments LLC bought a new stake in First Citizens BancShares during the 1st quarter valued at about $33,000. V Square Quantitative Management LLC purchased a new position in First Citizens BancShares in the second quarter worth about $35,000. Gradient Investments LLC bought a new position in shares of First Citizens BancShares in the second quarter worth approximately $52,000. Finally, Blue Trust Inc. grew its holdings in shares of First Citizens BancShares by 120.0% during the second quarter. Blue Trust Inc. now owns 66 shares of the bank’s stock valued at $108,000 after buying an additional 36 shares during the last quarter. 61.18% of the stock is owned by hedge funds and other institutional investors.

First Citizens BancShares Stock Performance

Shares of NASDAQ FCNCA opened at $1,921.51 on Wednesday. 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 $1,363.97 and a 12-month high of $2,174.80. The firm has a market capitalization of $27.80 billion, a price-to-earnings ratio of 11.01 and a beta of 0.80. The firm has a 50 day moving average of $1,940.68 and a 200 day moving average of $1,845.91.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data on Thursday, October 24th. The bank reported $45.87 EPS for the quarter, missing the consensus estimate of $47.40 by ($1.53). The company had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.36 billion. First Citizens BancShares had a return on equity of 13.78% and a net margin of 17.36%. During the same quarter last year, the company earned $55.92 earnings per share. On average, research analysts anticipate that First Citizens BancShares, Inc. will post 189.06 earnings per share for the current year.

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

First Citizens BancShares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a $1.95 dividend. This represents a $7.80 annualized dividend and a yield of 0.41%. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.64. The ex-dividend date is Friday, November 29th. First Citizens BancShares’s dividend payout ratio is currently 4.47%.

Analyst Ratings Changes

FCNCA has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. decreased their price objective on shares of First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating for the company in a report on Friday, October 25th. Jefferies Financial Group started coverage on First Citizens BancShares in a research report on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 price objective on the stock. Keefe, Bruyette & Woods boosted their target price on 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. StockNews.com downgraded shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Tuesday. Finally, Piper Sandler lifted their price target 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. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $2,025.90.

About First Citizens BancShares

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.