Amalgamated Bank Sells 905 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Amalgamated Bank decreased its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 59.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 630 shares of the bank’s stock after selling 905 shares during the quarter. Amalgamated Bank’s holdings in First Citizens BancShares were worth $1,160,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. LRI Investments LLC bought a new position in First Citizens BancShares in the first quarter worth approximately $33,000. V Square Quantitative Management LLC purchased a new position in shares of First Citizens BancShares in the 2nd quarter valued at $35,000. Gradient Investments LLC bought a new position in shares of First Citizens BancShares in the 2nd quarter worth $52,000. GAMMA Investing LLC lifted its stake in shares of First Citizens BancShares by 129.6% during the 3rd quarter. GAMMA Investing LLC now owns 62 shares of the bank’s stock worth $114,000 after purchasing an additional 35 shares during the last quarter. Finally, Blue Trust Inc. boosted its position in 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 purchasing an additional 36 shares in the last quarter. Hedge funds and other institutional investors own 61.18% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on FCNCA shares. Wedbush reduced their target price on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a report on Friday, October 25th. Piper Sandler boosted their price objective 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. Barclays raised their target price on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods lifted their price target on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Finally, StockNews.com lowered First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $2,025.90.

First Citizens BancShares Trading Down 0.6 %

NASDAQ FCNCA opened at $2,163.07 on Thursday. First Citizens BancShares, Inc. has a 12-month low of $1,363.97 and a 12-month high of $2,275.90. The company has a fifty day simple moving average of $1,963.24 and a two-hundred day simple moving average of $1,865.89. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68. The stock has a market cap of $31.30 billion, a P/E ratio of 12.39 and a beta of 0.80.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $47.40 by ($1.53). First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%. The firm had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.36 billion. During the same period in the previous year, the company earned $55.92 earnings per share. On average, analysts forecast that First Citizens BancShares, Inc. will post 189.06 earnings per share for the current year.

First Citizens BancShares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be paid a $1.95 dividend. This represents a $7.80 annualized dividend and a dividend yield of 0.36%. This is a boost 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 (DPR) is presently 3.76%.

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