Bank of New York Mellon Corp Lowers Stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Bank of New York Mellon Corp reduced its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 4.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 41,981 shares of the bank’s stock after selling 1,982 shares during the quarter. Bank of New York Mellon Corp’s holdings in First Citizens BancShares were worth $70,679,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. ORG Partners LLC bought a new position in First Citizens BancShares in the first quarter worth about $29,000. GAMMA Investing LLC acquired a new position in shares of First Citizens BancShares during the fourth quarter valued at about $30,000. Mather Group LLC. acquired a new position in shares of First Citizens BancShares during the first quarter valued at about $31,000. LRI Investments LLC purchased a new stake in First Citizens BancShares in the first quarter valued at approximately $33,000. Finally, V Square Quantitative Management LLC purchased a new stake in First Citizens BancShares in the second quarter valued at approximately $35,000. 61.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on FCNCA shares. Piper Sandler upped their target price on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Raymond James upgraded First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price objective on the stock in a research report on Tuesday, July 2nd. Barclays upped their price objective on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods upped their price objective 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. Finally, Jefferies Financial Group started coverage on First Citizens BancShares in a research report on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 price objective on the stock. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $1,920.82.

First Citizens BancShares Stock Up 0.7 %

NASDAQ FCNCA opened at $1,991.97 on Friday. The business has a fifty day moving average price of $1,878.10 and a 200 day moving average price of $1,717.18. First Citizens BancShares, Inc. has a one year low of $1,274.91 and a one year high of $2,174.80. The company has a debt-to-equity ratio of 1.77, a quick ratio of 1.10 and a current ratio of 1.10. The company has a market cap of $28.94 billion, a P/E ratio of 11.06 and a beta of 0.83.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data on Thursday, July 25th. The bank reported $50.87 EPS for the quarter, beating the consensus estimate of $44.91 by $5.96. First Citizens BancShares had a return on equity of 15.09% and a net margin of 18.19%. The firm had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $2.30 billion. During the same period in the prior year, the company earned $52.60 EPS. Research analysts anticipate that First Citizens BancShares, Inc. will post 195.31 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 0.33%. The ex-dividend date is Friday, August 30th. First Citizens BancShares’s dividend payout ratio (DPR) is presently 3.64%.

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.