First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Sold by Benjamin Edwards Inc.

Benjamin Edwards Inc. reduced its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 30.8% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 243 shares of the bank’s stock after selling 108 shares during the quarter. Benjamin Edwards Inc.’s holdings in First Citizens BancShares were worth $409,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of FCNCA. ORG Partners LLC purchased a new stake in shares of First Citizens BancShares during the 1st quarter worth approximately $29,000. Mather Group LLC. acquired a new stake in First Citizens BancShares in the first quarter valued at $31,000. LRI Investments LLC purchased a new position in shares of First Citizens BancShares in the first quarter valued at $33,000. V Square Quantitative Management LLC acquired a new position in shares of First Citizens BancShares during the 2nd quarter worth $35,000. Finally, Principal Securities Inc. purchased a new stake in shares of First Citizens BancShares in the 4th quarter worth about $43,000. 61.18% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on FCNCA shares. Jefferies Financial Group assumed coverage on shares of First Citizens BancShares in a research report on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 price target on the stock. Barclays boosted 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. 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 report on Friday, July 26th. Raymond James raised shares of 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 note on Tuesday, July 2nd. Finally, Keefe, Bruyette & Woods lifted 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. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, First Citizens BancShares currently has an average rating of “Moderate Buy” and a consensus price target of $1,927.90.

First Citizens BancShares Trading Up 1.3 %

FCNCA stock opened at $1,965.18 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.72. The company has a market cap of $28.55 billion, a price-to-earnings ratio of 10.91 and a beta of 0.82. The business has a fifty day simple moving average of $1,949.31 and a 200-day simple moving average of $1,759.84. First Citizens BancShares, Inc. has a 52 week low of $1,274.91 and a 52 week high of $2,174.80.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Thursday, July 25th. The bank reported $50.87 EPS for the quarter, topping the consensus estimate of $44.91 by $5.96. First Citizens BancShares had a return on equity of 14.84% and a net margin of 18.19%. The company had revenue of $3.77 billion during the quarter, compared to analyst estimates of $2.30 billion. During the same period in the prior year, the firm posted $52.60 earnings per share. On average, equities research analysts expect that First Citizens BancShares, Inc. will post 200.92 EPS for the current year.

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

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 paid a dividend of $1.64 per share. The ex-dividend date was Friday, August 30th. This represents a $6.56 annualized dividend and a yield of 0.33%. First Citizens BancShares’s dividend payout ratio is currently 3.64%.

First Citizens BancShares 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.