Renaissance Technologies LLC Sells 20,558 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Renaissance Technologies LLC lessened its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 88.7% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,628 shares of the bank’s stock after selling 20,558 shares during the quarter. Renaissance Technologies LLC’s holdings in First Citizens BancShares were worth $4,425,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. ORG Partners LLC acquired a new stake in shares of First Citizens BancShares during the 1st quarter worth $29,000. Mather Group LLC. acquired a new stake in First Citizens BancShares during the first quarter worth about $31,000. LRI Investments LLC bought a new position in First Citizens BancShares in the 1st quarter valued at about $33,000. V Square Quantitative Management LLC bought a new position in First Citizens BancShares in the 2nd quarter valued at about $35,000. Finally, Riverview Trust Co acquired a new position in shares of First Citizens BancShares in the 1st quarter valued at approximately $49,000. Institutional investors own 61.18% of the company’s stock.

Analyst Ratings Changes

FCNCA has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods lifted their price objective on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Piper Sandler boosted their price target on 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. Wedbush lowered First Citizens BancShares from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $2,450.00 to $2,150.00 in a research note on Tuesday, September 24th. Raymond James upgraded shares of 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 research report on Tuesday, July 2nd. Finally, Barclays increased their target price on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $1,962.90.

First Citizens BancShares Price Performance

NASDAQ FCNCA opened at $1,845.53 on Friday. The company has a market cap of $26.82 billion, a PE ratio of 10.25 and a beta of 0.82. 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 firm’s 50-day simple moving average is $1,954.63 and its two-hundred day simple moving average is $1,770.76. 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 released its quarterly earnings data on Thursday, July 25th. The bank reported $50.87 EPS for the quarter, beating analysts’ consensus estimates of $44.91 by $5.96. The company had revenue of $3.77 billion during the quarter, compared to analyst estimates 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 last year, the business earned $52.60 earnings per share. Research analysts predict that First Citizens BancShares, Inc. will post 200.92 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were paid a $1.64 dividend. The ex-dividend date was Friday, August 30th. This represents a $6.56 dividend on an annualized basis and a yield of 0.36%. First Citizens BancShares’s dividend payout ratio is presently 3.64%.

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

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.