First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Sold by SG Americas Securities LLC

SG Americas Securities LLC lowered its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 36.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 117 shares of the bank’s stock after selling 67 shares during the quarter. SG Americas Securities LLC’s holdings in First Citizens BancShares were worth $215,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in FCNCA. Mather Group LLC. acquired a new stake in shares of First Citizens BancShares during the first quarter worth approximately $31,000. Park Avenue Securities LLC grew its position in shares of First Citizens BancShares by 1.6% during the first quarter. Park Avenue Securities LLC now owns 450 shares of the bank’s stock worth $736,000 after buying an additional 7 shares in the last quarter. Riverview Trust Co acquired a new stake in shares of First Citizens BancShares during the first quarter worth approximately $49,000. Stonebridge Capital Management Inc. bought a new position in First Citizens BancShares during the first quarter worth $203,000. Finally, Hennessy Advisors Inc. lifted its stake in First Citizens BancShares by 300.0% during the first quarter. Hennessy Advisors Inc. now owns 800 shares of the bank’s stock worth $1,308,000 after purchasing an additional 600 shares during the last quarter. Institutional investors and hedge funds own 61.18% of the company’s stock.

First Citizens BancShares Stock Performance

FCNCA stock opened at $2,081.00 on Wednesday. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.08 and a current ratio of 1.08. The stock has a market capitalization of $30.24 billion, a price-to-earnings ratio of 11.55 and a beta of 0.81. First Citizens BancShares, Inc. has a 1 year low of $1,290.60 and a 1 year high of $2,174.80. The stock’s fifty day moving average is $1,953.30 and its two-hundred day moving average is $1,820.40.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Thursday, July 25th. The bank reported $50.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $2.30 billion. During the same period last year, the business posted $52.60 earnings per share. On average, research analysts predict that First Citizens BancShares, Inc. will post 200 EPS for the current year.

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

Analysts Set New Price Targets

Several brokerages recently issued reports on FCNCA. Piper Sandler raised their price objective on 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. 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 note on Tuesday, July 2nd. Keefe, Bruyette & Woods raised 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 note on Friday, July 26th. Wedbush cut First Citizens BancShares from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $2,450.00 to $2,150.00 in a research note on Tuesday, September 24th. Finally, StockNews.com cut First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Monday, October 7th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, First Citizens BancShares presently has an average rating of “Hold” and an average price target of $2,012.11.

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.