First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Sold by OLD National Bancorp IN

OLD National Bancorp IN lowered its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 49.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 146 shares of the bank’s stock after selling 142 shares during the quarter. OLD National Bancorp IN’s holdings in First Citizens BancShares were worth $269,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. ORG Partners LLC acquired a new stake in shares of First Citizens BancShares during the first 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 first quarter worth about $33,000. V Square Quantitative Management LLC bought a new position in shares of First Citizens BancShares during the second quarter valued at approximately $35,000. Finally, Gradient Investments LLC bought a new position in shares of First Citizens BancShares during the second quarter valued at approximately $52,000. Institutional investors own 61.18% of the company’s stock.

First Citizens BancShares Stock Up 0.1 %

FCNCA opened at $2,082.60 on Thursday. The company has a market capitalization of $30.26 billion, a PE ratio of 11.56 and a beta of 0.81. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.08 and a quick ratio of 1.08. First Citizens BancShares, Inc. has a fifty-two week low of $1,290.60 and a fifty-two week high of $2,174.80. The business has a 50-day moving average of $1,954.96 and a 200-day moving average of $1,822.23.

First Citizens BancShares (NASDAQ:FCNCA) last posted its 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. The company had revenue of $3.77 billion during the quarter, compared to the consensus estimate 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 in the previous year, the firm posted $52.60 earnings per share. Equities research analysts forecast that First Citizens BancShares, Inc. will post 200 EPS for the current fiscal year.

First Citizens BancShares declared that its Board of Directors has approved a share buyback plan on Thursday, July 25th that authorizes the company to buyback $3.50 billion in outstanding shares. This buyback authorization authorizes the bank to buy 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 stock is undervalued.

Analysts Set New Price Targets

FCNCA has been the subject of a number of recent research reports. StockNews.com downgraded First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Monday, October 7th. Keefe, Bruyette & Woods increased their price objective 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. Raymond James raised shares of First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 target price for the company in a research note on Tuesday, July 2nd. Barclays raised their price target 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. Finally, Piper Sandler lifted their price target on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $2,012.11.

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.