LRI Investments LLC Cuts Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

LRI Investments LLC trimmed its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 13.5% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 186 shares of the bank’s stock after selling 29 shares during the period. LRI Investments LLC’s holdings in First Citizens BancShares were worth $344,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in FCNCA. Sei Investments Co. grew its position in First Citizens BancShares by 69.6% during the 4th quarter. Sei Investments Co. now owns 3,031 shares of the bank’s stock valued at $6,404,000 after purchasing an additional 1,244 shares during the last quarter. Teacher Retirement System of Texas bought a new position in shares of First Citizens BancShares in the first quarter worth approximately $2,642,000. Kingswood Wealth Advisors LLC purchased a new stake in shares of First Citizens BancShares during the first quarter valued at approximately $439,000. DAVENPORT & Co LLC purchased a new stake in shares of First Citizens BancShares during the first quarter valued at approximately $221,000. Finally, Cambridge Investment Research Advisors Inc. increased its position in shares of First Citizens BancShares by 16.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 190 shares of the bank’s stock valued at $352,000 after acquiring an additional 27 shares in the last quarter. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on FCNCA. Jefferies Financial Group started coverage on First Citizens BancShares in a research report on Wednesday, May 21st. They issued a “hold” rating and a $2,050.00 price objective on the stock. Citigroup lifted their price objective on First Citizens BancShares from $1,900.00 to $2,050.00 and gave the stock a “neutral” rating in a report on Wednesday, July 2nd. Cowen initiated coverage on First Citizens BancShares in a research report on Wednesday, May 14th. They issued a “buy” rating for the company. TD Cowen began coverage on shares of First Citizens BancShares in a report on Thursday, May 15th. They set a “buy” rating and a $2,400.00 price target on the stock. Finally, The Goldman Sachs Group reduced their price target on shares of First Citizens BancShares from $2,535.00 to $2,200.00 and set a “buy” rating for the company in a research note on Tuesday, March 18th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned 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 $2,299.50.

First Citizens BancShares Trading Down 0.7%

Shares of FCNCA stock opened at $2,117.62 on Monday. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.04 and a quick ratio of 1.04. The company has a market cap of $28.14 billion, a price-to-earnings ratio of 12.13, a PEG ratio of 0.97 and a beta of 0.64. First Citizens BancShares, Inc. has a 1 year low of $1,473.62 and a 1 year high of $2,412.93. The firm has a fifty day moving average price of $1,907.01 and a 200-day moving average price of $1,937.41.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data on Thursday, April 24th. The bank reported $37.79 EPS for the quarter, topping the consensus estimate of $37.72 by $0.07. First Citizens BancShares had a return on equity of 11.98% and a net margin of 17.10%. The firm had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.22 billion. As a group, equities analysts predict that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Friday, May 30th were given a $1.95 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.37%. First Citizens BancShares’s payout ratio is currently 4.47%.

Insider Activity

In other news, CEO Frank B. Holding, Jr. bought 350 shares of the stock in a transaction that occurred on Friday, May 2nd. The shares were bought at an average price of $1,610.00 per share, for a total transaction of $563,500.00. Following the purchase, the chief executive officer owned 2,758 shares in the company, valued at $4,440,380. This represents a 14.53% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 13.19% of the stock is currently owned by company insiders.

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.