Quinn Opportunity Partners LLC Cuts Position in First Citizens BancShares, Inc. $FCNCA

Quinn Opportunity Partners LLC trimmed its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 45.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 900 shares of the bank’s stock after selling 750 shares during the period. Quinn Opportunity Partners LLC’s holdings in First Citizens BancShares were worth $1,761,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. raised its holdings in First Citizens BancShares by 2.3% in the first quarter. JPMorgan Chase & Co. now owns 401,167 shares of the bank’s stock worth $743,815,000 after purchasing an additional 9,070 shares in the last quarter. Egerton Capital UK LLP lifted its position in First Citizens BancShares by 21.7% during the first quarter. Egerton Capital UK LLP now owns 124,773 shares of the bank’s stock valued at $231,344,000 after acquiring an additional 22,257 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in First Citizens BancShares by 13.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 121,583 shares of the bank’s stock valued at $225,429,000 after acquiring an additional 14,060 shares in the last quarter. Nuveen LLC purchased a new position in First Citizens BancShares in the first quarter worth $149,963,000. Finally, First Citizens Bank & Trust Co. increased its position in shares of First Citizens BancShares by 0.3% during the second quarter. First Citizens Bank & Trust Co. now owns 79,132 shares of the bank’s stock worth $154,819,000 after purchasing an additional 258 shares in the last quarter. Institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Stock Performance

FCNCA opened at $1,817.34 on Wednesday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.76. The stock’s 50 day moving average price is $1,819.50 and its two-hundred day moving average price is $1,892.86. The firm has a market capitalization of $23.48 billion, a P/E ratio of 10.75 and a beta of 0.75. First Citizens BancShares, Inc. has a 12-month low of $1,473.62 and a 12-month high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data on Thursday, October 23rd. The bank reported $44.62 earnings per share for the quarter, beating the consensus estimate of $41.51 by $3.11. First Citizens BancShares had a return on equity of 11.06% and a net margin of 15.99%.The company had revenue of $2.25 billion during the quarter, compared to analysts’ expectations of $2.21 billion. On average, equities analysts forecast that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Friday, November 28th will be paid a $2.10 dividend. The ex-dividend date is Friday, November 28th. This represents a $8.40 annualized dividend and a dividend yield of 0.5%. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.95. First Citizens BancShares’s dividend payout ratio is currently 4.97%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on FCNCA shares. Raymond James Financial set a $2,100.00 target price on First Citizens BancShares in a research note on Tuesday, October 7th. Piper Sandler cut their price objective on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a report on Friday, October 24th. Wall Street Zen lowered shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Sunday, September 28th. Barclays cut their price target on shares of First Citizens BancShares from $2,400.00 to $2,190.00 and set an “equal weight” rating on the stock in a research note on Friday, October 24th. Finally, The Goldman Sachs Group lowered their price objective on shares of First Citizens BancShares from $2,250.00 to $1,950.00 and set a “buy” rating for the company in a research note on Monday, October 6th. Seven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, First Citizens BancShares has a consensus rating of “Moderate Buy” and a consensus target price of $2,157.50.

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.