First Citizens BancShares, Inc. $FCNCA Shares Sold by Vanguard Group Inc.

Vanguard Group Inc. lowered its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 3.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 919,595 shares of the bank’s stock after selling 35,599 shares during the quarter. Vanguard Group Inc. owned 6.92% of First Citizens BancShares worth $1,799,160,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Cresset Asset Management LLC increased its position in shares of First Citizens BancShares by 3.8% during the 1st quarter. Cresset Asset Management LLC now owns 163 shares of the bank’s stock worth $302,000 after purchasing an additional 6 shares during the last quarter. Allworth Financial LP increased its position in shares of First Citizens BancShares by 35.3% during the second quarter. Allworth Financial LP now owns 23 shares of the bank’s stock valued at $45,000 after acquiring an additional 6 shares during the last quarter. US Bancorp DE lifted its holdings in shares of First Citizens BancShares by 0.8% in the 2nd quarter. US Bancorp DE now owns 873 shares of the bank’s stock worth $1,708,000 after acquiring an additional 7 shares during the last quarter. Venturi Wealth Management LLC boosted its position in shares of First Citizens BancShares by 3.8% during the 1st quarter. Venturi Wealth Management LLC now owns 221 shares of the bank’s stock worth $410,000 after purchasing an additional 8 shares during the period. Finally, Cooper Financial Group raised its position in First Citizens BancShares by 5.5% in the first quarter. Cooper Financial Group now owns 154 shares of the bank’s stock valued at $286,000 after purchasing an additional 8 shares during the period. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Ellen R. Alemany acquired 300 shares of the business’s stock in a transaction on Thursday, November 13th. The shares were bought at an average price of $1,000.00 per share, with a total value of $300,000.00. Following the completion of the acquisition, the director owned 300 shares in the company, valued at $300,000. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 13.40% of the stock is currently owned by corporate insiders.

First Citizens BancShares Stock Up 2.5%

Shares of NASDAQ:FCNCA opened at $1,868.49 on Friday. First Citizens BancShares, Inc. has a fifty-two week low of $1,473.62 and a fifty-two week high of $2,412.93. The firm’s 50 day moving average price is $1,797.71 and its 200 day moving average price is $1,893.03. 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 has a market cap of $23.24 billion, a price-to-earnings ratio of 11.05 and a beta of 0.75.

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

First Citizens BancShares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Friday, November 28th will be issued a $2.10 dividend. This represents a $8.40 annualized dividend and a yield of 0.4%. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.95. The ex-dividend date of this dividend is Friday, November 28th. First Citizens BancShares’s dividend payout ratio is currently 4.97%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on FCNCA. Wall Street Zen downgraded First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Sunday, September 28th. Citigroup dropped their target price on First Citizens BancShares from $2,250.00 to $2,000.00 and set a “neutral” rating for the company in a research report on Monday, October 27th. UBS Group raised their price objective on shares of First Citizens BancShares from $2,200.00 to $2,250.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th. Keefe, Bruyette & Woods dropped their price objective on shares of First Citizens BancShares from $2,100.00 to $2,050.00 and set an “outperform” rating for the company in a report on Friday, October 24th. Finally, Piper Sandler reduced their target price 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. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $2,165.83.

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.