First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Sold by Forsta AP Fonden

Forsta AP Fonden decreased its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 12.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,100 shares of the bank’s stock after selling 300 shares during the quarter. Forsta AP Fonden’s holdings in First Citizens BancShares were worth $3,536,000 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. Vanguard Group Inc. lifted its holdings in First Citizens BancShares by 4.6% in the 1st quarter. Vanguard Group Inc. now owns 1,064,822 shares of the bank’s stock worth $1,740,984,000 after buying an additional 47,167 shares in the last quarter. Wellington Management Group LLP lifted its holdings in First Citizens BancShares by 21.1% in the 4th quarter. Wellington Management Group LLP now owns 239,563 shares of the bank’s stock worth $339,933,000 after buying an additional 41,793 shares in the last quarter. Capital Research Global Investors acquired a new position in First Citizens BancShares in the 1st quarter worth $298,180,000. Norges Bank acquired a new position in First Citizens BancShares in the 4th quarter worth $180,039,000. Finally, Reinhart Partners LLC. lifted its holdings in First Citizens BancShares by 3.1% in the 1st quarter. Reinhart Partners LLC. now owns 58,583 shares of the bank’s stock worth $95,783,000 after buying an additional 1,780 shares in the last quarter. Institutional investors and hedge funds own 61.18% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on FCNCA shares. Keefe, Bruyette & Woods boosted their target price on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a research 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 report on Tuesday, July 2nd. Piper Sandler boosted their target price on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. Barclays boosted their target price on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Finally, Jefferies Financial Group assumed coverage on shares of First Citizens BancShares in a research report on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, First Citizens BancShares has an average rating of “Moderate Buy” and a consensus target price of $1,920.82.

First Citizens BancShares Trading Up 0.4 %

First Citizens BancShares stock opened at $1,832.68 on Monday. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.72. The firm has a 50-day moving average price of $1,930.42 and a two-hundred day moving average price of $1,748.92. The firm has a market capitalization of $26.52 billion, a price-to-earnings ratio of 10.17 and a beta of 0.82. First Citizens BancShares, Inc. has a 52-week low of $1,274.91 and a 52-week high of $2,174.80.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results on Thursday, July 25th. The bank reported $50.87 earnings per share for the quarter, topping analysts’ consensus estimates of $44.91 by $5.96. The company had revenue of $3.77 billion during the quarter, compared to analyst estimates 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 prior year, the business posted $52.60 EPS. Sell-side analysts expect that First Citizens BancShares, Inc. will post 200.92 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be paid a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 0.36%. The ex-dividend date of this dividend is Friday, August 30th. First Citizens BancShares’s dividend payout ratio is presently 3.64%.

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.