Tredje AP fonden Reduces Stock Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Tredje AP fonden lessened its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 49.3% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,109 shares of the bank’s stock after selling 1,079 shares during the quarter. Tredje AP fonden’s holdings in First Citizens BancShares were worth $1,867,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of FCNCA. Vanguard Group Inc. increased its position in shares of First Citizens BancShares by 4.6% during the first quarter. Vanguard Group Inc. now owns 1,064,822 shares of the bank’s stock worth $1,740,984,000 after acquiring an additional 47,167 shares during the last quarter. Wellington Management Group LLP boosted its holdings in First Citizens BancShares by 21.1% in the fourth quarter. Wellington Management Group LLP now owns 239,563 shares of the bank’s stock valued at $339,933,000 after purchasing an additional 41,793 shares during the last quarter. Capital Research Global Investors acquired a new stake in First Citizens BancShares during the 1st quarter valued at approximately $298,180,000. Reinhart Partners LLC. increased its holdings in First Citizens BancShares by 3.1% during the 1st quarter. Reinhart Partners LLC. now owns 58,583 shares of the bank’s stock worth $95,783,000 after purchasing an additional 1,780 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of First Citizens BancShares by 10.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 46,626 shares of the bank’s stock valued at $66,161,000 after purchasing an additional 4,298 shares in the last quarter. Institutional investors and hedge funds own 61.18% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Piper Sandler lifted their price target on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. Jefferies Financial Group began coverage on shares of First Citizens BancShares in a research note on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 target price on the stock. Keefe, Bruyette & Woods increased their price target 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. Barclays boosted their price objective on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Finally, Raymond James raised First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 target price on the stock in a report on Tuesday, July 2nd. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $1,927.90.

First Citizens BancShares Stock Up 1.3 %

NASDAQ:FCNCA opened at $1,965.18 on Friday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.72. The stock has a 50 day moving average of $1,949.31 and a 200-day moving average of $1,759.84. The firm has a market capitalization of $28.55 billion, a PE ratio of 10.91 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 released its quarterly earnings data on Thursday, July 25th. The bank reported $50.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $44.91 by $5.96. First Citizens BancShares had a return on equity of 14.84% and a net margin of 18.19%. The business had revenue of $3.77 billion during the quarter, compared to analyst estimates of $2.30 billion. During the same quarter in the previous year, the firm posted $52.60 EPS. Analysts predict that First Citizens BancShares, Inc. will post 200.92 EPS for the current year.

First Citizens BancShares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were given a dividend of $1.64 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $6.56 annualized dividend and a dividend yield of 0.33%. First Citizens BancShares’s dividend payout ratio is currently 3.64%.

First Citizens BancShares announced that its Board of Directors has approved a stock repurchase plan on Thursday, July 25th that permits the company to repurchase $3.50 billion in outstanding shares. This repurchase authorization permits the bank to reacquire up to 12.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

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.