Newbridge Financial Services Group Inc. Sells 20 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Newbridge Financial Services Group Inc. lowered its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 33.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 39 shares of the bank’s stock after selling 20 shares during the quarter. Newbridge Financial Services Group Inc.’s holdings in First Citizens BancShares were worth $66,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Nordea Investment Management AB boosted its stake in shares of First Citizens BancShares by 21.6% in the 1st quarter. Nordea Investment Management AB now owns 29,077 shares of the bank’s stock valued at $47,866,000 after purchasing an additional 5,172 shares in the last quarter. BNP Paribas Financial Markets boosted its position in First Citizens BancShares by 19.4% in the first quarter. BNP Paribas Financial Markets now owns 3,492 shares of the bank’s stock valued at $5,709,000 after buying an additional 568 shares in the last quarter. Bessemer Group Inc. grew its stake in First Citizens BancShares by 2,583.3% during the first quarter. Bessemer Group Inc. now owns 805 shares of the bank’s stock worth $1,316,000 after buying an additional 775 shares during the last quarter. Virtu Financial LLC acquired a new stake in shares of First Citizens BancShares during the fourth quarter worth approximately $2,376,000. Finally, Sei Investments Co. increased its holdings in shares of First Citizens BancShares by 67.5% during the first quarter. Sei Investments Co. now owns 6,067 shares of the bank’s stock worth $9,921,000 after buying an additional 2,444 shares in the last quarter. Institutional investors and hedge funds own 61.18% of the company’s stock.

First Citizens BancShares Stock Up 1.9 %

Shares of NASDAQ FCNCA opened at $1,862.71 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 firm has a market capitalization of $27.07 billion, a PE ratio of 10.34 and a beta of 0.82. The firm’s 50-day moving average is $1,952.77 and its 200-day moving average is $1,778.35. First Citizens BancShares, Inc. has a 1 year low of $1,290.60 and a 1 year high of $2,174.80.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Thursday, July 25th. The bank reported $50.87 EPS for the quarter, topping analysts’ consensus estimates of $44.91 by $5.96. The firm 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 quarter in the previous year, the business earned $52.60 EPS. Equities analysts expect that First Citizens BancShares, Inc. will post 200.92 EPS for the current year.

First Citizens BancShares Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were issued a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 0.35%. The ex-dividend date was Friday, August 30th. First Citizens BancShares’s dividend payout ratio (DPR) is currently 3.64%.

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

Analysts Set New Price Targets

Several research analysts have recently commented on FCNCA shares. 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. Piper Sandler increased their target price on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a report on Friday, July 26th. Barclays lifted their price target 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. Jefferies Financial Group began coverage on shares of First Citizens BancShares in a report on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 price objective on the stock. Finally, 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 note on Friday, July 26th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $2,012.11.

First Citizens BancShares Company 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.