Canandaigua National Bank & Trust Co. Sells 180 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Canandaigua National Bank & Trust Co. lowered its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 53.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 157 shares of the bank’s stock after selling 180 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in First Citizens BancShares were worth $289,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Covestor Ltd grew its holdings in shares of First Citizens BancShares by 2.9% during the 1st quarter. Covestor Ltd now owns 215 shares of the bank’s stock valued at $352,000 after purchasing an additional 6 shares during the last quarter. Wedbush Securities Inc. grew its holdings in shares of First Citizens BancShares by 0.5% during the 2nd quarter. Wedbush Securities Inc. now owns 1,199 shares of the bank’s stock valued at $2,019,000 after purchasing an additional 6 shares during the last quarter. Park Avenue Securities LLC boosted its position in First Citizens BancShares by 1.6% during the 1st quarter. Park Avenue Securities LLC now owns 450 shares of the bank’s stock valued at $736,000 after buying an additional 7 shares during the period. HB Wealth Management LLC boosted its position in First Citizens BancShares by 3.9% during the 2nd quarter. HB Wealth Management LLC now owns 187 shares of the bank’s stock valued at $315,000 after buying an additional 7 shares during the period. Finally, Raymond James Trust N.A. boosted its position in First Citizens BancShares by 1.6% during the 2nd quarter. Raymond James Trust N.A. now owns 625 shares of the bank’s stock valued at $1,052,000 after buying an additional 10 shares during the period. Institutional investors own 61.18% of the company’s stock.

First Citizens BancShares Stock Up 4.7 %

NASDAQ:FCNCA opened at $1,950.12 on Friday. The firm has a market cap of $28.34 billion, a P/E ratio of 10.83 and a beta of 0.81. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.08 and a current ratio of 1.08. First Citizens BancShares, Inc. has a fifty-two week low of $1,290.60 and a fifty-two week high of $2,174.80. The firm has a 50-day simple moving average of $1,945.80 and a two-hundred day simple moving average of $1,783.35.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly 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. First Citizens BancShares had a net margin of 18.19% and a return on equity of 14.84%. The firm had revenue of $3.77 billion during the quarter, compared to analyst estimates of $2.30 billion. During the same period in the previous year, the business posted $52.60 earnings per share. Analysts predict that First Citizens BancShares, Inc. will post 200.92 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were paid a $1.64 dividend. The ex-dividend date was Friday, August 30th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 0.34%. First Citizens BancShares’s dividend payout ratio is presently 3.64%.

First Citizens BancShares declared that its board has initiated a share repurchase program on Thursday, July 25th that allows the company to repurchase $3.50 billion in outstanding shares. This repurchase authorization allows the bank to buy up to 12.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts have weighed in on FCNCA shares. Barclays increased their price target on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods increased their price target on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Jefferies Financial Group began coverage on shares of First Citizens BancShares in a research report on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 target price for the company. Piper Sandler raised 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. Finally, Wedbush cut shares of First Citizens BancShares from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $2,450.00 to $2,150.00 in a research report on Tuesday, September 24th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company 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.