Sanctuary Advisors LLC Invests $6.93 Million in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Sanctuary Advisors LLC purchased a new stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 3,952 shares of the bank’s stock, valued at approximately $6,934,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Covestor Ltd boosted its stake in shares of First Citizens BancShares by 2.9% during the first quarter. Covestor Ltd now owns 215 shares of the bank’s stock valued at $352,000 after purchasing an additional 6 shares in the last quarter. Wedbush Securities Inc. lifted its holdings in First Citizens BancShares by 0.5% during the second quarter. Wedbush Securities Inc. now owns 1,199 shares of the bank’s stock worth $2,019,000 after buying an additional 6 shares during the period. 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 acquiring an additional 7 shares in the last quarter. HB Wealth Management LLC increased its holdings in shares of First Citizens BancShares by 3.9% in the 2nd quarter. HB Wealth Management LLC now owns 187 shares of the bank’s stock valued at $315,000 after acquiring an additional 7 shares during the period. Finally, Raymond James Trust N.A. raised its position in shares of First Citizens BancShares by 1.6% in the 2nd quarter. Raymond James Trust N.A. now owns 625 shares of the bank’s stock worth $1,052,000 after acquiring an additional 10 shares in the last quarter. Institutional investors own 61.18% of the company’s stock.

First Citizens BancShares Trading Up 4.7 %

Shares of NASDAQ:FCNCA opened at $1,950.12 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. First Citizens BancShares, Inc. has a 12-month low of $1,290.60 and a 12-month high of $2,174.80. The business has a 50 day moving average of $1,945.80 and a two-hundred day moving average of $1,781.72. The company has a market capitalization of $28.34 billion, a PE ratio of 10.83 and a beta of 0.81.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings data on Thursday, July 25th. The bank reported $50.87 earnings per share for the quarter, beating 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 company had revenue of $3.77 billion during the quarter, compared to analysts’ expectations of $2.30 billion. During the same quarter in the previous year, the company earned $52.60 earnings per share. As a group, analysts forecast that First Citizens BancShares, Inc. will post 200.92 EPS for the current year.

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

First Citizens BancShares Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research analysts recently commented on FCNCA shares. Piper Sandler boosted their price objective 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. Barclays upped their price target on 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. Keefe, Bruyette & Woods raised their price objective on 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. Wedbush lowered First Citizens BancShares from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $2,450.00 to $2,150.00 in a research report on Tuesday, September 24th. Finally, Raymond James raised First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price target for the company in a report on Tuesday, July 2nd. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, First Citizens BancShares presently has a consensus rating of “Moderate Buy” and a consensus price target 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.