Diversified Trust Co Has $2.08 Million Stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Diversified Trust Co reduced its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 2.8% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,129 shares of the bank’s stock after selling 33 shares during the period. Diversified Trust Co’s holdings in First Citizens BancShares were worth $2,078,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FCNCA. Vanguard Group Inc. lifted its holdings in First Citizens BancShares by 4.6% in the first quarter. Vanguard Group Inc. now owns 1,064,822 shares of the bank’s stock valued at $1,740,984,000 after buying an additional 47,167 shares during the period. Wellington Management Group LLP grew its stake in First Citizens BancShares by 21.1% during the fourth quarter. Wellington Management Group LLP now owns 239,563 shares of the bank’s stock worth $339,933,000 after purchasing an additional 41,793 shares during the period. Capital Research Global Investors acquired a new stake in First Citizens BancShares during the first quarter worth approximately $298,180,000. Reinhart Partners LLC. increased its holdings in First Citizens BancShares by 3.1% in the first 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 in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in First Citizens BancShares by 10.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 46,626 shares of the bank’s stock valued at $66,161,000 after buying an additional 4,298 shares during the period. 61.18% of the stock is owned by institutional investors and hedge funds.

First Citizens BancShares Stock Performance

Shares of FCNCA stock opened at $1,945.48 on Tuesday. First Citizens BancShares, Inc. has a 12 month low of $1,290.60 and a 12 month high of $2,174.80. The stock has a market capitalization of $28.27 billion, a P/E ratio of 10.80 and a beta of 0.81. 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’s 50 day moving average is $1,942.79 and its 200 day moving average is $1,787.12.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings data on Thursday, July 25th. The bank reported $50.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $44.91 by $5.96. The business had revenue of $3.77 billion for the quarter, compared to analysts’ expectations of $2.30 billion. First Citizens BancShares had a return on equity of 14.84% and a net margin of 18.19%. During the same quarter in the prior year, the firm posted $52.60 EPS. On average, sell-side analysts anticipate that First Citizens BancShares, Inc. will post 200.92 earnings per share for the current year.

First Citizens BancShares announced that its board has authorized a stock buyback plan on Thursday, July 25th that authorizes the company to buyback $3.50 billion in outstanding shares. This buyback authorization authorizes the bank to buy up to 12.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

First Citizens BancShares Announces Dividend

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

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Raymond James upgraded 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 note on Tuesday, July 2nd. Jefferies Financial Group initiated coverage on First Citizens BancShares in a report on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 price objective for the company. Wedbush cut First Citizens BancShares from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $2,450.00 to $2,150.00 in a report on Tuesday, September 24th. Barclays upped their price objective on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Finally, Piper Sandler raised their price objective on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average 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.