Huber Capital Management LLC Decreases Stock Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Huber Capital Management LLC trimmed its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 12.6% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,926 shares of the bank’s stock after selling 707 shares during the quarter. First Citizens BancShares makes up approximately 1.9% of Huber Capital Management LLC’s investment portfolio, making the stock its 17th largest position. Huber Capital Management LLC’s holdings in First Citizens BancShares were worth $8,293,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Covestor Ltd lifted its stake in First Citizens BancShares by 2.9% in the 1st quarter. Covestor Ltd now owns 215 shares of the bank’s stock worth $352,000 after purchasing an additional 6 shares in the last quarter. Wedbush Securities Inc. boosted its stake 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 last quarter. Envestnet Portfolio Solutions Inc. grew its holdings in First Citizens BancShares by 4.5% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 161 shares of the bank’s stock valued at $229,000 after buying an additional 7 shares in the last quarter. Park Avenue Securities LLC increased its stake in shares of First Citizens BancShares by 1.6% in the 1st quarter. Park Avenue Securities LLC now owns 450 shares of the bank’s stock worth $736,000 after acquiring an additional 7 shares during the last quarter. Finally, HB Wealth Management LLC raised its holdings in shares of First Citizens BancShares by 3.9% during the 2nd quarter. HB Wealth Management LLC now owns 187 shares of the bank’s stock worth $315,000 after acquiring an additional 7 shares during the period. 61.18% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on FCNCA shares. Barclays raised 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 research report on Monday, July 29th. Piper Sandler lifted their price target on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Raymond James upgraded First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price objective on the stock in a report on Tuesday, July 2nd. Jefferies Financial Group began coverage on First Citizens BancShares in a research report on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 target price on the stock. Finally, Keefe, Bruyette & Woods increased their price target on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, First Citizens BancShares currently has an average rating of “Moderate Buy” and an average price target of $1,927.90.

First Citizens BancShares Trading Up 1.3 %

NASDAQ:FCNCA opened at $1,965.18 on Friday. First Citizens BancShares, Inc. has a 1 year low of $1,274.91 and a 1 year high of $2,174.80. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.08 and a current ratio of 1.08. The stock has a fifty day moving average price of $1,949.31 and a two-hundred day moving average price of $1,759.84. The stock has a market capitalization of $28.55 billion, a price-to-earnings ratio of 10.91 and a beta of 0.82.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings results on Thursday, July 25th. The bank reported $50.87 earnings per share 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. As a group, sell-side analysts anticipate that First Citizens BancShares, Inc. will post 200.92 earnings per share for the current fiscal year.

First Citizens BancShares declared that its board has authorized a stock repurchase program on Thursday, July 25th that authorizes the company to buyback $3.50 billion in shares. This buyback authorization authorizes the bank to reacquire up to 12.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

First Citizens BancShares Announces Dividend

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

First Citizens BancShares 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.