Northwestern Mutual Wealth Management Co. Sells 10 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Northwestern Mutual Wealth Management Co. lowered its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 11.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 76 shares of the bank’s stock after selling 10 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in First Citizens BancShares were worth $128,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Covestor Ltd grew its position in shares of 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 buying an additional 6 shares during the period. 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 valued at $2,019,000 after purchasing an additional 6 shares in the last quarter. Park Avenue Securities LLC increased its stake in 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 buying an additional 7 shares in the last quarter. HB Wealth Management LLC boosted its stake in First Citizens BancShares by 3.9% in the 2nd quarter. HB Wealth Management LLC now owns 187 shares of the bank’s stock worth $315,000 after purchasing an additional 7 shares during the period. Finally, Raymond James Trust N.A. boosted its position in shares of First Citizens BancShares by 1.6% during the second 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 during the last quarter. 61.18% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on FCNCA shares. 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 report on Friday, July 26th. Piper Sandler lifted their price target on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Jefferies Financial Group started coverage on First Citizens BancShares in a research report on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 price objective for the company. Raymond James raised shares of 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. Finally, Wedbush lowered shares of First Citizens BancShares from an “outperform” rating to a “neutral” rating and cut their price objective for the stock from $2,450.00 to $2,150.00 in a research note on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $2,012.11.

First Citizens BancShares Trading Up 1.2 %

NASDAQ FCNCA opened at $2,021.10 on Friday. The firm has a market capitalization of $29.25 billion, a price-to-earnings ratio of 11.12 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 one year low of $1,290.60 and a one year high of $2,174.80. The company’s 50 day moving average price is $1,936.49 and its 200 day moving average price is $1,795.13.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Thursday, July 25th. The bank reported $50.87 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $3.77 billion for the quarter, compared to analyst estimates of $2.30 billion. During the same quarter in the previous year, the business posted $52.60 EPS. On average, sell-side analysts predict that First Citizens BancShares, Inc. will post 200 EPS for the current year.

First Citizens BancShares Dividend Announcement

The business 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. This represents a $6.56 dividend on an annualized basis and a yield of 0.32%. The ex-dividend date was Friday, August 30th. First Citizens BancShares’s dividend payout ratio is presently 3.61%.

First Citizens BancShares declared that its Board of Directors has authorized a stock repurchase plan on Thursday, July 25th that permits the company to repurchase $3.50 billion in shares. This repurchase authorization permits the bank to repurchase up to 12.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

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.