First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Sold by SG Americas Securities LLC

SG Americas Securities LLC trimmed its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 36.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 117 shares of the bank’s stock after selling 67 shares during the period. SG Americas Securities LLC’s holdings in First Citizens BancShares were worth $215,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. ORG Partners LLC acquired a new stake in First Citizens BancShares in the 1st quarter valued at about $29,000. Mather Group LLC. acquired a new stake in First Citizens BancShares in the 1st quarter valued at about $31,000. LRI Investments LLC acquired a new stake in First Citizens BancShares in the 1st quarter valued at about $33,000. V Square Quantitative Management LLC acquired a new stake in First Citizens BancShares in the 2nd quarter valued at about $35,000. Finally, Riverview Trust Co acquired a new stake in First Citizens BancShares in the 1st quarter valued at about $49,000. 61.18% of the stock is owned by institutional investors and hedge funds.

First Citizens BancShares Stock Up 1.1 %

FCNCA opened at $2,081.00 on Wednesday. The firm has a 50 day moving average price of $1,953.30 and a 200 day moving average price of $1,820.40. The company has a market cap of $30.24 billion, a PE ratio of 11.55 and a beta of 0.81. First Citizens BancShares, Inc. has a 1 year low of $1,290.60 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.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results 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 firm had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $2.30 billion. First Citizens BancShares had a net margin of 18.19% and a return on equity of 14.84%. During the same quarter in the prior year, the company earned $52.60 EPS. Sell-side analysts expect that First Citizens BancShares, Inc. will post 200 earnings per share for the current year.

First Citizens BancShares announced that its Board of Directors has initiated a stock buyback plan on Thursday, July 25th that permits the company to repurchase $3.50 billion in shares. This repurchase authorization permits the bank to reacquire up to 12.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms have issued reports on FCNCA. Raymond James upgraded shares of First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 target price on the stock in a report on Tuesday, July 2nd. Keefe, Bruyette & Woods upped their target price on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Jefferies Financial Group began coverage on shares of First Citizens BancShares in a report on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 target price on the stock. Wedbush lowered shares of 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 report on Tuesday, September 24th. Finally, Piper Sandler upped their target price on shares of 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. One equities 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 company. According to MarketBeat, the stock 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.