Atria Investments Inc Sells 20 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Atria Investments Inc lowered its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 6.7% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 279 shares of the bank’s stock after selling 20 shares during the quarter. Atria Investments Inc’s holdings in First Citizens BancShares were worth $514,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. LRI Investments LLC purchased a new stake in shares of First Citizens BancShares in the first quarter worth about $33,000. V Square Quantitative Management LLC purchased a new position in shares of First Citizens BancShares during the 2nd quarter valued at $35,000. Gradient Investments LLC purchased a new stake in shares of First Citizens BancShares in the second quarter worth $52,000. Blue Trust Inc. boosted its stake in First Citizens BancShares by 120.0% during the second quarter. Blue Trust Inc. now owns 66 shares of the bank’s stock valued at $108,000 after buying an additional 36 shares during the period. Finally, GAMMA Investing LLC grew its position in First Citizens BancShares by 129.6% during the third quarter. GAMMA Investing LLC now owns 62 shares of the bank’s stock worth $114,000 after buying an additional 35 shares in the last quarter. 61.18% of the stock is currently owned by institutional investors.

First Citizens BancShares Trading Up 1.8 %

NASDAQ:FCNCA opened at $2,258.67 on Thursday. First Citizens BancShares, Inc. has a one year low of $1,363.97 and a one year high of $2,275.90. The business has a fifty day moving average price of $1,995.77 and a 200-day moving average price of $1,883.58. The firm has a market capitalization of $31.60 billion, a price-to-earnings ratio of 12.94 and a beta of 0.80. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share for the quarter, missing the consensus estimate of $47.40 by ($1.53). The firm had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.36 billion. First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. During the same period in the prior year, the company posted $55.92 EPS. Sell-side analysts forecast that First Citizens BancShares, Inc. will post 189.06 EPS for the current year.

First Citizens BancShares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be issued a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a yield of 0.35%. The ex-dividend date is Friday, November 29th. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.64. First Citizens BancShares’s dividend payout ratio (DPR) is currently 3.76%.

First Citizens BancShares announced that its Board of Directors has initiated a stock buyback program 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 programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. StockNews.com upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Thursday, November 14th. Wedbush reduced their price target on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a research report on Friday, October 25th. Keefe, Bruyette & Woods boosted their price objective 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. Barclays lifted their target price 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. Finally, Piper Sandler lifted their price objective on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a report on Friday, July 26th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, First Citizens BancShares has an average rating of “Moderate Buy” and an average target price of $2,025.90.

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.