Victory Capital Management Inc. Sells 3,517 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Victory Capital Management Inc. cut its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 38.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,586 shares of the bank’s stock after selling 3,517 shares during the quarter. Victory Capital Management Inc.’s holdings in First Citizens BancShares were worth $10,284,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in FCNCA. LRI Investments LLC purchased a new position in First Citizens BancShares during the first quarter valued at $33,000. V Square Quantitative Management LLC bought a new stake in shares of First Citizens BancShares in the second quarter worth about $35,000. Gradient Investments LLC purchased a new stake in shares of First Citizens BancShares in the second quarter worth about $52,000. Blue Trust Inc. lifted its position in shares of First Citizens BancShares by 120.0% in the second quarter. Blue Trust Inc. now owns 66 shares of the bank’s stock worth $108,000 after buying an additional 36 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in First Citizens BancShares by 129.6% during the third quarter. GAMMA Investing LLC now owns 62 shares of the bank’s stock valued at $114,000 after buying an additional 35 shares during the last quarter. 61.18% of the stock is currently owned by hedge funds and other 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 company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. The company has a market capitalization of $31.60 billion, a price-to-earnings ratio of 12.94 and a beta of 0.80. The company’s 50-day simple moving average is $1,995.77 and its two-hundred day simple moving average is $1,883.58.

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

First Citizens BancShares declared that its board has initiated 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 reacquire up to 12.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

First Citizens BancShares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a dividend of $1.95 per share. The ex-dividend date of this dividend is Friday, November 29th. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.64. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.35%. First Citizens BancShares’s dividend payout ratio is presently 3.76%.

Analyst Ratings Changes

FCNCA has been the subject of several research reports. Wedbush lowered their price objective on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a research report on Friday, October 25th. Barclays increased their price target on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. JPMorgan Chase & Co. reduced their price objective on First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating on the stock in a research note on Friday, October 25th. Piper Sandler upped their price objective on 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. Finally, StockNews.com upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Thursday, November 14th. Five analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $2,025.90.

About First Citizens BancShares

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.