Amalgamated Bank Sells 905 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Amalgamated Bank trimmed its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 59.0% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 630 shares of the bank's stock after selling 905 shares during the period. Amalgamated Bank's holdings in First Citizens BancShares were worth $1,160,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Envestnet Portfolio Solutions Inc. lifted its stake in First Citizens BancShares by 13.7% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 183 shares of the bank's stock valued at $299,000 after buying an additional 22 shares in the last quarter. Empowered Funds LLC purchased a new stake in shares of First Citizens BancShares in the 1st quarter valued at approximately $263,000. Illinois Municipal Retirement Fund acquired a new position in First Citizens BancShares in the 1st quarter worth approximately $659,000. Sei Investments Co. raised its stake in First Citizens BancShares by 67.5% during the 1st quarter. Sei Investments Co. now owns 6,067 shares of the bank's stock valued at $9,921,000 after purchasing an additional 2,444 shares during the period. Finally, Russell Investments Group Ltd. lifted its holdings in shares of First Citizens BancShares by 46.3% in the first quarter. Russell Investments Group Ltd. now owns 10,305 shares of the bank's stock valued at $16,849,000 after purchasing an additional 3,260 shares in the last quarter. 61.18% of the stock is currently owned by institutional investors.

First Citizens BancShares Trading Down 0.4 %

Shares of NASDAQ FCNCA traded down $7.81 during midday trading on Thursday, reaching $2,155.26. 42,228 shares of the stock were exchanged, compared to its average volume of 87,368. First Citizens BancShares, Inc. has a 12 month low of $1,363.97 and a 12 month high of $2,275.90. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08. The company has a market capitalization of $31.19 billion, a price-to-earnings ratio of 12.39 and a beta of 0.80. The business has a 50-day simple moving average of $1,963.24 and a two-hundred day simple moving average of $1,865.89.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its quarterly earnings data on Thursday, October 24th. The bank reported $45.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $47.40 by ($1.53). The business had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.36 billion. First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%. During the same quarter in the prior year, the firm posted $55.92 earnings per share. As a group, equities research analysts expect 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. Stockholders of record on Friday, November 29th will be issued a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.36%. This is a positive change from First Citizens BancShares's previous quarterly dividend of $1.64. The ex-dividend date is Friday, November 29th. First Citizens BancShares's payout ratio is 3.76%.

First Citizens BancShares announced that its board has initiated a share buyback plan on Thursday, July 25th that allows the company to repurchase $3.50 billion in outstanding shares. This repurchase authorization allows the bank to purchase up to 12.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on FCNCA. Piper Sandler upped their price target 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. Keefe, Bruyette & Woods upped their target price on 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. StockNews.com cut shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a report on Tuesday, November 5th. Wedbush dropped their price objective 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 note on Friday, October 25th. Finally, JPMorgan Chase & Co. decreased their target price on shares of First Citizens BancShares from $2,550.00 to $2,300.00 and set an "overweight" rating for the company in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six 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 $2,025.90.

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.