First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Sold by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. decreased its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 25.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,485 shares of the bank's stock after selling 500 shares during the period. Oppenheimer & Co. Inc.'s holdings in First Citizens BancShares were worth $2,734,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. LRI Investments LLC acquired a new position in shares of First Citizens BancShares during the first quarter valued at $33,000. V Square Quantitative Management LLC acquired a new position in shares of First Citizens BancShares in the second quarter valued at $35,000. Gradient Investments LLC bought a new stake in First Citizens BancShares in the 2nd quarter valued at $52,000. Blue Trust Inc. increased its position in First Citizens BancShares by 120.0% during the second quarter. Blue Trust Inc. now owns 66 shares of the bank's stock worth $108,000 after acquiring an additional 36 shares during the period. Finally, GAMMA Investing LLC lifted its position in shares of First Citizens BancShares by 129.6% during the 3rd quarter. GAMMA Investing LLC now owns 62 shares of the bank's stock valued at $114,000 after acquiring an additional 35 shares during the period. Institutional investors own 61.18% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on FCNCA shares. JPMorgan Chase & Co. reduced their price target on shares of 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. Barclays raised their price target on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an "equal weight" rating in a report on Monday, July 29th. Wedbush cut their target price on First Citizens BancShares from $2,150.00 to $2,000.00 and set a "neutral" rating on the stock in a report on Friday, October 25th. Keefe, Bruyette & Woods lifted their target price on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an "outperform" 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 research note on Thursday. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, First Citizens BancShares has a consensus rating of "Moderate Buy" and an average target price of $2,025.90.

First Citizens BancShares Trading Up 2.3 %

First Citizens BancShares stock traded up $48.44 during mid-day trading on Friday, hitting $2,200.46. The company's stock had a trading volume of 63,438 shares, compared to its average volume of 105,777. The stock has a market cap of $31.83 billion, a PE ratio of 12.61 and a beta of 0.80. The company has a 50 day moving average of $1,973.28 and a 200-day moving average of $1,872.59. 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.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its quarterly earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $47.40 by ($1.53). The company had revenue of $2.45 billion for 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 previous year, the company posted $55.92 EPS. On average, research analysts anticipate that First Citizens BancShares, Inc. will post 189.06 EPS for the current year.

First Citizens BancShares Increases Dividend

The firm also recently announced 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. This represents a $7.80 annualized dividend and a dividend yield of 0.35%. The ex-dividend date is Friday, November 29th. This is a positive change from First Citizens BancShares's previous quarterly dividend of $1.64. First Citizens BancShares's dividend payout ratio (DPR) is 4.47%.

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

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.