First Citizens BancShares, Inc. (NASDAQ:FCNCA) Position Lessened by Los Angeles Capital Management LLC

Los Angeles Capital Management LLC decreased its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 97.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 126 shares of the bank's stock after selling 4,949 shares during the quarter. Los Angeles Capital Management LLC's holdings in First Citizens BancShares were worth $232,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Raymond James & Associates lifted its stake in shares of First Citizens BancShares by 5.1% in the third quarter. Raymond James & Associates now owns 16,826 shares of the bank's stock worth $30,976,000 after buying an additional 811 shares in the last quarter. Bessemer Group Inc. grew its holdings in shares of First Citizens BancShares by 2,583.3% in the first quarter. Bessemer Group Inc. now owns 805 shares of the bank's stock valued at $1,316,000 after purchasing an additional 775 shares during the period. Balentine LLC purchased a new position in First Citizens BancShares during the third quarter worth about $3,564,000. Cetera Investment Advisers boosted its holdings in First Citizens BancShares by 301.3% in the 1st quarter. Cetera Investment Advisers now owns 1,244 shares of the bank's stock valued at $2,034,000 after purchasing an additional 934 shares during the last quarter. Finally, Oliver Luxxe Assets LLC grew its stake in shares of First Citizens BancShares by 22.6% in the 3rd quarter. Oliver Luxxe Assets LLC now owns 2,916 shares of the bank's stock valued at $5,368,000 after buying an additional 537 shares during the period. Institutional investors and hedge funds own 61.18% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on FCNCA shares. Barclays lifted their target price on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an "equal weight" rating in a research report on Monday, July 29th. Wedbush reduced 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 report on Friday, October 25th. Keefe, Bruyette & Woods boosted their price objective on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an "outperform" rating in a research note on Friday, July 26th. Piper Sandler upped their price objective on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a "neutral" rating in a research report on Friday, July 26th. Finally, StockNews.com upgraded shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a research report on Thursday, November 14th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $2,025.90.

First Citizens BancShares Trading Up 1.0 %

Shares of FCNCA stock traded up $21.79 on Tuesday, reaching $2,216.21. 59,227 shares of the stock were exchanged, compared to its average volume of 87,277. First Citizens BancShares, Inc. has a 1-year low of $1,363.97 and a 1-year high of $2,275.90. The stock has a market cap of $31.00 billion, a P/E ratio of 12.70 and a beta of 0.80. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68. The firm has a 50 day moving average of $1,973.28 and a two-hundred day moving average of $1,873.97.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its 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). The company had revenue of $2.45 billion for the quarter, compared to analysts' expectations 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 business posted $55.92 earnings per share. On average, research analysts anticipate that First Citizens BancShares, Inc. will post 189.06 EPS for the current year.

First Citizens BancShares announced that its Board of Directors has approved a stock repurchase program on Thursday, July 25th that allows the company to repurchase $3.50 billion in outstanding shares. This repurchase authorization allows the bank to repurchase up to 12.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

First Citizens BancShares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be given a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a 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 payout ratio is 3.76%.

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.