Hennessy Advisors Inc. Sells 200 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Hennessy Advisors Inc. lessened its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 25.0% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 600 shares of the bank's stock after selling 200 shares during the period. Hennessy Advisors Inc.'s holdings in First Citizens BancShares were worth $1,010,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of FCNCA. ORG Partners LLC acquired a new position in First Citizens BancShares in the first quarter valued at $29,000. GAMMA Investing LLC bought a new stake in shares of First Citizens BancShares during the 4th quarter valued at about $30,000. Mather Group LLC. acquired a new stake in First Citizens BancShares during the first quarter worth approximately $31,000. LRI Investments LLC bought a new stake in First Citizens BancShares in the first quarter worth approximately $33,000. Finally, V Square Quantitative Management LLC acquired a new position in First Citizens BancShares in the second quarter valued at approximately $35,000. Institutional investors own 61.18% of the company's stock.

First Citizens BancShares Stock Performance

Shares of NASDAQ:FCNCA traded up $21.40 during mid-day trading on Friday, reaching $2,015.05. The company had a trading volume of 114,497 shares, compared to its average volume of 85,818. First Citizens BancShares, Inc. has a one year low of $1,274.91 and a one year high of $2,174.80. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 1.77. The company's 50-day moving average price is $1,852.13 and its 200-day moving average price is $1,705.24. The firm has a market cap of $29.28 billion, a price-to-earnings ratio of 11.19 and a beta of 0.83.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings data on Thursday, July 25th. The bank reported $50.87 earnings per share for the quarter, topping the consensus estimate of $44.91 by $5.96. The company had revenue of $3.77 billion during the quarter, compared to analyst estimates of $2.30 billion. First Citizens BancShares had a return on equity of 15.09% and a net margin of 18.19%. During the same quarter last year, the firm posted $52.60 EPS. As a group, equities research analysts anticipate that First Citizens BancShares, Inc. will post 195.31 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 0.33%. The ex-dividend date is Friday, August 30th. First Citizens BancShares's payout ratio is currently 3.64%.

Analyst Upgrades and Downgrades

FCNCA has been the subject of several research analyst reports. StockNews.com raised shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a research note on Monday, April 29th. Raymond James raised First Citizens BancShares from a "market perform" rating to an "outperform" rating and set a $1,900.00 target price for the company in a research report on Tuesday, July 2nd. Barclays increased their price target on 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. 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 report on Friday, July 26th. Finally, Jefferies Financial Group started coverage on First Citizens BancShares in a report on Tuesday, July 9th. They issued a "buy" rating and a $2,005.00 target price on the stock. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $1,920.82.

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.