Systematic Financial Management LP Reduces Stock Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Systematic Financial Management LP lowered its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 10.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 59,246 shares of the bank's stock after selling 6,679 shares during the quarter. First Citizens BancShares accounts for 3.0% of Systematic Financial Management LP's holdings, making the stock its biggest position. Systematic Financial Management LP owned approximately 0.41% of First Citizens BancShares worth $99,748,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in First Citizens BancShares by 4.6% in the first quarter. Vanguard Group Inc. now owns 1,064,822 shares of the bank's stock valued at $1,740,984,000 after purchasing an additional 47,167 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of First Citizens BancShares by 21.1% in the 4th quarter. Wellington Management Group LLP now owns 239,563 shares of the bank's stock valued at $339,933,000 after purchasing an additional 41,793 shares during the period. Capital Research Global Investors acquired a new stake in First Citizens BancShares in the 1st quarter valued at about $298,180,000. Reinhart Partners LLC. lifted its stake in First Citizens BancShares by 3.1% in the 1st quarter. Reinhart Partners LLC. now owns 58,583 shares of the bank's stock valued at $95,783,000 after purchasing an additional 1,780 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in First Citizens BancShares by 10.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 46,626 shares of the bank's stock worth $66,161,000 after purchasing an additional 4,298 shares during the period. 61.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Wedbush lowered shares of First Citizens BancShares from an "outperform" rating to a "neutral" rating and dropped their price objective for the company from $2,450.00 to $2,150.00 in a research report on Tuesday, September 24th. Raymond James upgraded shares of First Citizens BancShares from a "market perform" rating to an "outperform" rating and set a $1,900.00 price objective for the company in a research report on Tuesday, July 2nd. Jefferies Financial Group assumed coverage on First Citizens BancShares in a research note on Tuesday, July 9th. They set a "buy" rating and a $2,005.00 target price on the stock. Keefe, Bruyette & Woods boosted their price target 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. Finally, Piper Sandler increased their price objective on 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. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $1,962.90.

First Citizens BancShares Trading Down 1.7 %

Shares of NASDAQ:FCNCA traded down $31.15 during midday trading on Friday, hitting $1,845.53. 58,426 shares of the stock were exchanged, compared to its average volume of 86,814. The business's 50-day moving average price is $1,954.63 and its 200 day moving average price is $1,770.76. First Citizens BancShares, Inc. has a 12 month low of $1,274.91 and a 12 month high of $2,174.80. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.08 and a current ratio of 1.08. The stock has a market capitalization of $26.82 billion, a price-to-earnings ratio of 10.25 and a beta of 0.82.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings data on Thursday, July 25th. The bank reported $50.87 earnings per share for the quarter, beating analysts' consensus estimates of $44.91 by $5.96. The business had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $2.30 billion. First Citizens BancShares had a return on equity of 14.84% and a net margin of 18.19%. During the same period in the prior year, the business posted $52.60 earnings per share. Analysts predict that First Citizens BancShares, Inc. will post 200.92 earnings per share for the current year.

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

First Citizens BancShares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were issued a $1.64 dividend. The ex-dividend date was Friday, August 30th. This represents a $6.56 annualized dividend and a yield of 0.36%. First Citizens BancShares's payout ratio is 3.64%.

First Citizens BancShares Company 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.