Ceredex Value Advisors LLC Decreases Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Ceredex Value Advisors LLC lowered its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 44.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 22,070 shares of the bank's stock after selling 17,710 shares during the quarter. Ceredex Value Advisors LLC owned 0.15% of First Citizens BancShares worth $40,630,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Nordea Investment Management AB lifted its holdings in First Citizens BancShares by 21.6% during the 1st quarter. Nordea Investment Management AB now owns 29,077 shares of the bank's stock worth $47,866,000 after buying an additional 5,172 shares during the period. BNP Paribas Financial Markets lifted its stake in shares of First Citizens BancShares by 19.4% in the first quarter. BNP Paribas Financial Markets now owns 3,492 shares of the bank's stock worth $5,709,000 after acquiring an additional 568 shares during the period. Bessemer Group Inc. boosted its holdings in 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 acquiring an additional 775 shares during the last quarter. Sei Investments Co. boosted its holdings in First Citizens BancShares by 67.5% in the first quarter. Sei Investments Co. now owns 6,067 shares of the bank's stock valued at $9,921,000 after acquiring an additional 2,444 shares during the last quarter. Finally, Raymond James & Associates increased its position in First Citizens BancShares by 5.1% during the 3rd quarter. Raymond James & Associates now owns 16,826 shares of the bank's stock valued at $30,976,000 after purchasing an additional 811 shares during the period. Institutional investors own 61.18% of the company's stock.

First Citizens BancShares Stock Performance

FCNCA traded down $10.58 on Friday, hitting $1,926.77. The company's stock had a trading volume of 76,168 shares, compared to its average volume of 86,714. The company's 50 day simple moving average is $1,942.36 and its 200-day simple moving average is $1,836.76. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.72. First Citizens BancShares, Inc. has a 12 month low of $1,359.29 and a 12 month high of $2,174.80. The firm has a market cap of $27.87 billion, a P/E ratio of 11.04 and a beta of 0.81.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share for the quarter, missing the consensus estimate of $47.40 by ($1.53). First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.78%. The company had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter in the prior year, the company earned $55.92 earnings per share. Analysts forecast that First Citizens BancShares, Inc. will post 189.06 EPS for the current year.

First Citizens BancShares announced that its board has authorized a share buyback plan on Thursday, July 25th that permits the company to buyback $3.50 billion in outstanding shares. This buyback authorization permits the bank to reacquire up to 12.3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's leadership believes its stock is 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 issued a $1.95 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $7.80 annualized dividend and a dividend yield of 0.40%. This is a boost from First Citizens BancShares's previous quarterly dividend of $1.64. First Citizens BancShares's dividend payout ratio (DPR) is presently 4.47%.

Wall Street Analyst Weigh In

FCNCA has been the topic of a number of analyst reports. Piper Sandler upped their price objective on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a "neutral" rating in a research note on Friday, July 26th. Jefferies Financial Group assumed coverage on First Citizens BancShares in a research note on Tuesday, July 9th. They issued a "buy" rating and a $2,005.00 price objective for the company. Barclays boosted their target price on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an "equal weight" rating in a research report on Monday, July 29th. StockNews.com raised First Citizens BancShares from a "sell" rating to a "hold" rating in a research report on Monday, October 28th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of 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. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, First Citizens BancShares has an average rating of "Moderate Buy" and an average target price of $2,025.90.

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.