Royce & Associates LP Sells 808 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Royce & Associates LP reduced its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 3.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 24,425 shares of the bank's stock after selling 808 shares during the period. Royce & Associates LP owned approximately 0.17% of First Citizens BancShares worth $44,965,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. LRI Investments LLC bought a new position in First Citizens BancShares during the 1st quarter valued at $33,000. V Square Quantitative Management LLC bought a new position in shares of First Citizens BancShares during the second quarter worth about $35,000. Gradient Investments LLC acquired a new position in First Citizens BancShares in the second quarter worth about $52,000. Blue Trust Inc. increased its holdings in First Citizens BancShares by 120.0% in the second quarter. Blue Trust Inc. now owns 66 shares of the bank's stock valued at $108,000 after buying an additional 36 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in First Citizens BancShares by 129.6% during the third quarter. GAMMA Investing LLC now owns 62 shares of the bank's stock valued at $114,000 after buying an additional 35 shares in the last quarter. 61.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Barclays lifted their price target on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an "equal weight" rating in a report on Monday, July 29th. StockNews.com upgraded First Citizens BancShares from a "sell" rating to a "hold" rating in a research report on Thursday. Wedbush reduced their price objective on First Citizens BancShares from $2,150.00 to $2,000.00 and set a "neutral" rating for the company in a research report on Friday, October 25th. Piper Sandler increased their target price 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. Finally, Keefe, Bruyette & Woods raised 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 note on Friday, July 26th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, First Citizens BancShares has an average rating of "Moderate Buy" and an average price target of $2,025.90.

First Citizens BancShares Trading Up 2.3 %

NASDAQ FCNCA traded up $48.44 on Friday, hitting $2,200.46. 63,438 shares of the company were exchanged, compared to its average volume of 87,440. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08. First Citizens BancShares, Inc. has a twelve month low of $1,363.97 and a twelve month high of $2,275.90. The firm has a market capitalization of $31.84 billion, a P/E ratio of 12.53 and a beta of 0.80. The company's 50 day moving average price is $1,967.24 and its 200-day moving average price is $1,867.87.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its 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 business had revenue of $2.45 billion during 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 company earned $55.92 EPS. Analysts predict that First Citizens BancShares, Inc. will post 189.06 earnings per share for the current fiscal year.

First Citizens BancShares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be issued a dividend of $1.95 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.35%. This is an increase from First Citizens BancShares's previous quarterly dividend of $1.64. First Citizens BancShares's dividend payout ratio (DPR) is currently 3.76%.

First Citizens BancShares announced that its board has authorized a stock buyback program on Thursday, July 25th that authorizes the company to repurchase $3.50 billion in shares. This repurchase authorization authorizes the bank to purchase up to 12.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its shares are undervalued.

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.