Stieven Capital Advisors L.P. Trims Stock Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Stieven Capital Advisors L.P. decreased its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 21.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,485 shares of the bank's stock after selling 2,650 shares during the quarter. First Citizens BancShares comprises 3.3% of Stieven Capital Advisors L.P.'s holdings, making the stock its 11th largest holding. Stieven Capital Advisors L.P. owned approximately 0.07% of First Citizens BancShares worth $17,461,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. LRI Investments LLC acquired a new position in shares of First Citizens BancShares in the 1st quarter worth approximately $33,000. V Square Quantitative Management LLC acquired a new position in First Citizens BancShares during the second quarter worth $35,000. Gradient Investments LLC purchased a new position in shares of First Citizens BancShares during the second quarter worth $52,000. GAMMA Investing LLC grew its stake in shares of First Citizens BancShares by 129.6% in 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. Finally, Blue Trust Inc. raised its holdings in shares of First Citizens BancShares by 120.0% in the 2nd 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 period. Hedge funds and other institutional investors own 61.18% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on FCNCA shares. Wedbush dropped their target price 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. Barclays boosted their price target 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 note on Monday, July 29th. StockNews.com upgraded First Citizens BancShares from a "sell" rating to a "hold" rating in a research note on Thursday. Keefe, Bruyette & Woods boosted their target price on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an "outperform" rating in a research note on Friday, July 26th. Finally, Piper Sandler lifted their price objective on 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. Five analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $2,025.90.

First Citizens BancShares Stock Up 2.3 %

Shares of FCNCA traded up $48.44 during mid-day trading on Friday, reaching $2,200.46. The company's stock had a trading volume of 63,438 shares, compared to its average volume of 105,777. 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 12-month low of $1,363.97 and a 12-month high of $2,275.90. The stock has a market cap of $31.83 billion, a PE ratio of 12.61 and a beta of 0.80. The company's 50 day moving average is $1,973.28 and its 200 day moving average is $1,873.97.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly 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). First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%. The company had revenue of $2.45 billion during the quarter, compared to analysts' expectations of $2.36 billion. During the same quarter in the prior year, the company earned $55.92 earnings per share. Equities analysts anticipate that First Citizens BancShares, Inc. will post 189.06 EPS for the current fiscal year.

First Citizens BancShares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be paid a dividend of $1.95 per share. This is a positive change from First Citizens BancShares's previous quarterly dividend of $1.64. This represents a $7.80 annualized dividend and a yield of 0.35%. The ex-dividend date is Friday, November 29th. First Citizens BancShares's dividend payout ratio (DPR) is currently 4.47%.

First Citizens BancShares declared that its Board of Directors has approved a share repurchase plan on Thursday, July 25th that allows the company to repurchase $3.50 billion in outstanding shares. This repurchase authorization allows the bank to purchase up to 12.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

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.