First Citizens BancShares, Inc. (NASDAQ:FCNCA) Position Lessened by Victory Capital Management Inc.

Victory Capital Management Inc. trimmed its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 38.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,586 shares of the bank's stock after selling 3,517 shares during the quarter. Victory Capital Management Inc.'s holdings in First Citizens BancShares were worth $10,284,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Wedbush Securities Inc. increased its position in shares of First Citizens BancShares by 0.5% during the second quarter. Wedbush Securities Inc. now owns 1,199 shares of the bank's stock worth $2,019,000 after acquiring an additional 6 shares during the last quarter. HB Wealth Management LLC increased its holdings in First Citizens BancShares by 3.9% in the second quarter. HB Wealth Management LLC now owns 187 shares of the bank's stock valued at $315,000 after buying an additional 7 shares during the last quarter. Tandem Capital Management Corp ADV increased its holdings in First Citizens BancShares by 1.8% in the third quarter. Tandem Capital Management Corp ADV now owns 459 shares of the bank's stock valued at $845,000 after buying an additional 8 shares during the last quarter. Raymond James Trust N.A. increased its holdings in First Citizens BancShares by 1.6% in the second quarter. Raymond James Trust N.A. now owns 625 shares of the bank's stock valued at $1,052,000 after buying an additional 10 shares during the last quarter. Finally, Janus Henderson Group PLC increased its holdings in First Citizens BancShares by 1.2% in the first quarter. Janus Henderson Group PLC now owns 903 shares of the bank's stock valued at $1,475,000 after buying an additional 11 shares during the last quarter. 61.18% of the stock is owned by hedge funds and other institutional investors.

First Citizens BancShares Stock Performance

FCNCA opened at $2,258.67 on Thursday. The company has a market capitalization of $31.60 billion, a price-to-earnings ratio of 12.94 and a beta of 0.80. First Citizens BancShares, Inc. has a 1-year low of $1,363.97 and a 1-year high of $2,275.90. The business has a 50 day moving average price of $1,995.77 and a two-hundred day moving average price of $1,883.58. 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 (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $47.40 by ($1.53). The company had revenue of $2.45 billion during the quarter, compared to the consensus estimate 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 period in the prior year, the company posted $55.92 EPS. Research analysts predict that First Citizens BancShares, Inc. will post 189.06 EPS for the current fiscal year.

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

First Citizens BancShares Increases Dividend

The business 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 0.35%. This is a boost from First Citizens BancShares's previous quarterly dividend of $1.64. First Citizens BancShares's dividend payout ratio is currently 3.76%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on FCNCA. JPMorgan Chase & Co. lowered their price objective on First Citizens BancShares from $2,550.00 to $2,300.00 and set an "overweight" rating for the company in a report on Friday, October 25th. Keefe, Bruyette & Woods upped their target price 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. Piper Sandler upped their target price on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a "neutral" rating in a report on Friday, July 26th. Barclays upped their target price on 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. Finally, Wedbush lowered 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 report on Friday, October 25th. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $2,025.90.

First Citizens BancShares 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.