Victory Capital Management Inc. Trims Stock Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Victory Capital Management Inc. lowered its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 38.6% in the third quarter, according to the company in its most recent filing with the SEC. The firm 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 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in FCNCA. UniSuper Management Pty Ltd increased its stake in shares of First Citizens BancShares by 100.0% in the first quarter. UniSuper Management Pty Ltd now owns 200 shares of the bank’s stock worth $327,000 after acquiring an additional 100 shares during the period. Bessemer Group Inc. grew its position in First Citizens BancShares by 2,583.3% during the 1st quarter. Bessemer Group Inc. now owns 805 shares of the bank’s stock worth $1,316,000 after purchasing an additional 775 shares during the period. Capital Research Global Investors purchased a new position in shares of First Citizens BancShares during the 1st quarter valued at about $298,180,000. Gabelli Funds LLC lifted its holdings in shares of First Citizens BancShares by 6.4% in the 1st quarter. Gabelli Funds LLC now owns 1,673 shares of the bank’s stock valued at $2,735,000 after buying an additional 100 shares during the period. Finally, LRI Investments LLC purchased a new stake in shares of First Citizens BancShares in the first quarter worth about $391,000. Hedge funds and other institutional investors own 61.18% of the company’s stock.

First Citizens BancShares Trading Up 1.8 %

Shares of First Citizens BancShares stock opened at $2,258.67 on Thursday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68. 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 $31.60 billion, a PE ratio of 12.94 and a beta of 0.80. The firm’s 50-day moving average price is $1,995.77 and its 200 day moving average price is $1,883.58.

First Citizens BancShares (NASDAQ:FCNCA) last released its 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 13.63%. The firm had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.36 billion. During the same quarter last year, the business earned $55.92 EPS. On average, sell-side 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 approved 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 often an indication that the company’s management believes its shares are undervalued.

First Citizens BancShares Increases Dividend

The firm also recently announced 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. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.64. 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%. First Citizens BancShares’s dividend payout ratio is presently 3.76%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Barclays lifted their price target on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. JPMorgan Chase & Co. cut their target price on shares of 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. StockNews.com raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Thursday, November 14th. Keefe, Bruyette & Woods lifted 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 report on Friday, July 26th. Finally, Wedbush lowered their target price on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a research note on Friday, October 25th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, First Citizens BancShares currently has an average rating of “Moderate Buy” and an average 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.