Synovus Financial Corp Cuts Stock Position in First Citizens BancShares, Inc. $FCNCA

Synovus Financial Corp lessened its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 9.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 650 shares of the bank’s stock after selling 70 shares during the quarter. Synovus Financial Corp’s holdings in First Citizens BancShares were worth $1,205,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Quantitative Investment Management LLC purchased a new stake in shares of First Citizens BancShares in the 1st quarter valued at $272,000. Oliver Luxxe Assets LLC raised its holdings in shares of First Citizens BancShares by 10.9% in the 1st quarter. Oliver Luxxe Assets LLC now owns 3,235 shares of the bank’s stock valued at $5,998,000 after buying an additional 319 shares during the period. SVB Wealth LLC purchased a new stake in shares of First Citizens BancShares in the 1st quarter valued at $35,000. Allstate Corp raised its holdings in shares of First Citizens BancShares by 56.9% in the 1st quarter. Allstate Corp now owns 469 shares of the bank’s stock valued at $870,000 after buying an additional 170 shares during the period. Finally, 1832 Asset Management L.P. raised its holdings in shares of First Citizens BancShares by 11.7% in the 1st quarter. 1832 Asset Management L.P. now owns 937 shares of the bank’s stock valued at $1,737,000 after buying an additional 98 shares during the period. Hedge funds and other institutional investors own 78.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. TD Cowen assumed coverage on First Citizens BancShares in a report on Thursday, May 15th. They issued a “buy” rating and a $2,400.00 price objective on the stock. UBS Group reiterated a “buy” rating and issued a $2,410.00 price objective on shares of First Citizens BancShares in a research note on Wednesday, July 9th. Jefferies Financial Group initiated coverage on First Citizens BancShares in a research report on Wednesday, May 21st. They set a “hold” rating and a $2,050.00 price objective for the company. Cowen reaffirmed a “buy” rating on shares of First Citizens BancShares in a report on Monday, July 28th. Finally, Piper Sandler set a $2,150.00 price target on shares of First Citizens BancShares and gave the stock a “neutral” rating in a report on Monday, July 28th. Seven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $2,291.17.

First Citizens BancShares Stock Up 1.5%

Shares of NASDAQ FCNCA opened at $1,998.32 on Wednesday. The company has a market capitalization of $25.82 billion, a price-to-earnings ratio of 11.79 and a beta of 0.64. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.04 and a quick ratio of 1.04. The business has a 50-day moving average of $1,989.04 and a two-hundred day moving average of $1,900.27. First Citizens BancShares, Inc. has a 1 year low of $1,473.62 and a 1 year high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Friday, July 25th. The bank reported $44.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $39.08 by $5.70. The company had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.21 billion. First Citizens BancShares had a return on equity of 11.32% and a net margin of 16.37%. On average, analysts forecast that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be issued a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Friday, August 29th. First Citizens BancShares’s payout ratio is 4.60%.

Insiders Place Their Bets

In other First Citizens BancShares news, major shareholder Olivia Britton Holding purchased 409 shares of the firm’s stock in a transaction on Thursday, August 7th. The stock was bought at an average cost of $1,630.00 per share, with a total value of $666,670.00. Following the acquisition, the insider directly owned 1,764 shares of the company’s stock, valued at approximately $2,875,320. This represents a 30.18% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Hope Holding Bryant purchased 409 shares of the firm’s stock in a transaction on Thursday, August 7th. The shares were acquired at an average cost of $1,630.00 per share, with a total value of $666,670.00. Following the completion of the acquisition, the insider directly owned 1,764 shares in the company, valued at $2,875,320. The trade was a 30.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 1,494 shares of company stock valued at $2,485,986 in the last ninety days. Insiders own 13.19% of the company’s stock.

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.