Cary Street Partners Financial LLC Cuts Stock Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Cary Street Partners Financial LLC decreased its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 32.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 104 shares of the bank’s stock after selling 49 shares during the quarter. Cary Street Partners Financial LLC’s holdings in First Citizens BancShares were worth $193,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Teacher Retirement System of Texas bought a new position in First Citizens BancShares during the first quarter valued at approximately $2,642,000. Bank of New York Mellon Corp lifted its position in First Citizens BancShares by 1.9% during the first quarter. Bank of New York Mellon Corp now owns 40,553 shares of the bank’s stock valued at $75,190,000 after purchasing an additional 772 shares during the period. Cambridge Investment Research Advisors Inc. raised its position in First Citizens BancShares by 16.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 190 shares of the bank’s stock worth $352,000 after acquiring an additional 27 shares during the period. Kingswood Wealth Advisors LLC bought a new position in First Citizens BancShares in the first quarter worth approximately $439,000. Finally, DAVENPORT & Co LLC bought a new position in First Citizens BancShares in the first quarter worth approximately $221,000. Institutional investors own 78.01% of the company’s stock.

Insiders Place Their Bets

In related news, major shareholder Olivia Britton Holding bought 66 shares of the business’s stock in a transaction that occurred on Tuesday, July 29th. The stock was bought at an average cost of $1,735.00 per share, with a total value of $114,510.00. Following the completion of the purchase, the insider owned 121,926 shares of the company’s stock, valued at approximately $211,541,610. The trade was a 0.05% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 13.19% of the company’s stock.

Analysts Set New Price Targets

FCNCA has been the topic of several recent research reports. Citigroup increased their price target on shares of First Citizens BancShares from $1,900.00 to $2,050.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 2nd. Barclays decreased their price target on shares of First Citizens BancShares from $2,568.00 to $2,400.00 and set an “equal weight” rating on the stock in a research report on Friday, April 25th. Piper Sandler set a $2,150.00 price target on shares of First Citizens BancShares and gave the stock a “neutral” rating in a research report on Monday, July 28th. Wall Street Zen downgraded shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Monday, April 28th. Finally, Cowen reiterated a “buy” rating on shares of First Citizens BancShares in a research report on Monday, July 28th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $2,291.17.

First Citizens BancShares Stock Up 0.4%

Shares of FCNCA stock opened at $1,828.13 on Monday. The company has a market capitalization of $24.30 billion, a price-to-earnings ratio of 10.79 and a beta of 0.64. First Citizens BancShares, Inc. has a one year low of $1,473.62 and a one year high of $2,412.93. The company’s fifty day moving average price is $1,967.07 and its 200-day moving average price is $1,920.64. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.04 and a quick ratio of 1.04.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Friday, July 25th. The bank reported $44.78 earnings per share for the quarter, beating the consensus estimate of $39.08 by $5.70. The company had revenue of $2.38 billion during the quarter, compared to analysts’ expectations of $2.21 billion. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.30%. Sell-side analysts expect that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be paid a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Friday, August 29th. First Citizens BancShares’s dividend payout ratio (DPR) is presently 4.60%.

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.