Los Angeles Capital Management LLC Sells 4,949 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Los Angeles Capital Management LLC cut its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 97.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 126 shares of the bank’s stock after selling 4,949 shares during the period. Los Angeles Capital Management LLC’s holdings in First Citizens BancShares were worth $232,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of FCNCA. Capital Research Global Investors purchased a new stake in First Citizens BancShares in the 1st quarter worth $298,180,000. Vanguard Group Inc. grew its position in shares of First Citizens BancShares by 4.6% during the first quarter. Vanguard Group Inc. now owns 1,064,822 shares of the bank’s stock worth $1,740,984,000 after purchasing an additional 47,167 shares in the last quarter. Toronto Dominion Bank raised its stake in First Citizens BancShares by 3,577.5% during the 2nd quarter. Toronto Dominion Bank now owns 35,010 shares of the bank’s stock valued at $58,943,000 after purchasing an additional 34,058 shares during the period. Zurich Insurance Group Ltd FI lifted its holdings in First Citizens BancShares by 225.2% in the 2nd quarter. Zurich Insurance Group Ltd FI now owns 42,159 shares of the bank’s stock worth $70,979,000 after purchasing an additional 29,194 shares in the last quarter. Finally, International Assets Investment Management LLC boosted its stake in First Citizens BancShares by 183,992.3% in the 3rd quarter. International Assets Investment Management LLC now owns 23,932 shares of the bank’s stock worth $440,580,000 after purchasing an additional 23,919 shares during the period. Hedge funds and other institutional investors own 61.18% of the company’s stock.

First Citizens BancShares Price Performance

Shares of First Citizens BancShares stock opened at $2,194.42 on Tuesday. The stock has a 50 day moving average price of $1,973.28 and a 200-day moving average price of $1,873.97. First Citizens BancShares, Inc. has a one year low of $1,363.97 and a one year high of $2,275.90. The stock has a market cap of $31.74 billion, a price-to-earnings ratio of 12.57 and a beta of 0.80. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08.

First Citizens BancShares (NASDAQ:FCNCA) last released its 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). First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. The firm had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter last year, the business posted $55.92 EPS. Equities analysts expect that First Citizens BancShares, Inc. will post 189.06 EPS for the current year.

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 paid a dividend of $1.95 per share. This is a boost 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 0.36%. First Citizens BancShares’s dividend payout ratio is currently 4.47%.

First Citizens BancShares announced that its Board of Directors has initiated a share buyback plan on Thursday, July 25th that authorizes the company to buyback $3.50 billion in shares. This buyback authorization authorizes the bank to purchase up to 12.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FCNCA. StockNews.com raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Thursday, November 14th. Piper Sandler boosted their price target on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. Barclays raised their price objective 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. Keefe, Bruyette & Woods increased their price target on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Finally, Wedbush decreased their price objective on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $2,025.90.

First Citizens BancShares Company 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.