Quinn Opportunity Partners LLC Has $1.76 Million Stock Holdings in First Citizens BancShares, Inc. $FCNCA

Quinn Opportunity Partners LLC lessened its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 45.5% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 900 shares of the bank’s stock after selling 750 shares during the period. Quinn Opportunity Partners LLC’s holdings in First Citizens BancShares were worth $1,761,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. SVB Wealth LLC bought a new stake in shares of First Citizens BancShares during the first quarter worth approximately $35,000. Creekmur Asset Management LLC acquired a new position in First Citizens BancShares in the second quarter valued at about $39,000. Allworth Financial LP lifted its stake in First Citizens BancShares by 35.3% in the second quarter. Allworth Financial LP now owns 23 shares of the bank’s stock valued at $45,000 after buying an additional 6 shares during the period. Brooklyn Investment Group grew its position in shares of First Citizens BancShares by 32.1% during the 1st quarter. Brooklyn Investment Group now owns 37 shares of the bank’s stock worth $67,000 after buying an additional 9 shares during the period. Finally, Toth Financial Advisory Corp increased its stake in First Citizens BancShares by 32.5% in the second quarter. Toth Financial Advisory Corp now owns 53 shares of the bank’s stock valued at $104,000 after purchasing an additional 13 shares in the last quarter. Institutional investors and hedge funds own 78.01% of the company’s stock.

First Citizens BancShares Trading Up 0.2%

NASDAQ FCNCA opened at $1,817.34 on Wednesday. First Citizens BancShares, Inc. has a 52 week low of $1,473.62 and a 52 week high of $2,412.93. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.04 and a current ratio of 1.04. The stock’s 50 day moving average price is $1,819.50 and its two-hundred day moving average price is $1,892.86. The stock has a market capitalization of $23.48 billion, a price-to-earnings ratio of 10.75 and a beta of 0.75.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data on Thursday, October 23rd. The bank reported $44.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $41.51 by $3.11. The company had revenue of $2.25 billion for the quarter, compared to the consensus estimate of $2.21 billion. First Citizens BancShares had a net margin of 15.99% and a return on equity of 11.06%. As a group, analysts anticipate that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Friday, November 28th will be issued a $2.10 dividend. The ex-dividend date of this dividend is Friday, November 28th. This represents a $8.40 annualized dividend and a yield of 0.5%. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.95. First Citizens BancShares’s payout ratio is currently 4.97%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on FCNCA shares. Piper Sandler decreased their price target on shares of 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 24th. Cowen reissued a “buy” rating on shares of First Citizens BancShares in a research note on Monday, July 28th. Citigroup lowered their price target on First Citizens BancShares from $2,250.00 to $2,000.00 and set a “neutral” rating for the company in a report on Monday, October 27th. Weiss Ratings cut First Citizens BancShares from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. Finally, Wall Street Zen cut First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Sunday, September 28th. Seven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $2,157.50.

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.