First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Sold by Mraz Amerine & Associates Inc.

Mraz Amerine & Associates Inc. trimmed its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 4.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,180 shares of the bank’s stock after selling 61 shares during the quarter. Mraz Amerine & Associates Inc.’s holdings in First Citizens BancShares were worth $2,172,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. ORG Partners LLC acquired a new stake in First Citizens BancShares in the 1st quarter valued at approximately $29,000. LRI Investments LLC acquired a new stake in First Citizens BancShares in the 1st quarter valued at approximately $33,000. V Square Quantitative Management LLC acquired a new stake in First Citizens BancShares in the 2nd quarter valued at approximately $35,000. Gradient Investments LLC acquired a new stake in First Citizens BancShares in the 2nd quarter valued at approximately $52,000. Finally, GAMMA Investing LLC increased its position in First Citizens BancShares by 129.6% in the 3rd quarter. GAMMA Investing LLC now owns 62 shares of the bank’s stock valued at $114,000 after acquiring an additional 35 shares during the period. 61.18% of the stock is currently owned by institutional investors and hedge funds.

First Citizens BancShares Stock Performance

FCNCA opened at $1,879.94 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.72. First Citizens BancShares, Inc. has a fifty-two week low of $1,290.60 and a fifty-two week high of $2,174.80. The business has a fifty day simple moving average of $1,951.59 and a 200-day simple moving average of $1,822.63. The firm has a market cap of $27.32 billion, a PE ratio of 10.44 and a beta of 0.81.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings data on Thursday, July 25th. The bank reported $50.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $44.91 by $5.96. First Citizens BancShares had a return on equity of 14.84% and a net margin of 18.19%. The business had revenue of $3.77 billion during the quarter, compared to analyst estimates of $2.30 billion. During the same period last year, the company earned $52.60 earnings per share. As a group, equities analysts predict that First Citizens BancShares, Inc. will post 200 EPS for the current fiscal year.

First Citizens BancShares declared that its board has authorized a stock buyback plan on Thursday, July 25th that authorizes the company to buyback $3.50 billion in outstanding shares. This buyback authorization authorizes the bank to repurchase up to 12.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

First Citizens BancShares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a dividend yield of 0.41%. 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. First Citizens BancShares’s dividend payout ratio (DPR) is currently 3.64%.

Analyst Ratings Changes

Several analysts recently commented on FCNCA shares. Jefferies Financial Group started coverage on First Citizens BancShares in a research report on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 target price on the stock. StockNews.com lowered First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Monday, October 7th. Raymond James raised First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price target for the company in a research note on Tuesday, July 2nd. Piper Sandler increased their price target on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Finally, Wedbush lowered First Citizens BancShares from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $2,450.00 to $2,150.00 in a research note on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $2,012.11.

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.