Tobam Has $375,000 Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Tobam lowered its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 96.7% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 223 shares of the bank’s stock after selling 6,457 shares during the period. Tobam’s holdings in First Citizens BancShares were worth $375,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Covestor Ltd grew its position in First Citizens BancShares by 2.9% in the first quarter. Covestor Ltd now owns 215 shares of the bank’s stock worth $352,000 after acquiring an additional 6 shares in the last quarter. Lincoln National Corp raised its stake in First Citizens BancShares by 2.6% in the fourth quarter. Lincoln National Corp now owns 277 shares of the bank’s stock worth $393,000 after buying an additional 7 shares in the last quarter. Quadrant Capital Group LLC raised its stake in First Citizens BancShares by 4.4% in the fourth quarter. Quadrant Capital Group LLC now owns 165 shares of the bank’s stock worth $234,000 after buying an additional 7 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its holdings in shares of First Citizens BancShares by 4.5% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 161 shares of the bank’s stock valued at $229,000 after buying an additional 7 shares during the last quarter. Finally, Park Avenue Securities LLC lifted its position in First Citizens BancShares by 1.6% during the first quarter. Park Avenue Securities LLC now owns 450 shares of the bank’s stock valued at $736,000 after purchasing an additional 7 shares during the period. Institutional investors and hedge funds own 61.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on FCNCA. Piper Sandler lifted 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. Keefe, Bruyette & Woods upped their price objective on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Raymond James upgraded 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. Barclays lifted their price target on shares of 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. Finally, Jefferies Financial Group initiated coverage on shares of First Citizens BancShares in a research note on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 price objective for the company. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $1,920.82.

First Citizens BancShares Stock Up 1.3 %

NASDAQ:FCNCA traded up $26.76 during trading hours on Friday, hitting $2,018.73. 30,145 shares of the company traded hands, compared to its average volume of 85,261. The company has a market cap of $29.33 billion, a PE ratio of 11.06 and a beta of 0.83. First Citizens BancShares, Inc. has a one year low of $1,274.91 and a one year high of $2,174.80. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 1.77. The firm’s 50-day simple moving average is $1,878.10 and its 200-day simple moving average is $1,717.18.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Thursday, July 25th. The bank reported $50.87 earnings per share for the quarter, beating analysts’ consensus estimates of $44.91 by $5.96. The business had revenue of $3.77 billion during the quarter, compared to analyst estimates of $2.30 billion. First Citizens BancShares had a return on equity of 15.09% and a net margin of 18.19%. During the same quarter in the previous year, the firm earned $52.60 EPS. Equities analysts predict that First Citizens BancShares, Inc. will post 195.31 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be paid a $1.64 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 0.32%. First Citizens BancShares’s dividend payout ratio is currently 3.64%.

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.