Connable Office Inc. Sells 12 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Connable Office Inc. trimmed its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 7.6% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 146 shares of the bank’s stock after selling 12 shares during the period. Connable Office Inc.’s holdings in First Citizens BancShares were worth $269,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Covestor Ltd lifted its holdings in shares of First Citizens BancShares by 2.9% in the 1st quarter. Covestor Ltd now owns 215 shares of the bank’s stock worth $352,000 after purchasing an additional 6 shares in the last quarter. Wedbush Securities Inc. lifted its holdings in shares of First Citizens BancShares by 0.5% in the 2nd quarter. Wedbush Securities Inc. now owns 1,199 shares of the bank’s stock worth $2,019,000 after purchasing an additional 6 shares in the last quarter. Metis Global Partners LLC lifted its holdings in shares of First Citizens BancShares by 4.9% in the 3rd quarter. Metis Global Partners LLC now owns 129 shares of the bank’s stock worth $237,000 after purchasing an additional 6 shares in the last quarter. HB Wealth Management LLC lifted its holdings in shares of First Citizens BancShares by 3.9% in the 2nd quarter. HB Wealth Management LLC now owns 187 shares of the bank’s stock worth $315,000 after purchasing an additional 7 shares in the last quarter. Finally, Tandem Capital Management Corp ADV lifted its holdings in shares of First Citizens BancShares by 1.8% in the 3rd quarter. Tandem Capital Management Corp ADV now owns 459 shares of the bank’s stock worth $845,000 after purchasing an additional 8 shares in the last quarter. 61.18% of the stock is currently owned by institutional investors.

First Citizens BancShares Trading Up 2.3 %

Shares of FCNCA opened at $2,200.46 on Friday. The business has a 50-day moving average of $1,973.28 and a 200 day moving average of $1,871.30. First Citizens BancShares, Inc. has a fifty-two week low of $1,363.97 and a fifty-two week high of $2,275.90. The firm has a market cap of $31.84 billion, a P/E ratio of 12.61 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 announced its quarterly earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share for the quarter, missing the consensus estimate of $47.40 by ($1.53). First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%. The company had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter in the prior year, the company earned $55.92 earnings per share. As a group, research analysts forecast that First Citizens BancShares, Inc. will post 189.06 EPS for the current year.

First Citizens BancShares declared that its Board of Directors has approved a stock buyback program on Thursday, July 25th that allows the company to buyback $3.50 billion in shares. This buyback authorization allows the bank to reacquire up to 12.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

First Citizens BancShares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a dividend of $1.95 per share. The ex-dividend date of this dividend is Friday, November 29th. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.64. This represents a $7.80 annualized dividend and a dividend yield of 0.35%. First Citizens BancShares’s dividend payout ratio is currently 3.76%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Piper Sandler increased their target price on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a report on Friday, July 26th. Keefe, Bruyette & Woods raised their price objective 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. 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 note on Monday, July 29th. StockNews.com upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Thursday. Finally, Wedbush dropped 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 research note on Friday, October 25th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, First Citizens BancShares presently has a consensus rating of “Moderate Buy” and a consensus price target of $2,025.90.

About First Citizens BancShares

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.