First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Sold by Huber Capital Management LLC

Huber Capital Management LLC lessened its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 12.6% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 4,926 shares of the bank’s stock after selling 707 shares during the period. First Citizens BancShares comprises about 1.9% of Huber Capital Management LLC’s holdings, making the stock its 17th biggest position. Huber Capital Management LLC’s holdings in First Citizens BancShares were worth $8,293,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. ORG Partners LLC purchased a new stake in First Citizens BancShares in the 1st quarter valued at about $29,000. Mather Group LLC. acquired a new position in First Citizens BancShares during the first quarter worth approximately $31,000. LRI Investments LLC purchased a new position in First Citizens BancShares during the first quarter worth approximately $33,000. V Square Quantitative Management LLC acquired a new position in shares of First Citizens BancShares in the 2nd quarter valued at $35,000. Finally, Principal Securities Inc. purchased a new stake in shares of First Citizens BancShares during the 4th quarter valued at $43,000. Hedge funds and other institutional investors own 61.18% of the company’s stock.

Analysts Set New Price Targets

FCNCA has been the topic of several research reports. Barclays increased their target price on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Raymond James raised First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price objective on the stock in a research note on Tuesday, July 2nd. Keefe, Bruyette & Woods increased their target price on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Piper Sandler boosted their price objective 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. Finally, Jefferies Financial Group began 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 target price on the stock. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, First Citizens BancShares presently has an average rating of “Moderate Buy” and a consensus price target of $1,927.90.

First Citizens BancShares Stock Performance

Shares of FCNCA stock opened at $1,965.18 on Friday. The company’s fifty day moving average price is $1,949.31 and its two-hundred day moving average price is $1,759.84. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.08 and a quick ratio of 1.08. The firm has a market capitalization of $28.55 billion, a P/E ratio of 10.91 and a beta of 0.82. First Citizens BancShares, Inc. has a 12 month low of $1,274.91 and a 12 month high of $2,174.80.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings results on Thursday, July 25th. The bank reported $50.87 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 for the quarter, compared to analysts’ expectations of $2.30 billion. During the same quarter in the previous year, the firm posted $52.60 earnings per share. On average, research analysts anticipate that First Citizens BancShares, Inc. will post 200.92 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were given a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 0.33%. The ex-dividend date was Friday, August 30th. First Citizens BancShares’s payout ratio is currently 3.64%.

First Citizens BancShares declared that its Board of Directors has approved a stock repurchase program on Thursday, July 25th that authorizes the company to buyback $3.50 billion in outstanding shares. This buyback authorization authorizes 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 board believes its stock is undervalued.

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.