Caprock Group LLC Sells 180 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Caprock Group LLC lessened its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 27.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 476 shares of the bank’s stock after selling 180 shares during the quarter. Caprock Group LLC’s holdings in First Citizens BancShares were worth $877,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Mawer Investment Management Ltd. increased its holdings in First Citizens BancShares by 3.2% in the third quarter. Mawer Investment Management Ltd. now owns 9,773 shares of the bank’s stock valued at $17,992,000 after purchasing an additional 306 shares during the period. Thrivent Financial for Lutherans grew its position in shares of First Citizens BancShares by 2.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 24,554 shares of the bank’s stock valued at $45,203,000 after buying an additional 633 shares during the last quarter. Mount Lucas Management LP increased its stake in shares of First Citizens BancShares by 2.6% in the third quarter. Mount Lucas Management LP now owns 315 shares of the bank’s stock valued at $580,000 after buying an additional 8 shares during the period. Natixis Advisors LLC raised its position in shares of First Citizens BancShares by 4.2% during the third quarter. Natixis Advisors LLC now owns 22,366 shares of the bank’s stock worth $41,175,000 after acquiring an additional 899 shares during the last quarter. Finally, Empowered Funds LLC lifted its stake in shares of First Citizens BancShares by 35.3% in the third quarter. Empowered Funds LLC now owns 230 shares of the bank’s stock worth $423,000 after acquiring an additional 60 shares during the period. 61.18% of the stock is currently owned by institutional investors and hedge funds.

First Citizens BancShares Trading Up 2.6 %

NASDAQ:FCNCA opened at $2,316.46 on Friday. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08. First Citizens BancShares, Inc. has a one year low of $1,363.97 and a one year high of $2,325.84. The company has a market cap of $32.40 billion, a PE ratio of 13.27 and a beta of 0.80. The firm has a 50-day moving average of $1,995.77 and a 200-day moving average of $1,883.58.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings data on Thursday, October 24th. The bank reported $45.87 EPS for the quarter, missing the consensus estimate of $47.40 by ($1.53). The company had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.36 billion. First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. During the same period last year, the company earned $55.92 earnings per share. As a group, equities research analysts expect that First Citizens BancShares, Inc. will post 189.06 EPS for the current fiscal year.

First Citizens BancShares Increases Dividend

The company also recently declared 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. The ex-dividend date 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 yield of 0.34%. First Citizens BancShares’s payout ratio is 4.47%.

First Citizens BancShares announced that its Board of Directors has approved a share buyback plan on Thursday, July 25th that allows the company to buyback $3.50 billion in shares. This buyback authorization allows the bank to repurchase up to 12.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

FCNCA has been the subject of a number of recent analyst reports. StockNews.com raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Thursday, November 14th. Piper Sandler boosted their target price on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Barclays boosted their price target 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. JPMorgan Chase & Co. reduced their price objective on shares of First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. Finally, 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 note on Friday, July 26th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock currently has an average 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.