Burney Co. Cuts Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Burney Co. trimmed its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 14.9% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 292 shares of the bank’s stock after selling 51 shares during the period. Burney Co.’s holdings in First Citizens BancShares were worth $492,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. ORG Partners LLC purchased a new stake in First Citizens BancShares during the 1st quarter worth about $29,000. GAMMA Investing LLC purchased a new stake in shares of First Citizens BancShares during the fourth quarter worth approximately $30,000. Mather Group LLC. acquired a new stake in First Citizens BancShares in the first quarter valued at approximately $31,000. LRI Investments LLC purchased a new position in First Citizens BancShares in the first quarter worth approximately $33,000. Finally, V Square Quantitative Management LLC purchased a new position in First Citizens BancShares in the second quarter worth approximately $35,000. 61.18% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have issued reports on FCNCA. Barclays lifted their price target on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods raised their target price on 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 raised their target price on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. Jefferies Financial Group started coverage on First Citizens BancShares in a research report on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 target price on the stock. Finally, Raymond James raised First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 target price on the stock in a research report on Tuesday, July 2nd. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $1,920.82.

First Citizens BancShares Stock Performance

Shares of FCNCA stock traded up $16.63 during midday trading on Thursday, hitting $1,994.72. The company had a trading volume of 47,039 shares, compared to its average volume of 85,479. The company’s 50 day simple moving average is $1,871.31 and its 200 day simple moving average is $1,715.25. First Citizens BancShares, Inc. has a 52-week low of $1,274.91 and a 52-week high of $2,174.80. The stock has a market cap of $28.98 billion, a price-to-earnings ratio of 10.98 and a beta of 0.83. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.10 and a quick ratio of 1.10.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Thursday, July 25th. The bank reported $50.87 EPS for the quarter, beating the consensus estimate of $44.91 by $5.96. The business had revenue of $3.77 billion during the quarter, compared to analysts’ expectations 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 period last year, the firm earned $52.60 EPS. Research analysts anticipate that First Citizens BancShares, Inc. will post 195.31 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be issued 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 0.33%. First Citizens BancShares’s dividend payout ratio (DPR) is 3.64%.

First Citizens BancShares Company 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.