Greenwich Wealth Management LLC Sells 24 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Greenwich Wealth Management LLC trimmed its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 9.3% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 235 shares of the bank’s stock after selling 24 shares during the quarter. Greenwich Wealth Management LLC’s holdings in First Citizens BancShares were worth $432,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. ORG Partners LLC purchased a new position in First Citizens BancShares during the 1st quarter valued at $29,000. LRI Investments LLC purchased a new position in shares of First Citizens BancShares during the first quarter worth approximately $33,000. V Square Quantitative Management LLC bought a new stake in shares of First Citizens BancShares during the second quarter valued at approximately $35,000. Gradient Investments LLC purchased a new stake in shares of First Citizens BancShares in the 2nd quarter worth $52,000. Finally, GAMMA Investing LLC increased its stake in shares of First Citizens BancShares by 129.6% during the third quarter. GAMMA Investing LLC now owns 62 shares of the bank’s stock valued at $114,000 after buying an additional 35 shares during the period. 61.18% of the stock is owned by hedge funds and other institutional investors.

First Citizens BancShares Stock Performance

NASDAQ FCNCA traded down $10.58 on Friday, hitting $1,926.77. 76,168 shares of the company’s stock traded hands, compared to its average volume of 86,714. The firm’s 50-day moving average price is $1,942.36 and its two-hundred day moving average price is $1,836.76. The firm has a market capitalization of $27.87 billion, a PE ratio of 11.04 and a beta of 0.81. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.72. First Citizens BancShares, Inc. has a 1-year low of $1,359.29 and a 1-year high of $2,174.80.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53). The business had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.36 billion. First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.78%. During the same quarter in the prior year, the firm earned $55.92 earnings per share. As a group, analysts expect that First Citizens BancShares, Inc. will post 189.06 EPS for the current year.

First Citizens BancShares declared that its board has initiated a stock repurchase plan on Thursday, July 25th that permits the company to repurchase $3.50 billion in shares. This repurchase authorization permits the bank to repurchase up to 12.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

First Citizens BancShares Increases Dividend

The business also recently announced 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. This represents a $7.80 annualized dividend and a yield of 0.40%. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.64. The ex-dividend date is Friday, November 29th. First Citizens BancShares’s dividend payout ratio (DPR) is 4.47%.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Jefferies Financial Group began coverage on shares of First Citizens BancShares in a report on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 target price on the stock. Piper Sandler increased their price objective on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. StockNews.com upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Monday, October 28th. Keefe, Bruyette & Woods boosted their price target 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. 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 report on Friday, October 25th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $2,025.90.

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.