First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Sold by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. reduced its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 25.2% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 1,485 shares of the bank’s stock after selling 500 shares during the period. Oppenheimer & Co. Inc.’s holdings in First Citizens BancShares were worth $2,734,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. Envestnet Portfolio Solutions Inc. grew its position in First Citizens BancShares by 13.7% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 183 shares of the bank’s stock valued at $299,000 after buying an additional 22 shares during the last quarter. Empowered Funds LLC acquired a new stake in shares of First Citizens BancShares during the first quarter valued at $263,000. Sei Investments Co. boosted its position in First Citizens BancShares by 67.5% during the first quarter. Sei Investments Co. now owns 6,067 shares of the bank’s stock worth $9,921,000 after acquiring an additional 2,444 shares during the last quarter. US Bancorp DE boosted its holdings in shares of First Citizens BancShares by 1.9% during the first quarter. US Bancorp DE now owns 632 shares of the bank’s stock worth $1,033,000 after purchasing an additional 12 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in First Citizens BancShares by 17.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 5,737 shares of the bank’s stock worth $9,380,000 after buying an additional 840 shares during the last quarter. 61.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FCNCA has been the subject of a number of research reports. StockNews.com raised First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Thursday. Barclays lifted their price target on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Wedbush lowered their price target on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a report on Friday, October 25th. JPMorgan Chase & Co. dropped their price objective on shares of First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating on the stock in a research note on Friday, October 25th. Finally, Keefe, Bruyette & Woods raised their target price 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. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $2,025.90.

First Citizens BancShares Stock Performance

NASDAQ FCNCA opened at $2,200.46 on Friday. First Citizens BancShares, Inc. has a twelve month low of $1,363.97 and a twelve month high of $2,275.90. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68. The stock has a market cap of $31.84 billion, a P/E ratio of 12.61 and a beta of 0.80. The company’s 50-day simple moving average is $1,973.28 and its 200 day simple moving average is $1,872.59.

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

First Citizens BancShares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be issued a $1.95 dividend. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.64. The ex-dividend date is Friday, November 29th. This represents a $7.80 annualized dividend and a dividend yield of 0.35%. First Citizens BancShares’s dividend payout ratio is presently 3.76%.

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