Oppenheimer & Co. Inc. Sells 662 Shares of First Citizens BancShares, Inc. $FCNCA

Oppenheimer & Co. Inc. reduced its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 40.1% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 987 shares of the bank’s stock after selling 662 shares during the period. Oppenheimer & Co. Inc.’s holdings in First Citizens BancShares were worth $2,033,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Integrated Wealth Concepts LLC bought a new position in First Citizens BancShares in the second quarter valued at about $31,000. Jones Financial Companies Lllp acquired a new stake in First Citizens BancShares in the second quarter worth $42,000. Global Assets Advisory LLC bought a new position in First Citizens BancShares during the first quarter worth about $45,000. Paladin Partners LLC acquired a new position in shares of First Citizens BancShares in the 2nd quarter valued at approximately $79,000. Finally, Root Financial Partners LLC acquired a new position in shares of First Citizens BancShares in the third quarter valued at approximately $80,000. Institutional investors and hedge funds own 78.01% of the company’s stock.

First Citizens BancShares Stock Down 1.3%

Shares of NASDAQ FCNCA opened at $2,352.64 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.59. The company has a market cap of $26.56 billion, a price-to-earnings ratio of 12.05, a PEG ratio of 1.22 and a beta of 0.58. First Citizens BancShares, Inc. has a 12 month low of $1,759.27 and a 12 month high of $2,429.96. The stock has a 50-day moving average price of $2,150.18 and a two-hundred day moving average price of $2,064.76.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Friday, October 23rd. The bank reported $55.37 earnings per share for the quarter, beating analysts’ consensus estimates of $46.18 by $9.19. First Citizens BancShares had a net margin of 16.54% and a return on equity of 12.49%. The company had revenue of $2.27 billion for the quarter, compared to the consensus estimate of $2.23 billion. As a group, analysts forecast that First Citizens BancShares, Inc. will post 201.38 earnings per share for the current fiscal year.

First Citizens BancShares announced that its board has authorized a stock buyback plan on Friday, October 23rd that permits the company to buy back $1.20 billion in outstanding shares. This buyback authorization permits the bank to reacquire up to 4.5% of its stock through open market purchases. Share buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

First Citizens BancShares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Monday, November 30th will be paid a $2.25 dividend. This represents a $9.00 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Monday, November 30th. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $2.10. First Citizens BancShares’s payout ratio is currently 4.30%.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, major shareholder Olivia Britton Holding sold 7,000 shares of the business’s stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $19.53, for a total transaction of $136,710.00. Following the sale, the insider owned 15,000 shares of the company’s stock, valued at approximately $292,950. The trade was a 31.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Diane E. Morais bought 50 shares of the firm’s stock in a transaction on Wednesday, August 19th. The shares were bought at an average cost of $2,168.11 per share, for a total transaction of $108,405.50. Following the purchase, the director owned 100 shares of the company’s stock, valued at approximately $216,811. The trade was a 100.00% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 14.63% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on FCNCA. Weiss Ratings raised First Citizens BancShares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 16th. Citigroup reiterated a “neutral” rating on shares of First Citizens BancShares in a report on Thursday, October 1st. Truist Financial upped their price objective on shares of First Citizens BancShares from $2,323.00 to $2,470.00 and gave the company a “hold” rating in a report on Wednesday. Barclays upped their target price on First Citizens BancShares from $2,376.00 to $2,650.00 and gave the company an “equal weight” rating in a research report on Monday, October 26th. Finally, UBS Group reissued a “neutral” rating and issued a $2,475.00 price objective on shares of First Citizens BancShares in a report on Monday, October 26th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $2,355.31.

About First Citizens BancShares

First Citizens BancShares, Inc is a bank holding company headquartered in Raleigh, North Carolina. Its principal subsidiary, First-Citizens Bank & Trust Company, provides banking and financial services to individuals, businesses, and institutions through a network of branches and digital banking channels.

The bank offers deposit accounts, consumer and residential lending, commercial and industrial loans, commercial real estate financing, equipment finance, treasury management, and payment services.