Oppenheimer & Co. Inc. Has $2.73 Million Stock Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

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

A number of other large investors also recently added to or reduced their stakes in FCNCA. Hiddenite Capital Partners LP raised its position in shares of First Citizens BancShares by 14.1% during the 3rd quarter. Hiddenite Capital Partners LP now owns 3,230 shares of the bank’s stock valued at $5,946,000 after acquiring an additional 400 shares during the last quarter. GSA Capital Partners LLP grew its stake in shares of First Citizens BancShares by 44.5% during the third quarter. GSA Capital Partners LLP now owns 575 shares of the bank’s stock worth $1,059,000 after purchasing an additional 177 shares during the period. Nations Financial Group Inc. IA ADV increased its holdings in First Citizens BancShares by 4.7% in the third quarter. Nations Financial Group Inc. IA ADV now owns 314 shares of the bank’s stock valued at $578,000 after purchasing an additional 14 shares during the last quarter. Rather & Kittrell Inc. acquired a new position in First Citizens BancShares in the third quarter valued at about $368,000. Finally, Assetmark Inc. boosted its holdings in First Citizens BancShares by 29.7% during the third quarter. Assetmark Inc. now owns 3,401 shares of the bank’s stock worth $6,261,000 after buying an additional 779 shares during the last quarter. 61.18% of the stock is currently owned by institutional investors and hedge funds.

First Citizens BancShares Stock Performance

Shares of First Citizens BancShares stock opened at $2,200.46 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. The firm has a market cap of $31.84 billion, a price-to-earnings ratio of 12.61 and a beta of 0.80. The stock’s 50-day moving average is $1,973.28 and its 200-day moving average is $1,872.59. First Citizens BancShares, Inc. has a one year low of $1,363.97 and a one year high of $2,275.90.

First Citizens BancShares (NASDAQ:FCNCA) last released 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). The firm had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.36 billion. First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%. During the same quarter in the previous year, the firm posted $55.92 EPS. Equities analysts predict that First Citizens BancShares, Inc. will post 189.06 earnings per share for the current fiscal year.

First Citizens BancShares Increases Dividend

The firm 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 is a boost 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 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 authorized a stock buyback plan on Thursday, July 25th that authorizes the company to repurchase $3.50 billion in shares. This repurchase authorization authorizes the bank to buy up to 12.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of brokerages have recently commented on FCNCA. Barclays upped 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 target 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 report on Friday, October 25th. StockNews.com upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Thursday. Piper Sandler lifted their target price on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a report on Friday, July 26th. Finally, 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. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, First Citizens BancShares currently has an average rating of “Moderate Buy” and an average price target of $2,025.90.

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.