Yousif Capital Management LLC Sells 17 Shares of First Citizens BancShares, Inc. $FCNCA

Yousif Capital Management LLC lowered its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 8.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 174 shares of the bank’s stock after selling 17 shares during the quarter. Yousif Capital Management LLC’s holdings in First Citizens BancShares were worth $340,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the company. Nuveen LLC bought a new stake in shares of First Citizens BancShares in the 1st quarter valued at about $149,963,000. Egerton Capital UK LLP increased its position in First Citizens BancShares by 21.7% during the first quarter. Egerton Capital UK LLP now owns 124,773 shares of the bank’s stock worth $231,344,000 after buying an additional 22,257 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in First Citizens BancShares by 13.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 121,583 shares of the bank’s stock valued at $225,429,000 after buying an additional 14,060 shares during the period. JPMorgan Chase & Co. lifted its position in shares of First Citizens BancShares by 2.3% in the first quarter. JPMorgan Chase & Co. now owns 401,167 shares of the bank’s stock valued at $743,815,000 after buying an additional 9,070 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of First Citizens BancShares by 12.9% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 61,877 shares of the bank’s stock worth $114,727,000 after acquiring an additional 7,046 shares during the period. 78.01% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FCNCA has been the topic of a number of research analyst reports. The Goldman Sachs Group dropped their price target on First Citizens BancShares from $2,250.00 to $1,950.00 and set a “buy” rating on the stock in a research note on Monday, October 6th. Cowen reissued a “buy” rating on shares of First Citizens BancShares in a research report on Monday, July 28th. Piper Sandler set a $2,150.00 target price on shares of First Citizens BancShares and gave the stock a “neutral” rating in a research note on Monday, July 28th. JPMorgan Chase & Co. lifted their target price on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an “overweight” rating in a report on Tuesday, July 1st. Finally, Truist Financial lowered their price target on shares of First Citizens BancShares from $2,240.00 to $2,000.00 and set a “hold” rating on the stock in a report on Friday, October 3rd. Nine investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $2,227.69.

First Citizens BancShares Stock Performance

NASDAQ FCNCA opened at $1,751.52 on Friday. The firm has a 50-day moving average price of $1,862.12 and a two-hundred day moving average price of $1,879.65. First Citizens BancShares, Inc. has a 12-month low of $1,473.62 and a 12-month high of $2,412.93. The company has a market capitalization of $22.63 billion, a P/E ratio of 10.34 and a beta of 0.60. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.76.

First Citizens BancShares (NASDAQ:FCNCA) last announced its earnings results on Thursday, October 23rd. The bank reported $44.62 EPS for the quarter, topping the consensus estimate of $41.51 by $3.11. The company had revenue of $2.25 billion for the quarter, compared to analysts’ expectations of $2.21 billion. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.32%. Analysts anticipate that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Friday, November 28th will be issued a $2.10 dividend. The ex-dividend date of this dividend is Friday, November 28th. This represents a $8.40 annualized dividend and a yield of 0.5%. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.95. First Citizens BancShares’s payout ratio is presently 4.60%.

Insider Activity

In related news, major shareholder Olivia Britton Holding bought 409 shares of First Citizens BancShares stock in a transaction dated Thursday, August 7th. The shares were bought at an average cost of $1,630.00 per share, with a total value of $666,670.00. Following the acquisition, the insider owned 1,764 shares in the company, valued at $2,875,320. This trade represents a 30.18% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Hope Holding Bryant purchased 409 shares of the firm’s stock in a transaction that occurred on Thursday, August 7th. The stock was bought at an average price of $1,630.00 per share, for a total transaction of $666,670.00. Following the transaction, the insider directly owned 1,764 shares of the company’s stock, valued at $2,875,320. This trade represents a 30.18% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders purchased 1,494 shares of company stock worth $2,485,986. 13.40% of the stock is currently owned by company insiders.

About First Citizens BancShares

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.