First Citizens BancShares, Inc. $FCNCA Stock: Oppenheimer & Co. Inc. Trims Stake

Oppenheimer & Co. Inc. cut its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 40.1% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm 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 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the business. Peterson Wealth Services raised its stake in First Citizens BancShares by 2.7% during the third quarter. Peterson Wealth Services now owns 380 shares of the bank’s stock worth $782,000 after acquiring an additional 10 shares during the period. Viewpoint Investment Partners Corp boosted its stake in First Citizens BancShares by 100.0% in the third quarter. Viewpoint Investment Partners Corp now owns 200 shares of the bank’s stock valued at $412,000 after acquiring an additional 100 shares during the period. Hedeker Wealth LLC boosted its stake in First Citizens BancShares by 3.1% in the third quarter. Hedeker Wealth LLC now owns 235 shares of the bank’s stock valued at $484,000 after acquiring an additional 7 shares during the period. Kingswood Wealth Advisors LLC grew its holdings in shares of First Citizens BancShares by 2.9% during the third quarter. Kingswood Wealth Advisors LLC now owns 250 shares of the bank’s stock valued at $515,000 after purchasing an additional 7 shares during the last quarter. Finally, Wedbush Securities Inc. grew its holdings in shares of First Citizens BancShares by 0.5% during the third quarter. Wedbush Securities Inc. now owns 959 shares of the bank’s stock valued at $1,976,000 after purchasing an additional 5 shares during the last quarter. Institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Stock Performance

Shares of FCNCA opened at $2,352.64 on Friday. The stock has a market capitalization of $26.56 billion, a P/E ratio of 12.05, a P/E/G 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 firm’s 50 day moving average is $2,150.18 and its 200-day moving average is $2,064.76. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.00 and a quick ratio of 1.00.

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

First Citizens BancShares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Monday, November 30th will be paid a $2.25 dividend. This represents a $9.00 dividend on an annualized basis and a yield of 0.4%. This is a boost from First Citizens BancShares’s previous quarterly dividend of $2.10. The ex-dividend date is Monday, November 30th. First Citizens BancShares’s dividend payout ratio is presently 4.30%.

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

Wall Street Analyst Weigh In

FCNCA has been the topic of a number of research reports. Jefferies Financial Group reiterated a “hold” rating and set a $2,550.00 price target on shares of First Citizens BancShares in a research report on Friday, October 23rd. JPMorgan Chase & Co. lowered First Citizens BancShares from a “neutral” rating to an “underweight” rating and reduced their price objective for the company from $2,300.00 to $2,200.00 in a research report on Monday, October 26th. Citigroup restated a “neutral” rating on shares of First Citizens BancShares in a research note on Thursday, October 1st. Weiss Ratings raised First Citizens BancShares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 16th. Finally, Keefe, Bruyette & Woods cut First Citizens BancShares from an “outperform” rating to a “market perform” rating and set a $2,300.00 target price on the stock. in a research note on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $2,355.31.

Insiders Place Their Bets

In related news, Director Diane E. Morais purchased 50 shares of the stock in a transaction on Wednesday, August 19th. The shares were bought at an average price of $2,168.11 per share, for a total transaction of $108,405.50. Following the completion of the acquisition, the director directly owned 100 shares in the company, valued at approximately $216,811. This trade represents a 100.00% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Olivia Britton Holding sold 7,000 shares of the firm’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 completion of the transaction, the insider owned 15,000 shares in the company, valued at $292,950. The trade was a 31.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 14.63% of the company’s stock.

First Citizens BancShares Profile

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.