First Citizens BancShares, Inc. $FCNCA Shares Sold by Vest Financial LLC

Key Points

• Vest Financial LLC has reduced its stake in First Citizens BancShares by 41.2%, now holding 494 shares valued at approximately $966,000 as of their latest SEC filing.
• The bank has reported impressive quarterly earnings, with an EPS of $44.78, exceeding analysts' expectations of $39.08, and revenue of $2.38 billion against a $2.21 billion forecast.
• Analysts have mixed ratings on First Citizens BancShares, with target prices ranging from $1,950.00 to $2,410.00, suggesting a consensus rating of "Moderate Buy."

Vest Financial LLC trimmed its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 41.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 494 shares of the bank's stock after selling 346 shares during the quarter. Vest Financial LLC's holdings in First Citizens BancShares were worth $966,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in FCNCA. SVB Wealth LLC acquired a new stake in First Citizens BancShares during the 1st quarter worth approximately $35,000. Community Bank N.A. acquired a new stake in First Citizens BancShares during the 1st quarter worth approximately $44,000. Wayfinding Financial LLC acquired a new stake in First Citizens BancShares during the 1st quarter worth approximately $64,000. Brooklyn Investment Group lifted its position in First Citizens BancShares by 32.1% during the 1st quarter. Brooklyn Investment Group now owns 37 shares of the bank's stock worth $67,000 after acquiring an additional 9 shares during the period. Finally, Toth Financial Advisory Corp lifted its position in First Citizens BancShares by 32.5% during the 2nd quarter. Toth Financial Advisory Corp now owns 53 shares of the bank's stock worth $104,000 after acquiring an additional 13 shares during the period. 78.01% of the stock is owned by institutional investors and hedge funds.

First Citizens BancShares Stock Performance

NASDAQ FCNCA opened at $1,746.26 on Thursday. First Citizens BancShares, Inc. has a 1-year low of $1,473.62 and a 1-year high of $2,412.93. The company has a market capitalization of $22.56 billion, a P/E ratio of 10.30 and a beta of 0.60. The business has a 50 day moving average price of $1,879.68 and a 200 day moving average price of $1,879.74. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.04 and a quick ratio of 1.04.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings results on Friday, July 25th. The bank reported $44.78 earnings per share for the quarter, topping the consensus estimate of $39.08 by $5.70. The company had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.21 billion. First Citizens BancShares had a return on equity of 11.32% and a net margin of 16.37%. Sell-side analysts expect that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 29th were given a dividend of $1.95 per share. The ex-dividend date of this dividend was Friday, August 29th. This represents a $7.80 annualized dividend and a yield of 0.4%. First Citizens BancShares's dividend payout ratio (DPR) is presently 4.60%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on FCNCA shares. UBS Group reaffirmed a "buy" rating and set a $2,410.00 price objective on shares of First Citizens BancShares in a research report on Wednesday, July 9th. The Goldman Sachs Group cut their target price on First Citizens BancShares from $2,250.00 to $1,950.00 and set a "buy" rating for the company in a research note on Monday, October 6th. Raymond James Financial set a $2,100.00 target price on First Citizens BancShares in a research note on Tuesday, October 7th. Wall Street Zen downgraded First Citizens BancShares from a "hold" rating to a "sell" rating in a research note on Sunday, September 28th. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of First Citizens BancShares in a research note on Wednesday, October 8th. Nine equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $2,227.69.

Insiders Place Their Bets

In related news, insider Hope Holding Bryant purchased 409 shares of the company's stock in a transaction on Thursday, August 7th. The stock was bought at an average price of $1,630.00 per share, with a total value of $666,670.00. Following the completion of the transaction, the insider owned 1,764 shares of the company's stock, valued at approximately $2,875,320. This represents a 30.18% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Olivia Britton Holding purchased 409 shares of the company's stock in a transaction on 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 transaction, the insider directly owned 1,764 shares of the company's stock, valued at $2,875,320. This represents a 30.18% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 1,494 shares of company stock valued at $2,485,986. Corporate insiders own 13.40% of the company's stock.

First Citizens BancShares Company 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.

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