Janney Montgomery Scott LLC Lowers Stock Position in First Citizens BancShares, Inc. $FCNCA

Key Points

• Janney Montgomery Scott LLC has reduced its stake in First Citizens BancShares by 25.6% in the second quarter, bringing their total shares owned to 2,971, worth approximately $5.8 million.
• First Citizens BancShares reported earnings per share of $44.78 for the last quarter, surpassing expectations and contributing to a net margin of 16.37%.
• The company recently declared a quarterly dividend of $1.95 per share, which was paid out on September 15, with an annualized yield of 0.4%.

Janney Montgomery Scott LLC lessened its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 25.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,971 shares of the bank's stock after selling 1,020 shares during the quarter. Janney Montgomery Scott LLC's holdings in First Citizens BancShares were worth $5,815,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of FCNCA. SVB Wealth LLC purchased a new position in First Citizens BancShares during the first quarter worth about $35,000. Community Bank N.A. purchased a new position in First Citizens BancShares during the first quarter worth about $44,000. Wayfinding Financial LLC purchased a new position in First Citizens BancShares during the first quarter worth about $64,000. Brooklyn Investment Group boosted its stake in First Citizens BancShares by 32.1% during the first quarter. Brooklyn Investment Group now owns 37 shares of the bank's stock worth $67,000 after buying an additional 9 shares during the period. Finally, Toth Financial Advisory Corp boosted its stake in First Citizens BancShares by 263.6% during the first quarter. Toth Financial Advisory Corp now owns 40 shares of the bank's stock worth $74,000 after buying an additional 29 shares during the period. Hedge funds and other institutional investors own 78.01% of the company's stock.

First Citizens BancShares Stock Down 0.2%

Shares of NASDAQ:FCNCA opened at $1,759.68 on Tuesday. The firm's 50 day moving average price is $1,905.30 and its 200 day moving average price is $1,885.74. The stock has a market cap of $22.74 billion, a price-to-earnings ratio of 10.38 and a beta of 0.60. First Citizens BancShares, Inc. has a fifty-two week low of $1,473.62 and a fifty-two week high of $2,412.93. 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 - Get Free Report) last issued its earnings results on Friday, July 25th. The bank reported $44.78 earnings per share for the quarter, beating the consensus estimate of $39.08 by $5.70. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.32%. The firm had revenue of $2.38 billion for the quarter, compared to analysts' expectations of $2.21 billion. As a group, equities research analysts predict that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

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

Insiders Place Their Bets

In related news, insider Hope Holding Bryant acquired 409 shares of the business's stock in a transaction on Thursday, August 7th. The shares were bought at an average price of $1,630.00 per share, with a total value of $666,670.00. Following the completion of 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 ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Frank B. Holding, Jr. acquired 600 shares of the business's stock in a transaction on Thursday, August 7th. The shares were bought at an average cost of $1,698.75 per share, for a total transaction of $1,019,250.00. Following the acquisition, the chief executive officer owned 32,300 shares of the company's stock, valued at $54,869,625. This represents a 1.89% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 1,494 shares of company stock valued at $2,485,986. 13.40% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

FCNCA has been the subject of several research analyst reports. UBS Group reaffirmed a "buy" rating and set a $2,410.00 target price on shares of First Citizens BancShares in a research note on Wednesday, July 9th. Cowen reissued a "buy" rating on shares of First Citizens BancShares in a research report on Monday, July 28th. Truist Financial reduced 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 research report on Friday. Weiss Ratings reissued a "buy (b-)" rating on shares of First Citizens BancShares in a research report on Saturday, September 27th. Finally, Citigroup reissued an "underweight" rating on shares of First Citizens BancShares in a research report on Wednesday, October 1st. Eight analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $2,238.33.

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.

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