Waverly Advisors LLC Reduces Position in First Citizens BancShares, Inc. $FCNCA

Key Points

• Waverly Advisors cut its First Citizens BancShares stake by 50.8% in the second quarter, selling 1,497 shares and retaining 1,452 shares valued at approximately $3.02 million.
• Institutional investors own 78.01% of FCNCA, while several major firms increased their holdings during recent reporting periods.
• First Citizens reported quarterly revenue of $2.43 billion and EPS of $57.09, exceeding estimates; analysts maintain a consensus “Hold” rating with an average price target of $2,278.31. The company also announced a quarterly dividend of $2.10 per share.

Waverly Advisors LLC cut its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 50.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,452 shares of the bank's stock after selling 1,497 shares during the period. Waverly Advisors LLC's holdings in First Citizens BancShares were worth $3,021,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. California State Teachers Retirement System lifted its stake in First Citizens BancShares by 181,550.9% during the 2nd quarter. California State Teachers Retirement System now owns 22,254,049 shares of the bank's stock valued at $46,306,003,000 after acquiring an additional 22,241,798 shares during the period. Northwestern Mutual Wealth Management Co. grew its stake in shares of First Citizens BancShares by 117,518.9% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 205,833 shares of the bank's stock worth $441,755,000 after acquiring an additional 205,658 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of First Citizens BancShares by 1.5% during the first quarter. Dimensional Fund Advisors LP now owns 125,947 shares of the bank's stock valued at $237,333,000 after purchasing an additional 1,886 shares during the last quarter. Morgan Stanley raised its holdings in shares of First Citizens BancShares by 31.8% during the fourth quarter. Morgan Stanley now owns 123,048 shares of the bank's stock valued at $264,087,000 after purchasing an additional 29,681 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in First Citizens BancShares by 11.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 122,317 shares of the bank's stock valued at $262,514,000 after purchasing an additional 12,303 shares during the period. 78.01% of the stock is currently owned by institutional investors.

First Citizens BancShares Stock Performance

FCNCA opened at $2,173.00 on Friday. The company's 50 day moving average is $2,168.43 and its 200 day moving average is $2,041.40. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.59. The company has a market cap of $24.53 billion, a price-to-earnings ratio of 11.62, a PEG ratio of 1.64 and a beta of 0.60. First Citizens BancShares, Inc. has a 12-month low of $1,623.76 and a 12-month high of $2,296.30.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its earnings results on Thursday, July 23rd. The bank reported $57.09 EPS for the quarter, beating analysts' consensus estimates of $0.41 by $56.68. The business had revenue of $2.43 billion during the quarter, compared to analysts' expectations of $2.16 billion. First Citizens BancShares had a net margin of 16.28% and a return on equity of 12.07%. On average, equities research analysts predict that First Citizens BancShares, Inc. will post 192.11 EPS for the current year.

First Citizens BancShares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be paid a $2.10 dividend. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Monday, August 31st. First Citizens BancShares's dividend payout ratio is 4.49%.

Analysts Set New Price Targets

Several brokerages recently issued reports on FCNCA. Citigroup restated a "neutral" rating on shares of First Citizens BancShares in a report on Friday, July 24th. Jefferies Financial Group reiterated a "hold" rating and set a $2,300.00 target price on shares of First Citizens BancShares in a research note on Thursday, July 23rd. Truist Financial raised their price target on First Citizens BancShares from $2,150.00 to $2,323.00 and gave the stock a "hold" rating in a research note on Tuesday, July 28th. Piper Sandler raised their price target on First Citizens BancShares from $2,050.00 to $2,100.00 and gave the stock a "neutral" rating in a research note on Monday, July 27th. Finally, Barclays lifted their price objective on First Citizens BancShares from $2,346.00 to $2,376.00 and gave the stock an "equal weight" rating in a report on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, First Citizens BancShares presently has an average rating of "Hold" and a consensus target price of $2,278.31.

Insider Buying and Selling

In related news, Director Diane Morais bought 50 shares of the firm's stock in a transaction that occurred on Wednesday, August 19th. The shares were bought at an average cost of $2,168.11 per share, with a total value of $108,405.50. Following the acquisition, the director owned 100 shares in the company, valued at $216,811. This trade represents a 100.00% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 14.63% of the company's stock.

First Citizens BancShares Profile

First Citizens BancShares, Inc is the financial holding company for First-Citizens Bank & Trust Company, which operates under the First Citizens Bank name. Headquartered in Raleigh, North Carolina, the company provides banking and financial services to individuals, businesses, nonprofit organizations and government entities.

Its offerings include checking and savings accounts, consumer and commercial loans, mortgages, credit cards, cash-management and treasury services, investment services, and wealth management.

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