First Citizens BancShares, Inc. $FCNCA Stock: Reinhart Partners LLC. Trims Holdings

Reinhart Partners LLC. lessened its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 2.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 82,235 shares of the bank’s stock after selling 1,971 shares during the quarter. First Citizens BancShares comprises approximately 4.1% of Reinhart Partners LLC.’s investment portfolio, making the stock its 4th biggest holding. Reinhart Partners LLC.’s holdings in First Citizens BancShares were worth $169,421,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC acquired a new position in shares of First Citizens BancShares during the second quarter worth approximately $31,000. Jones Financial Companies Lllp bought a new stake in shares of First Citizens BancShares during the second quarter valued at approximately $42,000. Reflection Asset Management acquired a new stake in shares of First Citizens BancShares in the fourth quarter valued at approximately $45,000. Global Assets Advisory LLC acquired a new stake in shares of First Citizens BancShares in the first quarter valued at approximately $45,000. Finally, Steph & Co. raised its position in First Citizens BancShares by 71.4% in the 1st quarter. Steph & Co. now owns 36 shares of the bank’s stock worth $68,000 after purchasing an additional 15 shares during the last quarter. Institutional investors and hedge funds own 78.01% of the company’s stock.

First Citizens BancShares Stock Up 0.1%

Shares of NASDAQ:FCNCA opened at $2,068.39 on Friday. The company has a 50 day moving average price of $2,156.64 and a two-hundred day moving average price of $2,069.42. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.00 and a current ratio of 1.00. The company has a market capitalization of $23.35 billion, a PE ratio of 11.06, a PEG ratio of 1.53 and a beta of 0.58. First Citizens BancShares, Inc. has a 52 week low of $1,623.76 and a 52 week high of $2,296.30.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Thursday, July 23rd. The bank reported $57.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $56.68. First Citizens BancShares had a net margin of 16.28% and a return on equity of 12.07%. The company had revenue of $2.43 billion during the quarter, compared to analyst estimates of $2.16 billion. Analysts forecast that First Citizens BancShares, Inc. will post 193.20 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st were paid a $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Monday, August 31st. First Citizens BancShares’s payout ratio is presently 4.49%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on FCNCA shares. Citigroup reaffirmed a “neutral” rating on shares of First Citizens BancShares in a report on Thursday, October 1st. Keefe, Bruyette & Woods restated a “market perform” rating and set a $2,300.00 target price on shares of First Citizens BancShares in a research report on Thursday, July 9th. The Goldman Sachs Group upped their price target on First Citizens BancShares from $2,100.00 to $2,340.00 and gave the company a “neutral” rating in a research note on Tuesday, July 7th. Truist Financial raised their price target on First Citizens BancShares from $2,150.00 to $2,323.00 and gave the company a “hold” rating in a report on Tuesday, July 28th. Finally, JPMorgan Chase & Co. dropped their price objective on First Citizens BancShares from $2,450.00 to $2,300.00 and set a “neutral” rating for the company in a report on Thursday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and eleven have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $2,261.00.

Insider Activity

In related news, Director Diane E. Morais purchased 50 shares of the business’s stock in a transaction on Wednesday, August 19th. The shares were purchased at an average price of $2,168.11 per share, with a total value of $108,405.50. Following the completion of the purchase, the director owned 100 shares in the company, valued at $216,811. This represents a 100.00% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Olivia Britton Holding sold 7,000 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, valued at $292,950. This trade represents a 31.82% decrease in their position. The SEC filing for this sale provides additional information. 14.63% of the stock is owned by corporate insiders.

First Citizens BancShares Profile

First Citizens BancShares, Inc is a financial holding company headquartered in Raleigh, North Carolina. Through its principal subsidiary, First-Citizens Bank & Trust Company, the company provides banking and financial services to individuals, businesses, nonprofit organizations and government entities.

Its offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, treasury management, wealth management and investment services.