Mraz Amerine & Associates Inc. Cuts Holdings in First Citizens BancShares, Inc. $FCNCA

Mraz Amerine & Associates Inc. cut its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 0.9% in the second quarter, HoldingsChannel.com reports. The firm owned 1,128 shares of the bank’s stock after selling 10 shares during the period. Mraz Amerine & Associates Inc.’s holdings in First Citizens BancShares were worth $2,207,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the business. Park Avenue Securities LLC raised its position in shares of First Citizens BancShares by 11.5% in the 1st quarter. Park Avenue Securities LLC now owns 551 shares of the bank’s stock valued at $1,022,000 after purchasing an additional 57 shares during the last quarter. Toth Financial Advisory Corp raised its holdings in shares of 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 purchasing an additional 29 shares during the last quarter. Farther Finance Advisors LLC lifted its position in First Citizens BancShares by 13.2% during the first quarter. Farther Finance Advisors LLC now owns 240 shares of the bank’s stock valued at $438,000 after purchasing an additional 28 shares during the period. Harbor Capital Advisors Inc. lifted its position in First Citizens BancShares by 24.1% during the first quarter. Harbor Capital Advisors Inc. now owns 5,801 shares of the bank’s stock valued at $10,756,000 after purchasing an additional 1,125 shares during the period. Finally, SG Americas Securities LLC purchased a new stake in First Citizens BancShares in the first quarter valued at $3,933,000. 78.01% of the stock is owned by institutional investors and hedge funds.

First Citizens BancShares Price Performance

Shares of NASDAQ FCNCA opened at $1,759.68 on Tuesday. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a fifty day moving average of $1,905.30 and a 200 day moving average of $1,885.74. The firm has a market cap of $22.74 billion, a PE ratio of 10.38 and a beta of 0.60. First Citizens BancShares, Inc. has a one year low of $1,473.62 and a one year high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA) last announced its earnings results on Friday, July 25th. The bank reported $44.78 earnings per share (EPS) 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 business had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.21 billion. As a group, research analysts predict that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were given a $1.95 dividend. This represents a $7.80 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Friday, August 29th. First Citizens BancShares’s dividend payout ratio (DPR) is 4.60%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Piper Sandler set a $2,150.00 price target on First Citizens BancShares and gave the company a “neutral” rating in a research report on Monday, July 28th. Citigroup reiterated an “underweight” rating on shares of First Citizens BancShares in a research note on Wednesday, October 1st. UBS Group restated a “buy” rating and set a $2,410.00 price target on shares of First Citizens BancShares in a research report on Wednesday, July 9th. Weiss Ratings reiterated a “buy (b-)” rating on shares of First Citizens BancShares in a research report on Saturday, September 27th. Finally, Wall Street Zen lowered shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Sunday, September 28th. Eight investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $2,238.33.

Insider Transactions at First Citizens BancShares

In other news, insider Hope Holding Bryant purchased 409 shares of the stock in a transaction dated Thursday, August 7th. The shares were purchased at an average cost of $1,630.00 per share, with a total value of $666,670.00. Following the completion of the purchase, the insider directly owned 1,764 shares of the company’s stock, valued at approximately $2,875,320. The trade was a 30.18% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Olivia Britton Holding acquired 409 shares of First Citizens BancShares stock in a transaction that occurred on Thursday, August 7th. The stock was purchased at an average cost of $1,630.00 per share, with a total value of $666,670.00. Following the completion of the purchase, the insider owned 1,764 shares in the company, valued at $2,875,320. The trade was a 30.18% increase in their position. The disclosure for this purchase can be found here. Insiders have bought 1,494 shares of company stock valued at $2,485,986 over the last ninety days. Insiders own 13.40% of the company’s stock.

About First Citizens BancShares

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.