Pekin Hardy Strauss Inc. Reduces Holdings in First Citizens BancShares, Inc. $FCNCA

Pekin Hardy Strauss Inc. lowered its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 72.3% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 105 shares of the bank’s stock after selling 274 shares during the quarter. Pekin Hardy Strauss Inc.’s holdings in First Citizens BancShares were worth $205,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of FCNCA. SVB Wealth LLC purchased a new stake in First Citizens BancShares during the 1st quarter worth approximately $35,000. Creekmur Asset Management LLC purchased a new position in shares of First Citizens BancShares in the second quarter worth $39,000. Brooklyn Investment Group lifted its stake in shares of 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. Toth Financial Advisory Corp grew its holdings in shares of First Citizens BancShares by 32.5% during the second quarter. Toth Financial Advisory Corp now owns 53 shares of the bank’s stock valued at $104,000 after buying an additional 13 shares during the last quarter. Finally, State of Wyoming grew its holdings in shares of First Citizens BancShares by 15.8% during the first quarter. State of Wyoming now owns 66 shares of the bank’s stock valued at $122,000 after buying an additional 9 shares during the last quarter. 78.01% of the stock is owned by hedge funds and other institutional investors.

First Citizens BancShares Stock Up 1.0%

First Citizens BancShares stock opened at $1,818.84 on Friday. The business’s 50-day moving average price is $1,826.29 and its 200 day moving average price is $1,891.58. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.76. The firm has a market cap of $23.50 billion, a price-to-earnings ratio of 10.75 and a beta of 0.75. First Citizens BancShares, Inc. has a 52 week low of $1,473.62 and a 52 week high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings data on Thursday, October 23rd. The bank reported $44.62 EPS for the quarter, topping the consensus estimate of $41.51 by $3.11. The business had revenue of $2.25 billion for the quarter, compared to analyst estimates of $2.21 billion. First Citizens BancShares had a return on equity of 11.06% and a net margin of 15.99%. As a group, sell-side analysts anticipate that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Friday, November 28th will be given a dividend of $2.10 per share. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.95. This represents a $8.40 annualized dividend and a yield of 0.5%. The ex-dividend date is Friday, November 28th. First Citizens BancShares’s dividend payout ratio (DPR) is 4.97%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Raymond James Financial set a $2,100.00 target price on First Citizens BancShares in a research note on Tuesday, October 7th. Truist Financial increased their price objective on First Citizens BancShares from $2,000.00 to $2,050.00 and gave the company a “hold” rating in a report on Tuesday, October 28th. Weiss Ratings cut First Citizens BancShares from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Wall Street Zen downgraded First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Sunday, September 28th. Finally, Cowen reiterated a “buy” rating on shares of First Citizens BancShares in a report on Monday, July 28th. Seven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, First Citizens BancShares currently has a consensus rating of “Moderate Buy” and a consensus target price of $2,157.50.

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.