First Citizens BancShares, Inc. (NASDAQ:FCNCA) Stock Position Lessened by Hiddenite Capital Partners LP

Hiddenite Capital Partners LP trimmed its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 6.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,830 shares of the bank’s stock after selling 185 shares during the period. First Citizens BancShares makes up approximately 1.5% of Hiddenite Capital Partners LP’s investment portfolio, making the stock its 13th largest holding. Hiddenite Capital Partners LP’s holdings in First Citizens BancShares were worth $4,765,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of FCNCA. Vanguard Group Inc. lifted its position in First Citizens BancShares by 4.6% in the first quarter. Vanguard Group Inc. now owns 1,064,822 shares of the bank’s stock worth $1,740,984,000 after purchasing an additional 47,167 shares during the period. Wellington Management Group LLP lifted its holdings in shares of First Citizens BancShares by 21.1% in the fourth quarter. Wellington Management Group LLP now owns 239,563 shares of the bank’s stock valued at $339,933,000 after buying an additional 41,793 shares during the period. Dimensional Fund Advisors LP boosted its stake in First Citizens BancShares by 0.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 186,822 shares of the bank’s stock valued at $265,120,000 after buying an additional 534 shares in the last quarter. Capital Research Global Investors acquired a new position in First Citizens BancShares during the first quarter worth about $298,180,000. Finally, Norges Bank acquired a new position in First Citizens BancShares during the fourth quarter worth about $180,039,000. 61.18% of the stock is currently owned by institutional investors.

First Citizens BancShares Price Performance

NASDAQ FCNCA opened at $1,900.68 on Tuesday. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.72. The stock has a market capitalization of $27.50 billion, a PE ratio of 10.55 and a beta of 0.82. First Citizens BancShares, Inc. has a 12-month low of $1,274.91 and a 12-month high of $2,174.80. The company has a 50 day moving average price of $1,921.40 and a two-hundred day moving average price of $1,742.86.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Thursday, July 25th. The bank reported $50.87 earnings per share for the quarter, beating the consensus estimate of $44.91 by $5.96. First Citizens BancShares had a return on equity of 14.84% and a net margin of 18.19%. The company had revenue of $3.77 billion for the quarter, compared to analyst estimates of $2.30 billion. During the same period last year, the company earned $52.60 earnings per share. As a group, equities analysts predict that First Citizens BancShares, Inc. will post 200.92 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be paid a $1.64 dividend. The ex-dividend date is Friday, August 30th. This represents a $6.56 dividend on an annualized basis and a yield of 0.35%. First Citizens BancShares’s payout ratio is presently 3.64%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on FCNCA. Jefferies Financial Group began coverage on shares of First Citizens BancShares in a report on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 target price for the company. Keefe, Bruyette & Woods lifted their target price on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Raymond James raised First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 target price on the stock in a research report on Tuesday, July 2nd. Barclays increased their price target on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Finally, Piper Sandler boosted their price objective on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a report on Friday, July 26th. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $1,920.82.

First Citizens BancShares Company 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.