SouthState Corp Trims Stock Holdings in First Citizens BancShares, Inc. $FCNCA

SouthState Corp lessened its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 26.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,560 shares of the bank’s stock after selling 560 shares during the quarter. SouthState Corp’s holdings in First Citizens BancShares were worth $3,052,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. SVB Wealth LLC acquired a new position in shares of First Citizens BancShares in the 1st quarter worth approximately $35,000. Creekmur Asset Management LLC purchased a new stake in First Citizens BancShares in the second quarter valued at approximately $39,000. Brooklyn Investment Group lifted its stake in 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 purchasing an additional 9 shares in the last quarter. Toth Financial Advisory Corp boosted its position 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 worth $104,000 after buying an additional 13 shares during the period. Finally, State of Wyoming boosted its position 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 worth $122,000 after buying an additional 9 shares during the period. 78.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Keefe, Bruyette & Woods cut their price objective on First Citizens BancShares from $2,100.00 to $2,050.00 and set an “outperform” rating on the stock in a report on Friday, October 24th. Cowen reiterated a “buy” rating on shares of First Citizens BancShares in a research note on Monday, July 28th. Citigroup lowered their price objective on shares of First Citizens BancShares from $2,250.00 to $2,000.00 and set a “neutral” rating for the company in a research note on Monday, October 27th. The Goldman Sachs Group dropped their price objective on shares of First Citizens BancShares from $2,250.00 to $1,950.00 and set a “buy” rating for the company in a report on Monday, October 6th. Finally, Barclays reduced their target price on shares of First Citizens BancShares from $2,400.00 to $2,190.00 and set an “equal weight” rating on the stock in a report on Friday, October 24th. Seven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $2,157.50.

First Citizens BancShares Stock Down 0.1%

FCNCA stock opened at $1,800.21 on Friday. The company’s 50 day moving average price is $1,829.60 and its 200 day moving average price is $1,889.56. The firm has a market capitalization of $23.26 billion, a price-to-earnings ratio of 10.64 and a beta of 0.75. First Citizens BancShares, Inc. has a fifty-two week low of $1,473.62 and a fifty-two week high of $2,412.93. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.04 and a current ratio of 1.04.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Thursday, October 23rd. The bank reported $44.62 EPS for the quarter, topping the consensus estimate of $41.51 by $3.11. First Citizens BancShares had a net margin of 15.99% and a return on equity of 11.06%. The company had revenue of $2.25 billion during the quarter, compared to analysts’ expectations of $2.21 billion. On average, equities research analysts anticipate that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Friday, November 28th will be issued a $2.10 dividend. This represents a $8.40 annualized dividend and a yield of 0.5%. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.95. The ex-dividend date of this dividend is Friday, November 28th. First Citizens BancShares’s dividend payout ratio is currently 4.97%.

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.