Covey Capital Advisors LLC Has $631,000 Stock Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Covey Capital Advisors LLC trimmed its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 12.9% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 343 shares of the bank’s stock after selling 51 shares during the quarter. First Citizens BancShares accounts for 0.7% of Covey Capital Advisors LLC’s holdings, making the stock its 29th biggest position. Covey Capital Advisors LLC’s holdings in First Citizens BancShares were worth $631,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of FCNCA. Wedbush Securities Inc. grew its holdings in shares of First Citizens BancShares by 0.5% during the second quarter. Wedbush Securities Inc. now owns 1,199 shares of the bank’s stock worth $2,019,000 after buying an additional 6 shares in the last quarter. Metis Global Partners LLC raised its holdings in shares of First Citizens BancShares by 4.9% in the third quarter. Metis Global Partners LLC now owns 129 shares of the bank’s stock valued at $237,000 after purchasing an additional 6 shares during the last quarter. HB Wealth Management LLC raised its holdings in shares of First Citizens BancShares by 3.9% in the second quarter. HB Wealth Management LLC now owns 187 shares of the bank’s stock valued at $315,000 after purchasing an additional 7 shares during the last quarter. Tandem Capital Management Corp ADV lifted its position in shares of First Citizens BancShares by 1.8% in the third quarter. Tandem Capital Management Corp ADV now owns 459 shares of the bank’s stock worth $845,000 after purchasing an additional 8 shares in the last quarter. Finally, Mount Lucas Management LP grew its position in First Citizens BancShares by 2.6% in the third quarter. Mount Lucas Management LP now owns 315 shares of the bank’s stock valued at $580,000 after purchasing an additional 8 shares in the last quarter. 61.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FCNCA has been the topic of several analyst reports. StockNews.com raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Thursday, November 14th. Wedbush dropped their price objective on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a research note on Friday, October 25th. The Goldman Sachs Group increased their price objective on First Citizens BancShares from $2,025.00 to $2,625.00 and gave the company a “buy” rating in a report on Tuesday. Finally, JPMorgan Chase & Co. lowered their target price on shares of First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, First Citizens BancShares presently has a consensus rating of “Moderate Buy” and an average target price of $2,093.40.

First Citizens BancShares Price Performance

NASDAQ:FCNCA opened at $2,308.48 on Friday. The company has a market cap of $32.30 billion, a P/E ratio of 13.23 and a beta of 0.80. The firm’s fifty day moving average price is $2,049.18 and its two-hundred day moving average price is $1,907.40. First Citizens BancShares, Inc. has a one year low of $1,363.97 and a one year high of $2,388.78. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53). First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. The firm had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same period in the prior year, the business posted $55.92 EPS. Equities analysts expect that First Citizens BancShares, Inc. will post 187.88 earnings per share for the current year.

First Citizens BancShares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be issued a dividend of $1.95 per share. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.64. This represents a $7.80 annualized dividend and a dividend yield of 0.34%. The ex-dividend date is Friday, November 29th. First Citizens BancShares’s dividend payout ratio is 3.76%.

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.