Capital Research Global Investors Sells 510,938 Shares of First Citizens BancShares, Inc. $FCNCA

Capital Research Global Investors decreased its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 81.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 119,673 shares of the bank’s stock after selling 510,938 shares during the period. Capital Research Global Investors owned about 0.93% of First Citizens BancShares worth $214,114,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Allworth Financial LP raised its stake in shares of First Citizens BancShares by 35.3% during the second quarter. Allworth Financial LP now owns 23 shares of the bank’s stock worth $45,000 after acquiring an additional 6 shares in the last quarter. Personal CFO Solutions LLC lifted its stake in First Citizens BancShares by 4.0% in the second quarter. Personal CFO Solutions LLC now owns 156 shares of the bank’s stock worth $305,000 after purchasing an additional 6 shares during the last quarter. Alteri Wealth LLC boosted its position in First Citizens BancShares by 4.1% during the third quarter. Alteri Wealth LLC now owns 154 shares of the bank’s stock valued at $276,000 after buying an additional 6 shares during the period. Fifth Third Bancorp grew its stake in shares of First Citizens BancShares by 40.0% during the third quarter. Fifth Third Bancorp now owns 21 shares of the bank’s stock valued at $38,000 after buying an additional 6 shares during the last quarter. Finally, Corient Private Wealth LLC lifted its stake in shares of First Citizens BancShares by 0.6% in the 2nd quarter. Corient Private Wealth LLC now owns 1,049 shares of the bank’s stock valued at $2,051,000 after acquiring an additional 6 shares during the last quarter. 78.01% of the stock is owned by institutional investors.

First Citizens BancShares Stock Up 0.3%

Shares of NASDAQ FCNCA opened at $1,912.46 on Wednesday. The firm has a fifty day simple moving average of $2,068.48 and a two-hundred day simple moving average of $1,957.32. First Citizens BancShares, Inc. has a 12 month low of $1,473.62 and a 12 month high of $2,232.21. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.72. The firm has a market capitalization of $22.83 billion, a PE ratio of 11.54 and a beta of 0.68.

First Citizens BancShares (NASDAQ:FCNCA) last announced its earnings results on Friday, January 23rd. The bank reported $51.27 earnings per share for the quarter, beating analysts’ consensus estimates of $44.24 by $7.03. First Citizens BancShares had a net margin of 15.21% and a return on equity of 11.18%. The firm had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.24 billion. Equities analysts expect that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Friday, February 27th will be given a dividend of $2.10 per share. The ex-dividend date is Friday, February 27th. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. First Citizens BancShares’s payout ratio is currently 5.07%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on FCNCA shares. Raymond James Financial upgraded First Citizens BancShares from an “outperform” rating to a “strong-buy” rating and raised their price target for the stock from $2,100.00 to $2,200.00 in a research report on Thursday, November 20th. The Goldman Sachs Group downgraded shares of First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,300.00 target price on the stock. in a research note on Tuesday, January 6th. Barclays lowered their price target on shares of First Citizens BancShares from $2,456.00 to $2,346.00 and set an “equal weight” rating for the company in a report on Monday, January 26th. Citigroup reissued a “buy” rating on shares of First Citizens BancShares in a report on Monday, January 26th. Finally, JPMorgan Chase & Co. increased their target price on shares of First Citizens BancShares from $2,300.00 to $2,500.00 and gave the stock an “overweight” rating in a report on Tuesday, December 16th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, First Citizens BancShares has an average rating of “Moderate Buy” and an average target price of $2,238.27.

First Citizens BancShares Profile

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.