DekaBank Deutsche Girozentrale Sells 18 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

DekaBank Deutsche Girozentrale lessened its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 1.6% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 1,094 shares of the bank’s stock after selling 18 shares during the period. DekaBank Deutsche Girozentrale’s holdings in First Citizens BancShares were worth $1,990,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of FCNCA. Covestor Ltd boosted its position in First Citizens BancShares by 2.9% during the first quarter. Covestor Ltd now owns 215 shares of the bank’s stock valued at $352,000 after purchasing an additional 6 shares in the last quarter. Wedbush Securities Inc. boosted its stake in shares of First Citizens BancShares by 0.5% in the second quarter. Wedbush Securities Inc. now owns 1,199 shares of the bank’s stock worth $2,019,000 after acquiring an additional 6 shares during the last quarter. HB Wealth Management LLC boosted its stake in First Citizens BancShares by 3.9% during the second quarter. HB Wealth Management LLC now owns 187 shares of the bank’s stock worth $315,000 after buying an additional 7 shares during the last quarter. Tandem Capital Management Corp ADV boosted its stake in First Citizens BancShares by 1.8% during the third quarter. Tandem Capital Management Corp ADV now owns 459 shares of the bank’s stock worth $845,000 after buying an additional 8 shares during the last quarter. Finally, Raymond James Trust N.A. boosted its stake in First Citizens BancShares by 1.6% during the second quarter. Raymond James Trust N.A. now owns 625 shares of the bank’s stock worth $1,052,000 after buying an additional 10 shares during the last quarter. Hedge funds and other institutional investors own 61.18% of the company’s stock.

Analyst Ratings Changes

FCNCA has been the topic of several research analyst reports. Keefe, Bruyette & Woods boosted their price objective on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Jefferies Financial Group initiated coverage on First Citizens BancShares in a research report on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 price objective for the company. Barclays upped their price objective on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. JPMorgan Chase & Co. lowered their price objective on First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. Finally, Wedbush lowered their price objective on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a research 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 company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $2,025.90.

First Citizens BancShares Trading Down 0.5 %

Shares of FCNCA opened at $1,926.77 on Friday. The business’s 50-day moving average price is $1,944.12 and its 200 day moving average price is $1,834.06. The stock has a market capitalization of $27.87 billion, a P/E ratio of 11.04 and a beta of 0.81. First Citizens BancShares, Inc. has a 1-year low of $1,359.29 and a 1-year high of $2,174.80. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.72.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings data on Thursday, October 24th. The bank reported $45.87 EPS for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53). The business had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.36 billion. First Citizens BancShares had a return on equity of 13.78% and a net margin of 17.36%. During the same quarter in the previous year, the business posted $55.92 earnings per share. Analysts expect that First Citizens BancShares, Inc. will post 189.06 earnings per share for the current year.

First Citizens BancShares announced that its board has initiated a share repurchase plan on Thursday, July 25th that permits the company to buyback $3.50 billion in outstanding shares. This buyback authorization permits the bank to purchase up to 12.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

First Citizens BancShares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be given a $1.95 dividend. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.64. This represents a $7.80 annualized dividend and a yield of 0.40%. The ex-dividend date is Friday, November 29th. First Citizens BancShares’s payout ratio is currently 4.47%.

About First Citizens BancShares

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.