Principal Financial Group Inc. Sells 119 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Principal Financial Group Inc. decreased its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 6.8% in the third quarter, Holdings Channel reports. The fund owned 1,632 shares of the bank’s stock after selling 119 shares during the period. Principal Financial Group Inc.’s holdings in First Citizens BancShares were worth $3,004,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Wedbush Securities Inc. increased its position in 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 acquiring an additional 6 shares during the period. HB Wealth Management LLC increased its holdings in shares of First Citizens BancShares by 3.9% during the 2nd quarter. HB Wealth Management LLC now owns 187 shares of the bank’s stock worth $315,000 after purchasing an additional 7 shares during the period. Tandem Capital Management Corp ADV raised its position in shares of First Citizens BancShares by 1.8% during the third quarter. Tandem Capital Management Corp ADV now owns 459 shares of the bank’s stock valued at $845,000 after buying an additional 8 shares during the last quarter. Raymond James Trust N.A. raised its position in shares of First Citizens BancShares by 1.6% during the second quarter. Raymond James Trust N.A. now owns 625 shares of the bank’s stock valued at $1,052,000 after buying an additional 10 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its stake in shares of First Citizens BancShares by 1.2% in the first quarter. Janus Henderson Group PLC now owns 903 shares of the bank’s stock valued at $1,475,000 after buying an additional 11 shares during the period. 61.18% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Piper Sandler boosted their price target on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Wedbush lowered 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 report on Friday, October 25th. StockNews.com upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Thursday, November 14th. JPMorgan Chase & Co. lowered their price target 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. Finally, Barclays increased their price objective on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $2,025.90.

First Citizens BancShares Stock Up 1.2 %

Shares of NASDAQ:FCNCA opened at $2,353.08 on Friday. The company’s fifty day moving average is $2,005.59 and its 200-day moving average is $1,886.58. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. First Citizens BancShares, Inc. has a 52 week low of $1,363.97 and a 52 week high of $2,363.90. The company has a market capitalization of $32.92 billion, a PE ratio of 13.44 and a beta of 0.80.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings data on Thursday, October 24th. The bank reported $45.87 earnings per share for the quarter, missing the consensus estimate of $47.40 by ($1.53). The firm had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.36 billion. First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. During the same period in the prior year, the company posted $55.92 earnings per share. Equities research analysts predict that First Citizens BancShares, Inc. will post 189.06 earnings per share for the current fiscal year.

First Citizens BancShares Increases Dividend

The firm also recently disclosed 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. The ex-dividend date is Friday, November 29th. This represents a $7.80 annualized dividend and a yield of 0.33%. First Citizens BancShares’s payout ratio is presently 4.47%.

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.