BNP Paribas Financial Markets cut its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA – Free Report) by 1.0% during the third quarter, Holdings Channel reports. The firm owned 3,424 shares of the bank’s stock after selling 33 shares during the quarter. BNP Paribas Financial Markets’ holdings in First Citizens BancShares were worth $6,303,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Toronto Dominion Bank raised its holdings in First Citizens BancShares by 3,577.5% during the 2nd quarter. Toronto Dominion Bank now owns 35,010 shares of the bank’s stock worth $58,943,000 after buying an additional 34,058 shares during the period. FMR LLC increased its position in shares of First Citizens BancShares by 11.6% in the third quarter. FMR LLC now owns 323,532 shares of the bank’s stock worth $595,607,000 after acquiring an additional 33,713 shares in the last quarter. Zurich Insurance Group Ltd FI raised its holdings in shares of First Citizens BancShares by 225.2% during the second quarter. Zurich Insurance Group Ltd FI now owns 42,159 shares of the bank’s stock valued at $70,979,000 after acquiring an additional 29,194 shares during the period. International Assets Investment Management LLC lifted its position in shares of First Citizens BancShares by 183,992.3% in the 3rd quarter. International Assets Investment Management LLC now owns 23,932 shares of the bank’s stock valued at $440,580,000 after acquiring an additional 23,919 shares in the last quarter. Finally, Thrivent Financial for Lutherans boosted its stake in First Citizens BancShares by 6,773.9% in the 2nd quarter. Thrivent Financial for Lutherans now owns 23,921 shares of the bank’s stock worth $40,274,000 after purchasing an additional 23,573 shares during the period. 61.18% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of analysts have recently issued reports on FCNCA shares. JPMorgan Chase & Co. reduced their target price on First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating for the company in a report on Friday, October 25th. Wedbush reduced 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 note on Friday, October 25th. StockNews.com raised First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Thursday, November 14th. Finally, The Goldman Sachs Group increased their price target on shares of First Citizens BancShares from $2,025.00 to $2,625.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $2,093.40.
First Citizens BancShares Price Performance
Shares of FCNCA opened at $2,223.21 on Tuesday. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. The firm has a market cap of $31.10 billion, a PE ratio of 12.74 and a beta of 0.80. First Citizens BancShares, Inc. has a twelve month low of $1,363.97 and a twelve month high of $2,388.78. The firm’s 50 day moving average price is $2,061.12 and its 200 day moving average price is $1,917.06.
First Citizens BancShares (NASDAQ:FCNCA – Get Free Report) last released its quarterly earnings data on Thursday, October 24th. The bank reported $45.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $47.40 by ($1.53). The business had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.36 billion. First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%. During the same period in the previous year, the firm posted $55.92 EPS. As a group, research analysts expect that First Citizens BancShares, Inc. will post 187.88 EPS for the current fiscal year.
First Citizens BancShares Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be paid a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a dividend yield of 0.35%. The ex-dividend date of this dividend is Friday, November 29th. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.64. First Citizens BancShares’s dividend payout ratio is 3.76%.
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.
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