Sumitomo Mitsui Trust Group Inc. Decreases Stock Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Sumitomo Mitsui Trust Group Inc. lessened its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 5.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 24,003 shares of the bank’s stock after selling 1,377 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.17% of First Citizens BancShares worth $44,188,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the company. Covestor Ltd increased its position in shares of First Citizens BancShares by 2.9% during the first quarter. Covestor Ltd now owns 215 shares of the bank’s stock worth $352,000 after purchasing an additional 6 shares in the last quarter. Wedbush Securities Inc. increased its position in First Citizens BancShares by 0.5% during the 2nd quarter. Wedbush Securities Inc. now owns 1,199 shares of the bank’s stock valued at $2,019,000 after buying an additional 6 shares in the last quarter. HB Wealth Management LLC raised its stake in 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 buying an additional 7 shares during the last quarter. Tandem Capital Management Corp ADV boosted its holdings in 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 acquiring an additional 8 shares in the last quarter. Finally, Raymond James Trust N.A. grew its stake 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 worth $1,052,000 after acquiring an additional 10 shares during the last quarter. 61.18% of the stock is currently owned by institutional investors.

First Citizens BancShares Stock Performance

NASDAQ FCNCA opened at $2,200.46 on Friday. The firm has a market capitalization of $31.84 billion, a P/E ratio of 12.61 and a beta of 0.80. The stock has a 50-day simple moving average of $1,973.28 and a two-hundred day simple moving average of $1,871.30. 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 fifty-two week low of $1,363.97 and a fifty-two week high of $2,275.90.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results 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). First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%. The company had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.36 billion. During the same quarter in the prior year, the business posted $55.92 earnings per share. On average, equities analysts forecast that First Citizens BancShares, Inc. will post 189.06 earnings per share for the current year.

First Citizens BancShares announced that its board has approved a share buyback plan on Thursday, July 25th that allows the company to buyback $3.50 billion in outstanding shares. This buyback authorization allows the bank to purchase up to 12.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

First Citizens BancShares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be paid a $1.95 dividend. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.64. This represents a $7.80 annualized dividend and a dividend yield of 0.35%. The ex-dividend date is Friday, November 29th. First Citizens BancShares’s payout ratio is currently 3.76%.

Analysts Set New Price Targets

Several brokerages recently commented on FCNCA. Keefe, Bruyette & Woods increased their price objective on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. JPMorgan Chase & Co. decreased their price target on shares of 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 dropped their price objective on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. Piper Sandler raised their target price on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. Finally, Barclays boosted their price target on 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 research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, First Citizens BancShares currently has a consensus rating of “Moderate Buy” and a consensus target price of $2,025.90.

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.