Principal Financial Group Inc. reduced its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA – Free Report) by 6.8% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,632 shares of the bank’s stock after selling 119 shares during the quarter. Principal Financial Group Inc.’s holdings in First Citizens BancShares were worth $3,004,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of the company. B. Riley Wealth Advisors Inc. bought a new position in shares of First Citizens BancShares in the third quarter valued at $203,000. Tidal Investments LLC raised its position in shares of First Citizens BancShares by 95.6% during the third quarter. Tidal Investments LLC now owns 1,158 shares of the bank’s stock worth $2,132,000 after purchasing an additional 566 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in shares of First Citizens BancShares during the third quarter valued at $5,400,000. SkyView Investment Advisors LLC boosted its position in shares of First Citizens BancShares by 3.4% in the 3rd quarter. SkyView Investment Advisors LLC now owns 735 shares of the bank’s stock valued at $1,353,000 after purchasing an additional 24 shares during the period. Finally, TD Private Client Wealth LLC increased its stake in First Citizens BancShares by 1.0% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,007 shares of the bank’s stock worth $1,854,000 after purchasing an additional 10 shares in the last quarter. 78.01% of the stock is currently owned by institutional investors and hedge funds.
First Citizens BancShares Stock Up 2.3 %
Shares of First Citizens BancShares stock opened at $2,150.62 on Friday. The firm has a market cap of $30.09 billion, a price-to-earnings ratio of 12.32 and a beta of 0.83. The stock has a 50-day simple moving average of $2,145.56 and a 200-day simple moving average of $1,983.65. First Citizens BancShares, Inc. has a 52-week low of $1,363.97 and a 52-week high of $2,388.78. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08.
First Citizens BancShares (NASDAQ:FCNCA – Get Free Report) last posted its earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.36 billion. During the same quarter last year, the firm earned $55.92 earnings per share. On average, equities research analysts expect that First Citizens BancShares, Inc. will post 187.88 earnings per share for the current fiscal year.
First Citizens BancShares Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were issued a $1.95 dividend. The ex-dividend date of this dividend was Friday, November 29th. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.64. This represents a $7.80 dividend on an annualized basis and a yield of 0.36%. First Citizens BancShares’s dividend payout ratio is currently 4.47%.
Wall Street Analysts Forecast Growth
A number of analysts have commented on FCNCA shares. JPMorgan Chase & Co. reduced their price objective on shares of First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating for the company in a research note on Friday, October 25th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of First Citizens BancShares in a research report on Monday, December 9th. They issued a “buy” rating and a $2,600.00 price target for the company. Keefe, Bruyette & Woods cut shares of First Citizens BancShares from an “outperform” rating to a “market perform” rating and lifted their price objective for the stock from $2,100.00 to $2,500.00 in a research report on Wednesday, December 4th. The Goldman Sachs Group increased their target price on First Citizens BancShares from $2,025.00 to $2,625.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Finally, Citigroup downgraded First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. Seven research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, First Citizens BancShares has a consensus rating of “Hold” and an average price target of $2,243.64.
View Our Latest Stock Report on FCNCA
About First Citizens BancShares
(Free Report)
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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