First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Sold by KBC Group NV

KBC Group NV trimmed its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 1.9% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 18,116 shares of the bank’s stock after selling 357 shares during the period. KBC Group NV’s holdings in First Citizens BancShares were worth $33,351,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FCNCA. Envestnet Portfolio Solutions Inc. boosted its holdings in First Citizens BancShares by 13.7% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 183 shares of the bank’s stock worth $299,000 after purchasing an additional 22 shares during the period. Empowered Funds LLC bought a new stake in shares of First Citizens BancShares during the 1st quarter valued at about $263,000. Sei Investments Co. grew its position in shares of First Citizens BancShares by 67.5% during the 1st quarter. Sei Investments Co. now owns 6,067 shares of the bank’s stock valued at $9,921,000 after buying an additional 2,444 shares during the last quarter. Russell Investments Group Ltd. raised its stake in First Citizens BancShares by 46.3% during the first quarter. Russell Investments Group Ltd. now owns 10,305 shares of the bank’s stock worth $16,849,000 after acquiring an additional 3,260 shares during the period. Finally, US Bancorp DE lifted its holdings in First Citizens BancShares by 1.9% in the first quarter. US Bancorp DE now owns 632 shares of the bank’s stock worth $1,033,000 after acquiring an additional 12 shares during the last quarter. 61.18% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on FCNCA shares. Keefe, Bruyette & Woods upped their target price 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. Piper Sandler increased 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 report on Friday, July 26th. StockNews.com raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Thursday. JPMorgan Chase & Co. dropped their price objective 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, Wedbush cut 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 research report on Friday, October 25th. Five analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $2,025.90.

First Citizens BancShares Price Performance

Shares of NASDAQ:FCNCA opened at $2,152.02 on Friday. The stock’s 50 day moving average price is $1,967.24 and its 200 day moving average price is $1,867.87. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08. The stock has a market cap of $31.14 billion, a price-to-earnings ratio of 12.33 and a beta of 0.80. First Citizens BancShares, Inc. has a 12 month low of $1,363.97 and a 12 month high of $2,275.90.

First Citizens BancShares (NASDAQ:FCNCA) last posted 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). First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. The firm had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same period in the prior year, the firm posted $55.92 EPS. Equities research analysts anticipate 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 declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be issued a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a yield of 0.36%. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.64. The ex-dividend date of this dividend is Friday, November 29th. First Citizens BancShares’s dividend payout ratio is presently 3.76%.

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

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.