BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Trims Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp trimmed its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 12.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,694 shares of the bank’s stock after selling 249 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in First Citizens BancShares were worth $3,119,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Toronto Dominion Bank lifted its stake in shares of First Citizens BancShares by 3,577.5% in the 2nd quarter. Toronto Dominion Bank now owns 35,010 shares of the bank’s stock valued at $58,943,000 after purchasing an additional 34,058 shares during the period. FMR LLC increased its stake in shares of First Citizens BancShares by 11.6% during the third quarter. FMR LLC now owns 323,532 shares of the bank’s stock worth $595,607,000 after purchasing an additional 33,713 shares in the last quarter. Zurich Insurance Group Ltd FI raised its position in shares of First Citizens BancShares by 225.2% during the 2nd quarter. Zurich Insurance Group Ltd FI now owns 42,159 shares of the bank’s stock worth $70,979,000 after purchasing an additional 29,194 shares during the last quarter. International Assets Investment Management LLC lifted its stake in 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 buying an additional 23,919 shares in the last quarter. Finally, Thrivent Financial for Lutherans boosted its holdings 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 buying an additional 23,573 shares during the last quarter. 61.18% of the stock is owned by institutional investors and hedge funds.

First Citizens BancShares Stock Down 0.6 %

Shares of NASDAQ FCNCA opened at $2,209.89 on Wednesday. The company has a market capitalization of $30.92 billion, a P/E ratio of 12.66 and a beta of 0.83. 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 company has a 50 day simple moving average of $2,068.18 and a 200-day simple moving average of $1,920.18. First Citizens BancShares, Inc. has a 1 year low of $1,363.97 and a 1 year high of $2,388.78.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results 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). First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. The business had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same period last year, the business earned $55.92 EPS. On average, equities research analysts predict that First Citizens BancShares, Inc. will post 187.88 earnings per share for the current year.

First Citizens BancShares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a $1.95 dividend. This represents a $7.80 annualized dividend and a yield of 0.35%. The ex-dividend date 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 (DPR) is 4.47%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. StockNews.com raised First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Thursday, November 14th. 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. The Goldman Sachs Group lifted their target price on shares of First Citizens BancShares from $2,025.00 to $2,625.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Finally, JPMorgan Chase & Co. reduced their target price 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 report on Friday, October 25th. Five analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $2,093.40.

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.