Harvest Portfolios Group Inc. Lowers Holdings in First Citizens BancShares, Inc. $FCNCA

Harvest Portfolios Group Inc. reduced its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 4.5% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 3,048 shares of the bank’s stock after selling 145 shares during the period. Harvest Portfolios Group Inc.’s holdings in First Citizens BancShares were worth $5,963,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Cresset Asset Management LLC grew its stake in shares of First Citizens BancShares by 3.8% in the first quarter. Cresset Asset Management LLC now owns 163 shares of the bank’s stock worth $302,000 after acquiring an additional 6 shares in the last quarter. US Bancorp DE boosted its stake in shares of First Citizens BancShares by 0.8% in the 2nd quarter. US Bancorp DE now owns 873 shares of the bank’s stock valued at $1,708,000 after buying an additional 7 shares during the period. M&T Bank Corp boosted its stake in shares of First Citizens BancShares by 1.3% in the 1st quarter. M&T Bank Corp now owns 632 shares of the bank’s stock valued at $1,172,000 after buying an additional 8 shares during the period. Venturi Wealth Management LLC grew its position in shares of First Citizens BancShares by 3.8% during the first quarter. Venturi Wealth Management LLC now owns 221 shares of the bank’s stock worth $410,000 after buying an additional 8 shares in the last quarter. Finally, Cooper Financial Group increased its stake in shares of First Citizens BancShares by 5.5% during the first quarter. Cooper Financial Group now owns 154 shares of the bank’s stock worth $286,000 after buying an additional 8 shares during the period. Hedge funds and other institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Stock Performance

Shares of FCNCA stock opened at $1,800.21 on Friday. The stock’s 50-day moving average is $1,829.60 and its two-hundred day moving average is $1,889.56. The firm has a market cap of $23.26 billion, a price-to-earnings ratio of 10.64 and a beta of 0.75. First Citizens BancShares, Inc. has a 1 year low of $1,473.62 and a 1 year high of $2,412.93. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.04 and a current ratio of 1.04.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Thursday, October 23rd. The bank reported $44.62 earnings per share for the quarter, beating the consensus estimate of $41.51 by $3.11. The business had revenue of $2.25 billion during the quarter, compared to the consensus estimate of $2.21 billion. First Citizens BancShares had a return on equity of 11.06% and a net margin of 15.99%. Analysts predict that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Friday, November 28th will be issued a $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Friday, November 28th. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.95. First Citizens BancShares’s dividend payout ratio is presently 4.97%.

Analyst Ratings Changes

A number of research analysts recently issued reports on FCNCA shares. Wall Street Zen downgraded shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Sunday, September 28th. Truist Financial boosted their target price on shares of First Citizens BancShares from $2,000.00 to $2,050.00 and gave the stock a “hold” rating in a research note on Tuesday, October 28th. Citigroup dropped their target price on First Citizens BancShares from $2,250.00 to $2,000.00 and set a “neutral” rating on the stock in a report on Monday, October 27th. Barclays decreased their price target on First Citizens BancShares from $2,400.00 to $2,190.00 and set an “equal weight” rating for the company in a report on Friday, October 24th. Finally, UBS Group increased their price objective on First Citizens BancShares from $2,200.00 to $2,250.00 and gave the company a “buy” rating in a report on Wednesday. Seven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $2,157.50.

About First Citizens BancShares

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.