Geode Capital Management LLC Lowers Stock Holdings in First Citizens BancShares, Inc. $FCNCA

Geode Capital Management LLC lowered its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 7.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 191,805 shares of the bank’s stock after selling 14,502 shares during the period. Geode Capital Management LLC owned 1.44% of First Citizens BancShares worth $374,260,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. SVB Wealth LLC purchased a new stake in First Citizens BancShares in the first quarter valued at approximately $35,000. Creekmur Asset Management LLC purchased a new stake in shares of First Citizens BancShares during the 2nd quarter valued at $39,000. Allworth Financial LP grew its stake in shares of First Citizens BancShares by 35.3% during the 2nd quarter. Allworth Financial LP now owns 23 shares of the bank’s stock valued at $45,000 after buying an additional 6 shares during the period. Brooklyn Investment Group increased its holdings in shares of First Citizens BancShares by 32.1% during the 1st quarter. Brooklyn Investment Group now owns 37 shares of the bank’s stock worth $67,000 after buying an additional 9 shares during the last quarter. Finally, Toth Financial Advisory Corp raised its position in shares of First Citizens BancShares by 32.5% in the 2nd quarter. Toth Financial Advisory Corp now owns 53 shares of the bank’s stock worth $104,000 after buying an additional 13 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 NASDAQ:FCNCA opened at $1,845.30 on Friday. The business’s 50-day simple moving average is $1,811.13 and its 200 day simple moving average is $1,893.17. The company has a market cap of $22.95 billion, a P/E ratio of 10.91 and a beta of 0.75. 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, Inc. has a one year low of $1,473.62 and a one year high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings results on Thursday, October 23rd. The bank reported $44.62 earnings per share for the quarter, topping analysts’ consensus estimates of $41.51 by $3.11. The firm had revenue of $2.25 billion during the quarter, compared to analysts’ expectations of $2.21 billion. First Citizens BancShares had a return on equity of 11.06% and a net margin of 15.99%. On average, sell-side analysts forecast that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Friday, November 28th will be issued a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a 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 (DPR) is 4.97%.

Wall Street Analysts Forecast Growth

FCNCA has been the topic of a number of research analyst reports. Barclays reduced their target price on First Citizens BancShares from $2,400.00 to $2,190.00 and set an “equal weight” rating on the stock in a report on Friday, October 24th. Citigroup reduced their price objective on First Citizens BancShares from $2,250.00 to $2,000.00 and set a “neutral” rating on the stock in a research note on Monday, October 27th. The Goldman Sachs Group dropped their target price on shares of First Citizens BancShares from $2,250.00 to $1,950.00 and set a “buy” rating for the company in a research report on Monday, October 6th. UBS Group raised their price target on shares of First Citizens BancShares from $2,200.00 to $2,250.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Finally, Cowen reiterated a “buy” rating on shares of First Citizens BancShares in a research note on Monday, July 28th. Seven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, First Citizens BancShares currently has a consensus rating of “Moderate Buy” and a consensus price target 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.