Capital Research Global Investors Sells 510,938 Shares of First Citizens BancShares, Inc. $FCNCA

Capital Research Global Investors lowered its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 81.0% during the 3rd quarter, HoldingsChannel reports. The fund owned 119,673 shares of the bank’s stock after selling 510,938 shares during the period. Capital Research Global Investors’ holdings in First Citizens BancShares were worth $214,114,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in FCNCA. Norges Bank purchased a new position in shares of First Citizens BancShares during the 2nd quarter worth $177,604,000. Orion Porfolio Solutions LLC raised its holdings in First Citizens BancShares by 2,057.4% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 47,506 shares of the bank’s stock worth $92,944,000 after purchasing an additional 45,304 shares during the period. Allspring Global Investments Holdings LLC lifted its position in First Citizens BancShares by 390.2% during the third quarter. Allspring Global Investments Holdings LLC now owns 48,299 shares of the bank’s stock valued at $84,995,000 after purchasing an additional 38,446 shares in the last quarter. Rakuten Investment Management Inc. purchased a new position in First Citizens BancShares during the third quarter valued at $46,540,000. Finally, JPMorgan Chase & Co. grew its holdings in First Citizens BancShares by 4.4% during the third quarter. JPMorgan Chase & Co. now owns 435,278 shares of the bank’s stock valued at $778,785,000 after purchasing an additional 18,190 shares during the period. Institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Stock Performance

FCNCA opened at $1,912.46 on Wednesday. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market capitalization of $22.83 billion, a price-to-earnings ratio of 11.54 and a beta of 0.68. The company has a fifty day moving average of $2,068.48 and a 200 day moving average of $1,957.32. First Citizens BancShares, Inc. has a fifty-two week low of $1,473.62 and a fifty-two week high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Friday, January 23rd. The bank reported $51.27 EPS for the quarter, topping the consensus estimate of $44.24 by $7.03. The business had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.24 billion. First Citizens BancShares had a net margin of 15.21% and a return on equity of 11.18%. As a group, sell-side analysts forecast that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Friday, February 27th will be paid a $2.10 dividend. The ex-dividend date of this dividend is Friday, February 27th. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. First Citizens BancShares’s payout ratio is presently 5.07%.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Barclays decreased their price objective on First Citizens BancShares from $2,456.00 to $2,346.00 and set an “equal weight” rating on the stock in a research note on Monday, January 26th. Zacks Research cut shares of First Citizens BancShares from a “hold” rating to a “strong sell” rating in a research note on Monday, February 16th. Citigroup reiterated a “buy” rating on shares of First Citizens BancShares in a research report on Monday, January 26th. UBS Group set a $2,325.00 price objective on shares of First Citizens BancShares in a research report on Wednesday, February 4th. Finally, Truist Financial lifted their target price on shares of First Citizens BancShares from $2,050.00 to $2,150.00 and gave the company a “hold” rating in a research note on Monday, January 26th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $2,238.27.

First Citizens BancShares Profile

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.