Egerton Capital UK LLP Sells 41,626 Shares of First Citizens BancShares, Inc. $FCNCA

Egerton Capital UK LLP trimmed its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 46.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 47,384 shares of the bank’s stock after selling 41,626 shares during the period. First Citizens BancShares comprises about 0.9% of Egerton Capital UK LLP’s holdings, making the stock its 24th largest position. Egerton Capital UK LLP’s holdings in First Citizens BancShares were worth $84,778,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Norges Bank acquired a new stake in shares of First Citizens BancShares in the 2nd quarter worth about $177,604,000. Orion Porfolio Solutions LLC boosted its stake in First Citizens BancShares by 2,057.4% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 47,506 shares of the bank’s stock valued at $92,944,000 after purchasing an additional 45,304 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in First Citizens BancShares by 390.2% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 48,299 shares of the bank’s stock worth $84,995,000 after purchasing an additional 38,446 shares in the last quarter. Rakuten Investment Management Inc. purchased a new stake in shares of First Citizens BancShares in the third quarter worth approximately $46,540,000. Finally, JPMorgan Chase & Co. raised its stake in shares of First Citizens BancShares by 4.4% in the third quarter. JPMorgan Chase & Co. now owns 435,278 shares of the bank’s stock worth $778,785,000 after purchasing an additional 18,190 shares during the last quarter. 78.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FCNCA has been the subject of several recent research reports. TD Cowen decreased their price target on First Citizens BancShares from $2,600.00 to $2,500.00 and set a “buy” rating for the company in a report on Monday, January 26th. Barclays cut their price objective on shares of First Citizens BancShares from $2,456.00 to $2,346.00 and set an “equal weight” rating on the stock in a report on Monday, January 26th. The Goldman Sachs Group downgraded shares of First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,300.00 target price for the company. in a report on Tuesday, January 6th. UBS Group set a $2,325.00 price target on shares of First Citizens BancShares in a research report on Wednesday, February 4th. Finally, Wall Street Zen raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Saturday. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $2,238.27.

First Citizens BancShares Price Performance

Shares of NASDAQ:FCNCA opened at $1,898.15 on Friday. The company has a market capitalization of $23.61 billion, a P/E ratio of 11.45 and a beta of 0.70. The company’s 50-day moving average is $2,102.42 and its 200 day moving average is $1,955.99. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.03 and a current ratio of 1.03. 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 posted its quarterly earnings data on Friday, January 23rd. The bank reported $51.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $44.24 by $7.03. The business had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.24 billion. First Citizens BancShares had a net margin of 15.21% and a return on equity of 11.18%. On average, equities research analysts forecast that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

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

About First Citizens BancShares

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.