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

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

A number of other large investors also recently added to or reduced their stakes in FCNCA. Janus Henderson Group PLC raised its holdings in First Citizens BancShares by 1.2% during the first quarter. Janus Henderson Group PLC now owns 903 shares of the bank's stock worth $1,475,000 after purchasing an additional 11 shares in the last quarter. Tidal Investments LLC grew its position in First Citizens BancShares by 11.7% during the 1st quarter. Tidal Investments LLC now owns 592 shares of the bank's stock worth $968,000 after purchasing an additional 62 shares during the last quarter. Cetera Investment Advisers lifted its holdings in shares of First Citizens BancShares by 301.3% during the first quarter. Cetera Investment Advisers now owns 1,244 shares of the bank's stock worth $2,034,000 after purchasing an additional 934 shares during the period. Cetera Advisors LLC acquired a new position in First Citizens BancShares in the 1st quarter valued at $391,000. Finally, DNB Asset Management AS raised its position in First Citizens BancShares by 7.0% during the 2nd quarter. DNB Asset Management AS now owns 1,808 shares of the bank's stock worth $3,046,000 after buying an additional 118 shares during the last quarter. 61.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. StockNews.com raised shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a research note on Thursday, November 14th. Wedbush decreased their price objective on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a "neutral" rating for the company in a report on Friday, October 25th. 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 note on Friday, October 25th. The Goldman Sachs Group lifted their price objective 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, Keefe, Bruyette & Woods lowered shares of First Citizens BancShares from an "outperform" rating to a "market perform" rating and increased their price target for the stock from $2,100.00 to $2,500.00 in a research report on Wednesday. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, First Citizens BancShares currently has a consensus rating of "Hold" and a consensus target price of $2,113.40.

First Citizens BancShares Price Performance

NASDAQ:FCNCA traded down $11.97 during trading hours on Wednesday, hitting $2,197.92. 84,782 shares of the company's stock traded hands, compared to its average volume of 87,905. The firm has a market cap of $30.75 billion, a P/E ratio of 12.66 and a beta of 0.83. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68. First Citizens BancShares, Inc. has a 52 week low of $1,363.97 and a 52 week high of $2,388.78. The business's fifty day simple moving average is $2,068.18 and its two-hundred day simple moving average is $1,920.18.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced 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 firm had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same period in the prior year, the company posted $55.92 EPS. On average, research analysts anticipate that First Citizens BancShares, Inc. will post 187.88 earnings per share for the current fiscal year.

First Citizens BancShares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a dividend of $1.95 per share. This is a boost from First Citizens BancShares's previous quarterly dividend of $1.64. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date is Friday, November 29th. First Citizens BancShares's payout ratio is presently 4.47%.

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.