Citigroup Inc. Sells 3,413 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Citigroup Inc. trimmed its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 16.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 17,734 shares of the bank's stock after selling 3,413 shares during the quarter. Citigroup Inc. owned about 0.12% of First Citizens BancShares worth $32,647,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in FCNCA. LRI Investments LLC acquired a new stake in First Citizens BancShares in the 1st quarter valued at approximately $33,000. V Square Quantitative Management LLC acquired a new stake in First Citizens BancShares in the 2nd quarter valued at approximately $35,000. Gradient Investments LLC acquired a new stake in First Citizens BancShares in the 2nd quarter valued at approximately $52,000. GAMMA Investing LLC boosted its stake in First Citizens BancShares by 129.6% during the 3rd quarter. GAMMA Investing LLC now owns 62 shares of the bank's stock valued at $114,000 after purchasing an additional 35 shares in the last quarter. Finally, Blue Trust Inc. boosted its stake in First Citizens BancShares by 120.0% during the 2nd quarter. Blue Trust Inc. now owns 66 shares of the bank's stock valued at $108,000 after purchasing an additional 36 shares in the last quarter. 61.18% of the stock is currently owned by institutional investors and hedge funds.

First Citizens BancShares Stock Performance

Shares of First Citizens BancShares stock traded down $15.06 during trading on Tuesday, reaching $2,325.96. The company's stock had a trading volume of 81,736 shares, compared to its average volume of 87,940. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. The business's fifty day moving average price is $2,025.40 and its 200-day moving average price is $1,897.60. The firm has a market cap of $32.54 billion, a price-to-earnings ratio of 13.33 and a beta of 0.80. First Citizens BancShares, Inc. has a one year low of $1,363.97 and a one year high of $2,388.78.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $2.36 billion. During the same period last year, the business earned $55.92 earnings per share. As a group, equities research analysts predict that First Citizens BancShares, Inc. will post 187.88 earnings per share for the current year.

First Citizens BancShares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be issued a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a yield of 0.34%. This is an increase from First Citizens BancShares's previous quarterly dividend of $1.64. The ex-dividend date is Friday, November 29th. First Citizens BancShares's payout ratio is presently 4.47%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on FCNCA. The Goldman Sachs Group increased their price target on First Citizens BancShares from $2,025.00 to $2,625.00 and gave the company a "buy" rating in a research note on Tuesday. StockNews.com raised First Citizens BancShares from a "sell" rating to a "hold" rating in a research note on Thursday, November 14th. Wedbush reduced their price objective on First Citizens BancShares from $2,150.00 to $2,000.00 and set a "neutral" rating for the company in a research note on Friday, October 25th. JPMorgan Chase & Co. reduced their price objective on 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. Finally, Barclays raised their price objective on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an "equal weight" rating in a research note on Monday, July 29th. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $2,093.40.

First Citizens BancShares Company Profile

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.