abrdn plc Cuts Stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

abrdn plc decreased its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 17.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,990 shares of the bank's stock after selling 435 shares during the period. abrdn plc's holdings in First Citizens BancShares were worth $4,205,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Financial Life Planners acquired a new stake in shares of First Citizens BancShares in the 4th quarter valued at about $33,000. Brooklyn Investment Group bought a new stake in shares of First Citizens BancShares during the third quarter valued at approximately $39,000. GAMMA Investing LLC lifted its holdings in shares of First Citizens BancShares by 129.6% in the 3rd quarter. GAMMA Investing LLC now owns 62 shares of the bank's stock worth $114,000 after purchasing an additional 35 shares in the last quarter. Private Trust Co. NA grew its position in First Citizens BancShares by 2,100.0% in the 3rd quarter. Private Trust Co. NA now owns 88 shares of the bank's stock valued at $162,000 after purchasing an additional 84 shares during the period. Finally, UMB Bank n.a. bought a new stake in First Citizens BancShares during the 3rd quarter valued at $177,000. Institutional investors own 78.01% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Wedbush decreased 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 report on Friday, October 25th. Keefe, Bruyette & Woods boosted their price objective on First Citizens BancShares from $2,500.00 to $2,600.00 and gave the stock an "outperform" rating in a report on Monday, January 27th. The Goldman Sachs Group boosted their price objective on First Citizens BancShares from $2,025.00 to $2,625.00 and gave the stock a "buy" rating in a report on Tuesday, November 26th. JPMorgan Chase & Co. boosted their price objective on First Citizens BancShares from $2,550.00 to $2,600.00 and gave the stock an "overweight" rating in a report on Tuesday, January 7th. Finally, UBS Group assumed coverage on First Citizens BancShares in a report on Tuesday, December 17th. They set a "buy" rating and a $2,700.00 price objective for the company. Seven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, First Citizens BancShares has an average rating of "Moderate Buy" and a consensus price target of $2,323.50.

First Citizens BancShares Price Performance

FCNCA stock traded down $18.29 during mid-day trading on Thursday, reaching $2,107.02. 72,735 shares of the company traded hands, compared to its average volume of 69,487. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08. The company has a market capitalization of $29.48 billion, a P/E ratio of 11.12, a P/E/G ratio of 1.00 and a beta of 0.85. First Citizens BancShares, Inc. has a 52-week low of $1,467.51 and a 52-week high of $2,412.93. The company has a fifty day moving average price of $2,146.68 and a 200-day moving average price of $2,065.53.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its earnings results on Friday, January 24th. The bank reported $45.10 earnings per share for the quarter, beating analysts' consensus estimates of $39.32 by $5.78. First Citizens BancShares had a return on equity of 13.22% and a net margin of 18.55%. As a group, analysts anticipate that First Citizens BancShares, Inc. will post 165.15 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Friday, February 28th will be issued a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a dividend yield of 0.37%. The ex-dividend date of this dividend is Friday, February 28th. First Citizens BancShares's payout ratio is 4.12%.

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.