First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Sold by Bank of Montreal Can

Bank of Montreal Can reduced its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 25.9% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 22,184 shares of the bank's stock after selling 7,765 shares during the quarter. Bank of Montreal Can owned about 0.15% of First Citizens BancShares worth $40,941,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. LRI Investments LLC acquired a new position in First Citizens BancShares in the 1st quarter valued at about $33,000. V Square Quantitative Management LLC purchased a new position in First Citizens BancShares in the second quarter worth approximately $35,000. Gradient Investments LLC acquired a new stake in First Citizens BancShares during the second quarter worth $52,000. GAMMA Investing LLC increased its stake in First Citizens BancShares by 129.6% during the third quarter. GAMMA Investing LLC now owns 62 shares of the bank's stock worth $114,000 after acquiring an additional 35 shares during the last quarter. Finally, Blue Trust Inc. increased its stake in First Citizens BancShares by 120.0% during the second quarter. Blue Trust Inc. now owns 66 shares of the bank's stock worth $108,000 after acquiring an additional 36 shares during the last quarter. 61.18% of the stock is owned by institutional investors and hedge funds.

First Citizens BancShares Stock Performance

Shares of FCNCA traded down $11.53 during midday trading on Friday, reaching $2,295.00. 67,732 shares of the stock were exchanged, compared to its average volume of 87,698. The business's 50-day moving average price is $2,049.18 and its 200 day moving average price is $1,907.40. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08. First Citizens BancShares, Inc. has a twelve month low of $1,363.97 and a twelve month high of $2,388.78. The company has a market capitalization of $32.11 billion, a price-to-earnings ratio of 13.23 and a beta of 0.80.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its quarterly 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). The company had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.36 billion. First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%. During the same quarter last year, the firm earned $55.92 EPS. On average, sell-side analysts expect that First Citizens BancShares, Inc. will post 187.88 EPS for the current fiscal year.

First Citizens BancShares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a $1.95 dividend. This represents a $7.80 annualized dividend and a yield of 0.34%. The ex-dividend date is Friday, November 29th. This is a boost from First Citizens BancShares's previous quarterly dividend of $1.64. First Citizens BancShares's payout ratio is 3.76%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on FCNCA shares. Wedbush cut their target price 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. dropped 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. StockNews.com raised First Citizens BancShares from a "sell" rating to a "hold" rating in a research note on Thursday, November 14th. Finally, The Goldman Sachs Group lifted their price objective 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. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company has an average 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.