First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. cut its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 58.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,785 shares of the bank's stock after selling 2,533 shares during the quarter. Franklin Resources Inc.'s holdings in First Citizens BancShares were worth $3,633,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. HB Wealth Management LLC lifted its position in First Citizens BancShares by 3.9% during the second quarter. HB Wealth Management LLC now owns 187 shares of the bank's stock worth $315,000 after buying an additional 7 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of First Citizens BancShares by 8.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,039 shares of the bank's stock worth $3,433,000 after acquiring an additional 156 shares during the last quarter. Cortland Associates Inc. MO grew its holdings in First Citizens BancShares by 1.1% in the second quarter. Cortland Associates Inc. MO now owns 28,835 shares of the bank's stock valued at $48,547,000 after purchasing an additional 306 shares during the period. Principal Financial Group Inc. increased its position in First Citizens BancShares by 84.9% during the second quarter. Principal Financial Group Inc. now owns 1,751 shares of the bank's stock worth $2,948,000 after purchasing an additional 804 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in First Citizens BancShares by 145.7% during the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 398 shares of the bank's stock worth $670,000 after purchasing an additional 236 shares during the period. Institutional investors and hedge funds own 78.01% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. The Goldman Sachs Group boosted their target price 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. StockNews.com raised shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a research report on Thursday, November 14th. Citigroup downgraded shares of First Citizens BancShares from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, December 17th. JPMorgan Chase & Co. decreased their price target 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 report on Friday, October 25th. Finally, Wedbush lowered their price target 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. Seven analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $2,243.64.

First Citizens BancShares Stock Performance

Shares of FCNCA traded up $25.02 during midday trading on Wednesday, hitting $2,152.98. 30,598 shares of the stock traded hands, compared to its average volume of 87,817. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. First Citizens BancShares, Inc. has a 1-year low of $1,363.97 and a 1-year high of $2,388.78. The business's 50 day moving average price is $2,129.52 and its two-hundred day moving average price is $1,961.40. The firm has a market capitalization of $30.12 billion, a PE ratio of 12.33 and a beta of 0.83.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its quarterly earnings data on Thursday, October 24th. The bank reported $45.87 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $47.40 by ($1.53). The business had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.36 billion. First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. During the same period last year, the company earned $55.92 earnings per share. Equities research analysts predict that First Citizens BancShares, Inc. will post 187.88 EPS for the current fiscal year.

First Citizens BancShares Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were issued a dividend of $1.95 per share. This is a boost from First Citizens BancShares's previous quarterly dividend of $1.64. The ex-dividend date of this dividend was Friday, November 29th. This represents a $7.80 annualized dividend and a yield of 0.36%. First Citizens BancShares's payout ratio is presently 4.47%.

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.