Coronation Fund Managers Ltd. Sells 544 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Coronation Fund Managers Ltd. decreased its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 24.9% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,644 shares of the bank's stock after selling 544 shares during the quarter. Coronation Fund Managers Ltd.'s holdings in First Citizens BancShares were worth $3,027,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of FCNCA. Vanguard Group Inc. increased its position in shares of First Citizens BancShares by 4.6% during the 1st quarter. Vanguard Group Inc. now owns 1,064,822 shares of the bank's stock valued at $1,740,984,000 after purchasing an additional 47,167 shares during the last quarter. Capital Research Global Investors purchased a new stake in shares of First Citizens BancShares during the 1st quarter valued at about $298,180,000. Reinhart Partners LLC. increased its position in shares of First Citizens BancShares by 0.7% during the 3rd quarter. Reinhart Partners LLC. now owns 56,798 shares of the bank's stock valued at $104,562,000 after purchasing an additional 416 shares during the last quarter. Zurich Insurance Group Ltd FI increased its position in shares of First Citizens BancShares by 225.2% during the 2nd quarter. Zurich Insurance Group Ltd FI now owns 42,159 shares of the bank's stock valued at $70,979,000 after purchasing an additional 29,194 shares during the last quarter. Finally, Sculptor Capital LP increased its position in shares of First Citizens BancShares by 16.8% during the 2nd quarter. Sculptor Capital LP now owns 37,998 shares of the bank's stock valued at $63,974,000 after purchasing an additional 5,467 shares during the last quarter. Hedge funds and other institutional investors own 61.18% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. StockNews.com upgraded First Citizens BancShares from a "sell" rating to a "hold" rating in a research note on Monday, October 28th. Piper Sandler boosted their price objective on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a "neutral" rating in a research note on Friday, July 26th. Keefe, Bruyette & Woods boosted their price objective on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an "outperform" rating in a research note on Friday, July 26th. JPMorgan Chase & Co. cut 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, Jefferies Financial Group assumed coverage on First Citizens BancShares in a research note on Tuesday, July 9th. They set a "buy" rating and a $2,005.00 price objective for the company. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $2,025.90.

First Citizens BancShares Price Performance

FCNCA stock traded down $10.58 during midday trading on Friday, hitting $1,926.77. The company's stock had a trading volume of 76,168 shares, compared to its average volume of 86,964. First Citizens BancShares, Inc. has a 12 month low of $1,359.29 and a 12 month high of $2,174.80. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.72. The firm has a market capitalization of $27.88 billion, a price-to-earnings ratio of 11.04 and a beta of 0.80. The company has a 50 day moving average of $1,942.36 and a two-hundred day moving average of $1,838.89.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its earnings results on Thursday, October 24th. The bank reported $45.87 EPS for the quarter, missing analysts' consensus estimates of $47.40 by ($1.53). The firm had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.36 billion. First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.78%. During the same quarter in the prior year, the company posted $55.92 earnings per share. On average, analysts expect that First Citizens BancShares, Inc. will post 189.06 EPS for the current year.

First Citizens BancShares Increases Dividend

The company also recently announced 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 an increase 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 0.40%. The ex-dividend date is Friday, November 29th. First Citizens BancShares's dividend payout ratio is currently 3.76%.

First Citizens BancShares announced that its board has authorized a stock buyback plan on Thursday, July 25th that authorizes the company to buyback $3.50 billion in outstanding shares. This buyback authorization authorizes the bank to reacquire up to 12.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board believes its stock is undervalued.

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.