PNC Financial Services Group Inc. Has $1.13 Million Stock Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

PNC Financial Services Group Inc. lowered its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 29.1% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 615 shares of the bank's stock after selling 252 shares during the quarter. PNC Financial Services Group Inc.'s holdings in First Citizens BancShares were worth $1,132,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Raymond James & Associates increased its stake in shares of First Citizens BancShares by 5.1% during the 3rd quarter. Raymond James & Associates now owns 16,826 shares of the bank's stock worth $30,976,000 after purchasing an additional 811 shares during the last quarter. Balentine LLC acquired a new stake in First Citizens BancShares during the 3rd quarter valued at $3,564,000. Cetera Investment Advisers boosted its position in First Citizens BancShares by 301.3% during the first quarter. Cetera Investment Advisers now owns 1,244 shares of the bank's stock worth $2,034,000 after purchasing an additional 934 shares during the period. Oliver Luxxe Assets LLC increased its holdings in shares of First Citizens BancShares by 22.6% in the third quarter. Oliver Luxxe Assets LLC now owns 2,916 shares of the bank's stock valued at $5,368,000 after purchasing an additional 537 shares during the last quarter. Finally, Hiddenite Capital Partners LP raised its position in shares of First Citizens BancShares by 14.1% in the third quarter. Hiddenite Capital Partners LP now owns 3,230 shares of the bank's stock valued at $5,946,000 after purchasing an additional 400 shares during the period. 61.18% of the stock is currently owned by institutional investors and hedge funds.

First Citizens BancShares Stock Down 0.8 %

FCNCA stock opened at $2,308.48 on Thursday. First Citizens BancShares, Inc. has a 52 week low of $1,363.97 and a 52 week high of $2,388.78. The business has a 50-day simple moving average of $2,033.61 and a 200 day simple moving average of $1,901.75. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68. The company has a market cap of $32.30 billion, a PE ratio of 13.23 and a beta of 0.80.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its earnings results on Thursday, October 24th. The bank reported $45.87 EPS for the quarter, missing the consensus estimate of $47.40 by ($1.53). The firm 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 in the previous year, the firm posted $55.92 earnings per share. Sell-side analysts anticipate that First Citizens BancShares, Inc. will post 187.88 EPS for the current fiscal year.

First Citizens BancShares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be issued a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.34%. The ex-dividend date is Friday, November 29th. This is an increase from First Citizens BancShares's previous quarterly dividend of $1.64. First Citizens BancShares's dividend payout ratio (DPR) is currently 3.76%.

Wall Street Analyst Weigh In

FCNCA has been the subject of several research analyst reports. StockNews.com raised shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a report on Thursday, November 14th. 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 report on Friday, October 25th. Wedbush dropped 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. Finally, The Goldman Sachs Group boosted 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. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently 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.