State Street Corp Trims Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

State Street Corp lessened its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 0.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 257,269 shares of the bank's stock after selling 1,543 shares during the quarter. State Street Corp owned approximately 1.78% of First Citizens BancShares worth $473,619,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of FCNCA. V Square Quantitative Management LLC acquired a new position in shares of First Citizens BancShares in the second quarter worth $35,000. Brooklyn Investment Group acquired a new position in First Citizens BancShares during the 3rd quarter worth $39,000. Gradient Investments LLC purchased a new stake in First Citizens BancShares during the 2nd quarter worth about $52,000. Blue Trust Inc. raised its position in First Citizens BancShares by 120.0% in the 2nd quarter. Blue Trust Inc. now owns 66 shares of the bank's stock valued at $108,000 after purchasing an additional 36 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in First Citizens BancShares by 129.6% in the 3rd quarter. GAMMA Investing LLC now owns 62 shares of the bank's stock valued at $114,000 after purchasing an additional 35 shares in the last quarter. Institutional investors and hedge funds own 78.01% of the company's stock.

First Citizens BancShares Stock Performance

NASDAQ FCNCA traded down $44.19 on Monday, hitting $2,152.41. 92,172 shares of the company's stock were exchanged, compared to its average volume of 87,641. 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 firm's 50-day moving average price is $2,088.79 and its two-hundred day moving average price is $1,929.12. The firm has a market cap of $30.11 billion, a price-to-earnings ratio of 12.58 and a beta of 0.83. First Citizens BancShares, Inc. has a fifty-two week low of $1,363.97 and a fifty-two week high of $2,388.78.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings results 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 company had revenue of $2.45 billion during the quarter, compared to analysts' expectations 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 prior year, the business earned $55.92 EPS. On average, research analysts expect that First Citizens BancShares, Inc. will post 187.88 EPS for the current 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 given a dividend of $1.95 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $7.80 dividend on an annualized basis and a yield of 0.36%. This is a boost from First Citizens BancShares's previous quarterly dividend of $1.64. First Citizens BancShares's payout ratio is presently 4.47%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on FCNCA. Wedbush reduced their price objective on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a "neutral" rating on the stock in a report on Friday, October 25th. Deutsche Bank Aktiengesellschaft assumed coverage on First Citizens BancShares in a research note on Monday. They issued a "buy" rating and a $2,600.00 price target on the stock. 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 research note on Tuesday, November 26th. Keefe, Bruyette & Woods lowered shares of First Citizens BancShares from an "outperform" rating to a "market perform" rating and increased their price target for the company from $2,100.00 to $2,500.00 in a research note on Wednesday, December 4th. Finally, StockNews.com upgraded shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a research report on Thursday, November 14th. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, First Citizens BancShares currently has a consensus rating of "Moderate Buy" and an average price target of $2,157.64.

First Citizens BancShares 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.