Sumitomo Mitsui Trust Group Inc. Has $44.19 Million Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Sumitomo Mitsui Trust Group Inc. cut its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 5.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 24,003 shares of the bank's stock after selling 1,377 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.17% of First Citizens BancShares worth $44,188,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Covestor Ltd raised its stake in shares of First Citizens BancShares by 2.9% in the 1st quarter. Covestor Ltd now owns 215 shares of the bank's stock valued at $352,000 after acquiring an additional 6 shares during the period. Wedbush Securities Inc. lifted its stake in shares of First Citizens BancShares by 0.5% during the second quarter. Wedbush Securities Inc. now owns 1,199 shares of the bank's stock worth $2,019,000 after purchasing an additional 6 shares in the last quarter. HB Wealth Management LLC grew its stake in shares of First Citizens BancShares by 3.9% in the second quarter. HB Wealth Management LLC now owns 187 shares of the bank's stock valued at $315,000 after buying an additional 7 shares in the last quarter. Tandem Capital Management Corp ADV raised its holdings in shares of First Citizens BancShares by 1.8% during the 3rd quarter. Tandem Capital Management Corp ADV now owns 459 shares of the bank's stock valued at $845,000 after buying an additional 8 shares during the period. Finally, Raymond James Trust N.A. lifted its position in First Citizens BancShares by 1.6% during the 2nd quarter. Raymond James Trust N.A. now owns 625 shares of the bank's stock worth $1,052,000 after acquiring an additional 10 shares in the last quarter. 61.18% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FCNCA has been the topic of a number of analyst reports. Piper Sandler lifted their target price on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a "neutral" rating in a research report on Friday, July 26th. StockNews.com upgraded First Citizens BancShares from a "sell" rating to a "hold" rating in a research note on Thursday. Keefe, Bruyette & Woods lifted their price target on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an "outperform" rating in a research note on Friday, July 26th. Wedbush decreased their price objective on shares of 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, Barclays boosted their target price on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an "equal weight" rating in a research report on Monday, July 29th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $2,025.90.

First Citizens BancShares Trading Up 2.3 %

NASDAQ FCNCA traded up $48.44 on Friday, hitting $2,200.46. 63,438 shares of the company were exchanged, compared to its average volume of 87,440. 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 $2,275.90. The firm has a market capitalization of $31.84 billion, a P/E ratio of 12.61 and a beta of 0.80. The company's 50 day moving average price is $1,973.28 and its 200-day moving average price is $1,871.30.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its 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). First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%. The firm had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same period last year, the firm earned $55.92 earnings per share. Analysts predict that First Citizens BancShares, Inc. will post 189.06 earnings per share 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. Stockholders of record on Friday, November 29th will be issued a dividend of $1.95 per share. This is a boost from First Citizens BancShares's previous quarterly dividend of $1.64. This represents a $7.80 annualized dividend and a dividend yield of 0.35%. The ex-dividend date is Friday, November 29th. First Citizens BancShares's payout ratio is currently 3.76%.

First Citizens BancShares announced that its board has initiated a stock repurchase plan on Thursday, July 25th that allows the company to repurchase $3.50 billion in shares. This repurchase authorization allows the bank to reacquire up to 12.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its shares are undervalued.

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.