Sumitomo Mitsui Trust Group Inc. Buys 30,828 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Sumitomo Mitsui Trust Group Inc. raised its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 128.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 54,831 shares of the bank's stock after buying an additional 30,828 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.39% of First Citizens BancShares worth $115,859,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Raymond James & Associates raised its position in shares of First Citizens BancShares by 5.1% during the third 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 period. Balentine LLC purchased a new stake in First Citizens BancShares in the 3rd quarter valued at $3,564,000. Hiddenite Capital Partners LP raised its position in First Citizens BancShares by 14.1% in the 3rd quarter. Hiddenite Capital Partners LP now owns 3,230 shares of the bank's stock valued at $5,946,000 after buying an additional 400 shares during the last quarter. Retireful LLC purchased a new stake in First Citizens BancShares in the 3rd quarter valued at $801,000. Finally, Oliver Luxxe Assets LLC raised its position in First Citizens BancShares by 22.6% in the 3rd quarter. Oliver Luxxe Assets LLC now owns 2,916 shares of the bank's stock valued at $5,368,000 after buying an additional 537 shares during the last quarter. 78.01% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FCNCA has been the subject of a number of analyst reports. Barclays increased their price target on First Citizens BancShares from $2,456.00 to $2,568.00 and gave the company an "equal weight" rating in a research report on Monday, January 27th. Truist Financial upped their price objective on First Citizens BancShares from $2,303.00 to $2,384.00 and gave the company a "hold" rating in a research note on Wednesday, January 29th. UBS Group initiated coverage on First Citizens BancShares in a research note on Tuesday, December 17th. They issued a "buy" rating and a $2,700.00 price objective for the company. Citigroup downgraded First Citizens BancShares from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, December 17th. Finally, Keefe, Bruyette & Woods upped their price objective on First Citizens BancShares from $2,500.00 to $2,600.00 and gave the company an "outperform" rating in a research note on Monday, January 27th. Seven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $2,323.50.

First Citizens BancShares Price Performance

NASDAQ FCNCA traded down $30.63 during trading hours on Wednesday, hitting $2,125.31. The company had a trading volume of 42,244 shares, compared to its average volume of 69,373. First Citizens BancShares, Inc. has a 52 week low of $1,460.76 and a 52 week high of $2,412.93. The firm has a 50 day simple moving average of $2,146.68 and a 200 day simple moving average of $2,065.53. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. The firm has a market capitalization of $29.73 billion, a price-to-earnings ratio of 11.22, a PEG ratio of 1.00 and a beta of 0.85.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its earnings results on Friday, January 24th. The bank reported $45.10 EPS for the quarter, topping the consensus estimate of $39.32 by $5.78. First Citizens BancShares had a return on equity of 13.22% and a net margin of 18.55%. Equities research analysts expect that First Citizens BancShares, Inc. will post 165.15 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Friday, February 28th will be issued a $1.95 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $7.80 annualized dividend and a dividend yield of 0.37%. First Citizens BancShares's payout ratio is currently 4.12%.

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.