State Street Corp Sells 1,543 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

State Street Corp has reduced its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 0.6% during the third quarter, as indicated in its latest filing with the Securities & Exchange Commission. After selling 1,543 shares during this period, the institutional investor now holds a total of 257,269 shares in the bank’s stock. This represents 1.78% of First Citizens BancShares, valued at approximately $473,619,000 based on the most recent filing.

Other Institutional Investors Adjust Their Holdings

Various other hedge funds have also adjusted their positions in First Citizens BancShares recently. Notably, FMR LLC increased its stake by 11.6% during the same quarter, acquiring an additional 33,713 shares and bringing its total to 323,532 shares valued at $595,607,000. Similarly, UBS AM, part of UBS Asset Management Americas LLC, raised its holdings by 15.0%, now owning 58,529 shares valued at $107,749,000 following the acquisition of 7,613 shares. Additionally, Reinhart Partners LLC increased its position by 0.7%, holding 56,798 shares worth $104,562,000 after adding 416 shares. Charles Schwab Investment Management Inc. also boosted its stake by 2.9%, totaling 47,156 shares, valued at $86,812,000. Finally, Zurich Insurance Group Ltd FI significantly increased its holdings by 225.2%, acquiring 29,194 additional shares, totaling 42,159 shares valued at $70,979,000. Collectively, institutional investors now own 61.18% of First Citizens BancShares stock.

Performance of First Citizens BancShares Stock

As of Monday, shares of First Citizens BancShares opened at $2,196.60. The company boasts a market capitalization of $30.73 billion, with a price-to-earnings ratio of 12.58 and a beta of 0.83. The 50-day moving average is approximately $2,088.79, while the 200-day moving average stands at $1,929.12. The company's current ratio and quick ratio are both 1.08, with a debt-to-equity ratio of 1.68. Over the past year, the stock has seen a low of $1,363.97 and a high of $2,388.78.

Quarterly Earnings Overview

First Citizens BancShares recently published its quarterly earnings report on October 24th. The bank reported earnings of $45.87 per share, falling short of the consensus estimate of $47.40, by a margin of $1.53. The bank achieved a net margin of 17.36% and a return on equity of 13.63%. Revenue reported for the quarter was $2.45 billion, surpassing the consensus estimate of $2.36 billion. In comparison to the same quarter last year, earnings per share have decreased from $55.92. Analysts predict that First Citizens BancShares will report an earnings per share of 187.88 for the current year.

Dividend Increase Announced

On a recent note, First Citizens BancShares declared a quarterly dividend, scheduled for payment on December 16th. Shareholders who are recorded by November 29th will receive a dividend payment of $1.95 per share. This increase represents an annualized dividend of $7.80, which translates to a dividend yield of 0.36%, an increase from the previous quarterly dividend of $1.64. The company's current payout ratio stands at 4.47%.

Recent Analyst Ratings

Analysts have recently provided updates on First Citizens BancShares. StockNews.com upgraded the stock from a "sell" rating to a "hold" rating on November 14th. In a previous report from JPMorgan Chase & Co., the price target was adjusted from $2,550.00 to $2,300.00, maintaining an "overweight" rating. On the same day, Wedbush lowered its price objective from $2,150.00 to $2,000.00 and continued to rate the stock as "neutral." Keefe, Bruyette & Woods downgraded the stock from an "outperform" rating to a "market perform," but increased the price target from $2,100.00 to $2,500.00. Lastly, Goldman Sachs boosted its price target from $2,025.00 to $2,625.00, assigning a "buy" rating. Current ratings show that six analysts have a hold rating, while five assigned a buy rating, yielding an average consensus rating of "Hold" with a price target of $2,113.40.

Company Overview

First Citizens BancShares, Inc. serves as the holding company for First-Citizens Bank & Trust Company, providing retail and commercial banking services to individuals, businesses, and professionals. Their deposit offerings include checking, savings, money market, and time deposit accounts.

State, Street, BancShares