DekaBank Deutsche Girozentrale Sells 18 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

DekaBank Deutsche Girozentrale cut its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 1.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,094 shares of the bank’s stock after selling 18 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in First Citizens BancShares were worth $1,990,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. ORG Partners LLC bought a new position in shares of First Citizens BancShares during the first quarter worth approximately $29,000. LRI Investments LLC bought a new position in shares of First Citizens BancShares during the first quarter worth approximately $33,000. V Square Quantitative Management LLC bought a new position in shares of First Citizens BancShares during the second quarter worth approximately $35,000. Gradient Investments LLC bought a new position in shares of First Citizens BancShares during the second quarter worth approximately $52,000. Finally, Blue Trust Inc. increased its stake in shares of First Citizens BancShares by 120.0% during the second quarter. Blue Trust Inc. now owns 66 shares of the bank’s stock worth $108,000 after purchasing an additional 36 shares during the period. 61.18% of the stock is currently owned by institutional investors.

First Citizens BancShares Trading Down 0.5 %

First Citizens BancShares stock opened at $1,926.77 on Friday. The stock has a market cap of $27.87 billion, a P/E ratio of 11.04 and a beta of 0.81. First Citizens BancShares, Inc. has a fifty-two week low of $1,359.29 and a fifty-two week high of $2,174.80. The firm’s fifty day moving average price is $1,944.12 and its 200-day moving average price is $1,834.06. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.08 and a current ratio of 1.08.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Thursday, October 24th. The bank reported $45.87 EPS for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53). The firm had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.36 billion. First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.78%. During the same period in the prior year, the company earned $55.92 EPS. Equities research analysts forecast 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 disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be paid 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 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date is Friday, November 29th. First Citizens BancShares’s dividend payout ratio (DPR) is 4.47%.

First Citizens BancShares announced that its board has authorized a share buyback program on Thursday, July 25th that permits the company to buyback $3.50 billion in shares. This buyback authorization permits the bank to purchase up to 12.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

A number of equities analysts have commented on FCNCA shares. Wedbush lowered their price objective on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a research note on Friday, October 25th. Barclays raised their price objective on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Jefferies Financial Group began coverage on First Citizens BancShares in a research note on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 price target on the stock. StockNews.com upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Monday, October 28th. Finally, Keefe, Bruyette & Woods lifted their price target on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $2,025.90.

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.