Canandaigua National Bank & Trust Co. cut its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA – Free Report) by 31.2% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 108 shares of the bank’s stock after selling 49 shares during the quarter. Canandaigua National Bank & Trust Co.’s holdings in First Citizens BancShares were worth $228,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also bought and sold shares of the business. Brooklyn Investment Group purchased a new position in shares of First Citizens BancShares during the third quarter worth $39,000. GAMMA Investing LLC raised its stake in shares of First Citizens BancShares by 129.6% during the 3rd quarter. GAMMA Investing LLC now owns 62 shares of the bank’s stock valued at $114,000 after buying an additional 35 shares during the last quarter. National Bank of Canada FI raised its stake in shares of First Citizens BancShares by 17.7% during the 2nd quarter. National Bank of Canada FI now owns 73 shares of the bank’s stock valued at $124,000 after buying an additional 11 shares during the last quarter. Quarry LP acquired a new position in shares of First Citizens BancShares in the 2nd quarter valued at about $126,000. Finally, Private Trust Co. NA boosted its stake in shares of First Citizens BancShares by 2,100.0% in the third quarter. Private Trust Co. NA now owns 88 shares of the bank’s stock worth $162,000 after buying an additional 84 shares during the last quarter. 78.01% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of research analysts have issued reports on the company. StockNews.com raised First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Thursday, November 14th. Keefe, Bruyette & Woods downgraded shares of First Citizens BancShares from an “outperform” rating to a “market perform” rating and increased their price target for the stock from $2,100.00 to $2,500.00 in a report on Wednesday, December 4th. Citigroup cut shares of First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. Deutsche Bank Aktiengesellschaft started coverage on shares of First Citizens BancShares in a research note on Monday, December 9th. They set a “buy” rating and a $2,600.00 target price on the stock. Finally, 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 target for the company. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $2,290.75.
First Citizens BancShares Price Performance
NASDAQ:FCNCA opened at $2,116.86 on Wednesday. The firm has a market cap of $29.61 billion, a P/E ratio of 12.13 and a beta of 0.83. The stock has a 50 day moving average of $2,153.54 and a two-hundred day moving average of $1,995.31. First Citizens BancShares, Inc. has a 12 month low of $1,363.97 and a 12 month high of $2,388.78. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68.
First Citizens BancShares (NASDAQ:FCNCA – Get Free Report) last issued its quarterly earnings results on Thursday, October 24th. The bank reported $45.87 EPS for the quarter, missing the consensus estimate of $47.40 by ($1.53). The firm had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.36 billion. First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. During the same quarter in the previous year, the firm posted $55.92 earnings per share. On average, analysts expect that First Citizens BancShares, Inc. will post 188.21 earnings per share for the current fiscal year.
First Citizens BancShares Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were paid a $1.95 dividend. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.64. This represents a $7.80 annualized dividend and a dividend yield of 0.37%. The ex-dividend date was Friday, November 29th. First Citizens BancShares’s dividend payout ratio (DPR) is currently 4.47%.
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.
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