Nordea Investment Management AB Sells 2,917 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Nordea Investment Management AB lessened its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 41.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,070 shares of the bank’s stock after selling 2,917 shares during the period. Nordea Investment Management AB’s holdings in First Citizens BancShares were worth $8,669,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Raymond James & Associates raised its position in shares of First Citizens BancShares by 5.1% in the 3rd quarter. Raymond James & Associates now owns 16,826 shares of the bank’s stock worth $30,976,000 after acquiring an additional 811 shares in the last quarter. Balentine LLC acquired a new position in First Citizens BancShares in the third quarter valued at approximately $3,564,000. Hiddenite Capital Partners LP boosted its holdings in shares of First Citizens BancShares by 14.1% during the 3rd quarter. Hiddenite Capital Partners LP now owns 3,230 shares of the bank’s stock worth $5,946,000 after buying an additional 400 shares in the last quarter. Retireful LLC acquired a new stake in shares of First Citizens BancShares during the 3rd quarter worth approximately $801,000. Finally, Oliver Luxxe Assets LLC grew its holdings in First Citizens BancShares by 22.6% in the third quarter. Oliver Luxxe Assets LLC now owns 2,916 shares of the bank’s stock worth $5,368,000 after purchasing an additional 537 shares during the period. 78.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have weighed in on FCNCA. Wedbush dropped their price objective on shares of 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 increased their price objective on First Citizens BancShares from $2,250.00 to $2,456.00 and gave the stock an “equal weight” rating in a research note on Monday. Deutsche Bank Aktiengesellschaft began coverage on First Citizens BancShares in a report on Monday, December 9th. They set a “buy” rating and a $2,600.00 price target for the company. The Goldman Sachs Group upped their target price on shares of First Citizens BancShares from $2,025.00 to $2,625.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Finally, Truist Financial assumed coverage on shares of First Citizens BancShares in a report on Tuesday. They set a “hold” rating and a $2,303.00 price target on the stock. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $2,290.75.

First Citizens BancShares Stock Performance

First Citizens BancShares stock opened at $2,094.00 on Friday. The firm’s fifty day moving average price is $2,155.93 and its 200-day moving average price is $1,996.00. First Citizens BancShares, Inc. has a fifty-two week low of $1,363.97 and a fifty-two week high of $2,388.78. 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 stock has a market cap of $29.29 billion, a P/E ratio of 12.00 and a beta of 0.86.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings data on Thursday, October 24th. The bank reported $45.87 EPS for the quarter, missing the consensus estimate of $47.40 by ($1.53). The company had revenue of $2.45 billion during 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 prior year, the firm posted $55.92 EPS. On average, equities research 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 company also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were given a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a yield of 0.37%. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.64. The ex-dividend date of this dividend was Friday, November 29th. First Citizens BancShares’s payout ratio is presently 4.47%.

About First Citizens BancShares

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.