ArrowMark Colorado Holdings LLC Cuts Stock Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

ArrowMark Colorado Holdings LLC cut its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 8.0% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 11,495 shares of the bank’s stock after selling 1,000 shares during the period. ArrowMark Colorado Holdings LLC owned 0.08% of First Citizens BancShares worth $21,162,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in FCNCA. FMR LLC grew its stake in First Citizens BancShares by 11.6% during the third quarter. FMR LLC now owns 323,532 shares of the bank’s stock worth $595,607,000 after buying an additional 33,713 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in First Citizens BancShares by 15.0% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 58,529 shares of the bank’s stock valued at $107,749,000 after purchasing an additional 7,613 shares in the last quarter. Reinhart Partners LLC. boosted its stake in shares of First Citizens BancShares by 0.7% in the third quarter. Reinhart Partners LLC. now owns 56,798 shares of the bank’s stock valued at $104,562,000 after purchasing an additional 416 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of First Citizens BancShares by 2.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 47,156 shares of the bank’s stock worth $86,812,000 after buying an additional 1,339 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI increased its holdings in First Citizens BancShares by 225.2% in the second quarter. Zurich Insurance Group Ltd FI now owns 42,159 shares of the bank’s stock valued at $70,979,000 after buying an additional 29,194 shares during the last quarter. 61.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. StockNews.com raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Thursday, November 14th. Wedbush reduced their target price on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a research note on Friday, October 25th. JPMorgan Chase & Co. dropped their price target on shares of First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating on the stock in a research note on Friday, October 25th. Finally, The Goldman Sachs Group lifted their price target on First Citizens BancShares from $2,025.00 to $2,625.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $2,093.40.

First Citizens BancShares Stock Performance

Shares of FCNCA stock opened at $2,295.00 on Monday. First Citizens BancShares, Inc. has a 1-year low of $1,363.97 and a 1-year high of $2,388.78. The company has a market capitalization of $32.11 billion, a price-to-earnings ratio of 13.15 and a beta of 0.80. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68. The stock’s fifty day simple moving average is $2,055.78 and its 200-day simple moving average is $1,913.78.

First Citizens BancShares (NASDAQ:FCNCA) last posted 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). First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%. The company had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.36 billion. During the same quarter in the prior year, the firm earned $55.92 earnings per share. On average, sell-side analysts predict that First Citizens BancShares, Inc. will post 187.88 earnings per share for the current fiscal year.

First Citizens BancShares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be paid a $1.95 dividend. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.64. The ex-dividend date is Friday, November 29th. This represents a $7.80 annualized dividend and a dividend yield of 0.34%. First Citizens BancShares’s payout ratio is presently 3.76%.

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.