First Citizens BancShares, Inc. $FCNCA Stock Position Lowered by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lessened its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 1.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,654 shares of the bank’s stock after selling 297 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.15% of First Citizens BancShares worth $34,311,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of FCNCA. Anchor Investment Management LLC increased its stake in First Citizens BancShares by 20.8% in the 2nd quarter. Anchor Investment Management LLC now owns 15,975 shares of the bank’s stock valued at $33,241,000 after buying an additional 2,755 shares during the period. SteelPeak Wealth LLC purchased a new position in First Citizens BancShares during the 3rd quarter worth $1,770,000. Quantitative Investment Management LLC acquired a new stake in shares of First Citizens BancShares in the 2nd quarter worth $1,385,000. Nykredit A S acquired a new stake in shares of First Citizens BancShares in the 2nd quarter worth $3,204,000. Finally, Waverly Advisors LLC lifted its stake in shares of First Citizens BancShares by 104.6% in the 1st quarter. Waverly Advisors LLC now owns 2,949 shares of the bank’s stock worth $5,558,000 after acquiring an additional 1,508 shares during the period. 78.01% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, major shareholder Olivia Britton Holding sold 7,000 shares of the firm’s stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $19.53, for a total value of $136,710.00. Following the completion of the sale, the insider owned 15,000 shares in the company, valued at $292,950. This trade represents a 31.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Diane E. Morais acquired 50 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The shares were bought at an average cost of $2,168.11 per share, for a total transaction of $108,405.50. Following the acquisition, the director owned 100 shares of the company’s stock, valued at $216,811. This represents a 100.00% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 14.63% of the company’s stock.

First Citizens BancShares Trading Down 1.2%

Shares of FCNCA stock opened at $2,304.72 on Friday. The business’s fifty day moving average price is $2,162.67 and its 200 day moving average price is $2,068.13. First Citizens BancShares, Inc. has a 1-year low of $1,759.27 and a 1-year high of $2,429.96. The firm has a market capitalization of $26.02 billion, a PE ratio of 11.18, a P/E/G ratio of 1.19 and a beta of 0.61. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.00 and a quick ratio of 1.00.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings data on Friday, October 23rd. The bank reported $55.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $46.18 by $9.19. First Citizens BancShares had a return on equity of 12.49% and a net margin of 16.54%. The firm had revenue of $2.27 billion during the quarter, compared to analysts’ expectations of $2.23 billion. As a group, sell-side analysts forecast that First Citizens BancShares, Inc. will post 203.78 EPS for the current fiscal year.

First Citizens BancShares announced that its board has initiated a share buyback plan on Friday, October 23rd that authorizes the company to repurchase $1.20 billion in shares. This buyback authorization authorizes the bank to reacquire up to 4.5% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its stock is undervalued.

First Citizens BancShares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Monday, November 30th will be paid a dividend of $2.25 per share. This is a boost from First Citizens BancShares’s previous quarterly dividend of $2.10. The ex-dividend date of this dividend is Monday, November 30th. This represents a $9.00 dividend on an annualized basis and a dividend yield of 0.4%. First Citizens BancShares’s dividend payout ratio is currently 4.30%.

Wall Street Analysts Forecast Growth

FCNCA has been the topic of several analyst reports. TD Cowen lifted their target price on shares of First Citizens BancShares from $2,430.00 to $2,730.00 and gave the company a “buy” rating in a report on Monday, October 26th. Truist Financial increased their price target on shares of First Citizens BancShares from $2,323.00 to $2,470.00 and gave the stock a “hold” rating in a report on Wednesday, October 28th. Citigroup reissued a “neutral” rating on shares of First Citizens BancShares in a report on Thursday, October 1st. Jefferies Financial Group restated a “hold” rating and issued a $2,550.00 price objective on shares of First Citizens BancShares in a research report on Friday, October 23rd. Finally, UBS Group reaffirmed a “neutral” rating and issued a $2,475.00 price objective on shares of First Citizens BancShares in a report on Monday, October 26th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, First Citizens BancShares presently has an average rating of “Hold” and a consensus price target of $2,355.31.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc is a bank holding company headquartered in Raleigh, North Carolina. Its principal subsidiary, First-Citizens Bank & Trust Company, provides banking and financial services to individuals, businesses, and institutions through a network of branches and digital banking channels.

The bank offers deposit accounts, consumer and residential lending, commercial and industrial loans, commercial real estate financing, equipment finance, treasury management, and payment services.