Sumitomo Mitsui DS Asset Management Company Ltd Sells 13 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Sumitomo Mitsui DS Asset Management Company Ltd lowered its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 1.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 990 shares of the bank’s stock after selling 13 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in First Citizens BancShares were worth $1,823,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FCNCA. Mather Group LLC. acquired a new position in shares of First Citizens BancShares during the 1st quarter worth approximately $31,000. Park Avenue Securities LLC increased its position in First Citizens BancShares by 1.6% during the 1st quarter. Park Avenue Securities LLC now owns 450 shares of the bank’s stock worth $736,000 after buying an additional 7 shares during the period. Riverview Trust Co acquired a new stake in First Citizens BancShares in the 1st quarter worth about $49,000. Stonebridge Capital Management Inc. acquired a new stake in shares of First Citizens BancShares in the first quarter valued at approximately $203,000. Finally, Hennessy Advisors Inc. lifted its position in shares of First Citizens BancShares by 300.0% during the 1st quarter. Hennessy Advisors Inc. now owns 800 shares of the bank’s stock valued at $1,308,000 after acquiring an additional 600 shares during the period. 61.18% of the stock is currently owned by institutional investors and hedge funds.

First Citizens BancShares Trading Down 2.6 %

FCNCA opened at $2,059.01 on Tuesday. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.08 and a quick ratio of 1.08. First Citizens BancShares, Inc. has a fifty-two week low of $1,290.60 and a fifty-two week high of $2,174.80. The company’s 50 day moving average price is $1,951.62 and its two-hundred day moving average price is $1,816.97. The firm has a market capitalization of $29.92 billion, a price-to-earnings ratio of 11.43 and a beta of 0.81.

First Citizens BancShares (NASDAQ:FCNCA) last announced its earnings results on Thursday, July 25th. The bank reported $50.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $44.91 by $5.96. First Citizens BancShares had a return on equity of 14.84% and a net margin of 18.19%. The business had revenue of $3.77 billion during the quarter, compared to analyst estimates of $2.30 billion. During the same period last year, the company earned $52.60 EPS. As a group, research analysts predict that First Citizens BancShares, Inc. will post 200 earnings per share for the current year.

First Citizens BancShares announced that its board has approved a share buyback plan on Thursday, July 25th that permits the company to repurchase $3.50 billion in outstanding shares. This repurchase authorization permits the bank to repurchase up to 12.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

A number of brokerages have weighed in on FCNCA. StockNews.com downgraded First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Monday, October 7th. Raymond James raised First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price objective on the stock in a research note on Tuesday, July 2nd. Piper Sandler boosted their target price on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. Wedbush downgraded shares of First Citizens BancShares from an “outperform” rating to a “neutral” rating and reduced their price target for the company from $2,450.00 to $2,150.00 in a research note on Tuesday, September 24th. Finally, Jefferies Financial Group initiated coverage on shares of First Citizens BancShares in a report on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $2,012.11.

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.