First Citizens BancShares, Inc. (NASDAQ:FCNCA) Stock Holdings Lessened by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 6.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,632 shares of the bank’s stock after selling 119 shares during the quarter. Principal Financial Group Inc.’s holdings in First Citizens BancShares were worth $3,004,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. LRI Investments LLC acquired a new stake in shares of First Citizens BancShares in the first quarter valued at approximately $33,000. V Square Quantitative Management LLC acquired a new position in First Citizens BancShares during the 2nd quarter worth $35,000. Gradient Investments LLC acquired a new position in shares of First Citizens BancShares during the second quarter valued at $52,000. Blue Trust Inc. raised its stake in shares of First Citizens BancShares by 120.0% during the second quarter. Blue Trust Inc. now owns 66 shares of the bank’s stock valued at $108,000 after purchasing an additional 36 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of First Citizens BancShares by 129.6% during the third quarter. GAMMA Investing LLC now owns 62 shares of the bank’s stock valued at $114,000 after purchasing an additional 35 shares in the last quarter. Institutional investors own 61.18% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Barclays boosted their target price on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Piper Sandler boosted their price objective 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 decreased their target price on 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. lowered their target price on First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. Finally, Keefe, Bruyette & Woods upped their price target on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, First Citizens BancShares currently has a consensus rating of “Moderate Buy” and a consensus target price of $2,025.90.

First Citizens BancShares Stock Up 1.2 %

First Citizens BancShares stock opened at $2,353.08 on Friday. The firm’s 50 day moving average price is $2,005.59 and its two-hundred day moving average price is $1,886.58. The firm has a market cap of $32.92 billion, a PE ratio of 13.44 and a beta of 0.80. First Citizens BancShares, Inc. has a twelve month low of $1,363.97 and a twelve month high of $2,363.90. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Thursday, October 24th. The bank reported $45.87 EPS for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53). The firm had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.36 billion. First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%. During the same quarter last year, the firm earned $55.92 EPS. On average, research analysts predict that First Citizens BancShares, Inc. will post 189.06 EPS for the current fiscal year.

First Citizens BancShares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a $1.95 dividend. The ex-dividend date is Friday, November 29th. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.64. This represents a $7.80 dividend on an annualized basis and a yield of 0.33%. First Citizens BancShares’s dividend payout ratio is currently 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.