PNC Financial Services Group Inc. Lowers Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

PNC Financial Services Group Inc. reduced its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 29.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 615 shares of the bank’s stock after selling 252 shares during the quarter. PNC Financial Services Group Inc.’s holdings in First Citizens BancShares were worth $1,132,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. LRI Investments LLC acquired a new position in shares of First Citizens BancShares in the first quarter worth about $33,000. V Square Quantitative Management LLC purchased a new position in shares of First Citizens BancShares in the 2nd quarter valued at about $35,000. Gradient Investments LLC acquired a new position in First Citizens BancShares in the 2nd quarter worth about $52,000. GAMMA Investing LLC boosted its position in First Citizens BancShares by 129.6% during the third quarter. GAMMA Investing LLC now owns 62 shares of the bank’s stock worth $114,000 after purchasing an additional 35 shares in the last quarter. Finally, Blue Trust Inc. grew its holdings in First Citizens BancShares by 120.0% in 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 during the period. 61.18% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

First Citizens BancShares Stock Performance

FCNCA opened at $2,308.48 on Thursday. First Citizens BancShares, Inc. has a twelve month low of $1,363.97 and a twelve month high of $2,388.78. The firm has a market capitalization of $32.30 billion, a PE ratio of 13.33 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 firm’s 50-day moving average price is $2,033.61 and its 200 day moving average price is $1,901.75.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share for the quarter, missing the consensus estimate of $47.40 by ($1.53). The company had revenue of $2.45 billion for the quarter, compared to analyst estimates 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 earned $55.92 earnings per share. As a group, sell-side analysts expect that First Citizens BancShares, Inc. will post 187.88 EPS for the current fiscal year.

First Citizens BancShares Increases Dividend

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

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.