Pitcairn Co. Reduces Stock Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Pitcairn Co. lessened its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 22.2% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 112 shares of the bank’s stock after selling 32 shares during the period. Pitcairn Co.’s holdings in First Citizens BancShares were worth $206,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Cerity Partners LLC raised its position in First Citizens BancShares by 34.0% in the 3rd quarter. Cerity Partners LLC now owns 1,290 shares of the bank’s stock worth $2,375,000 after purchasing an additional 327 shares during the period. Raymond James Trust N.A. grew its stake in shares of First Citizens BancShares by 16.8% during the third quarter. Raymond James Trust N.A. now owns 730 shares of the bank’s stock valued at $1,344,000 after buying an additional 105 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of First Citizens BancShares by 2.9% in 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 during the period. Landscape Capital Management L.L.C. bought a new stake in shares of First Citizens BancShares during the 3rd quarter worth approximately $260,000. Finally, Retireful LLC purchased a new position in First Citizens BancShares during the 3rd quarter valued at $801,000. 61.18% of the stock is currently owned by institutional investors.

First Citizens BancShares Stock Performance

Shares of NASDAQ:FCNCA opened at $2,308.48 on Thursday. The firm has a 50 day moving average of $2,033.61 and a 200 day moving average of $1,901.75. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68. The company has a market capitalization of $32.30 billion, a price-to-earnings ratio of 13.23 and a beta of 0.80. First Citizens BancShares, Inc. has a 52 week low of $1,363.97 and a 52 week high of $2,388.78.

First Citizens BancShares (NASDAQ:FCNCA) last released 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 return on equity of 13.63% and a net margin of 17.36%. The company had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same period in the previous year, the firm posted $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. Shareholders of record on Friday, November 29th will be given a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a dividend yield of 0.34%. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.64. The ex-dividend date of this dividend is Friday, November 29th. First Citizens BancShares’s dividend payout ratio is presently 3.76%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on FCNCA shares. JPMorgan Chase & Co. reduced 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 research note on Friday, October 25th. The Goldman Sachs Group lifted their price objective on shares of First Citizens BancShares from $2,025.00 to $2,625.00 and gave the company a “buy” rating in a report on Tuesday. Wedbush dropped their target price on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a research note on Friday, October 25th. Finally, StockNews.com raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Thursday, November 14th. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $2,093.40.

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.