Nordea Investment Management AB Lowers Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Nordea Investment Management AB cut its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 41.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,070 shares of the bank’s stock after selling 2,917 shares during the quarter. Nordea Investment Management AB’s holdings in First Citizens BancShares were worth $8,669,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Raymond James & Associates lifted its stake in shares of First Citizens BancShares by 5.1% in the third quarter. Raymond James & Associates now owns 16,826 shares of the bank’s stock worth $30,976,000 after buying an additional 811 shares in the last quarter. Balentine LLC purchased a new position in shares of First Citizens BancShares in the third quarter worth $3,564,000. Hiddenite Capital Partners LP lifted its holdings in shares of First Citizens BancShares by 14.1% during the third quarter. Hiddenite Capital Partners LP now owns 3,230 shares of the bank’s stock valued at $5,946,000 after purchasing an additional 400 shares in the last quarter. Retireful LLC purchased a new stake in shares of First Citizens BancShares during the third quarter valued at $801,000. Finally, Oliver Luxxe Assets LLC increased its holdings in First Citizens BancShares by 22.6% in the 3rd quarter. Oliver Luxxe Assets LLC now owns 2,916 shares of the bank’s stock worth $5,368,000 after buying an additional 537 shares in the last quarter. Hedge funds and other institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Price Performance

FCNCA stock opened at $2,094.00 on Friday. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. The company has a market capitalization of $29.29 billion, a PE ratio of 12.00 and a beta of 0.86. The company’s fifty day moving average price is $2,155.93 and its 200-day moving average price is $1,996.00. First Citizens BancShares, Inc. has a one year low of $1,363.97 and a one year high of $2,388.78.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53). The business had revenue of $2.45 billion during the quarter, compared to the consensus estimate 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 last year, the firm earned $55.92 earnings per share. On average, equities analysts anticipate that First Citizens BancShares, Inc. will post 188.21 EPS for the current fiscal year.

First Citizens BancShares Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were given a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a dividend yield of 0.37%. The ex-dividend date of this dividend was Friday, November 29th. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.64. First Citizens BancShares’s payout ratio is 4.47%.

Analyst Upgrades and Downgrades

FCNCA has been the topic of a number of research analyst reports. JPMorgan Chase & Co. increased their price objective on shares of First Citizens BancShares from $2,550.00 to $2,600.00 and gave the company an “overweight” rating in a research report on Tuesday. Wedbush cut their price target 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. StockNews.com downgraded shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Wednesday. Barclays lifted their price target on shares of First Citizens BancShares from $2,250.00 to $2,456.00 and gave the stock an “equal weight” rating in a research note on Monday. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on First Citizens BancShares in a report on Monday, December 9th. They issued a “buy” rating and a $2,600.00 target price on the stock. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $2,290.75.

First Citizens BancShares Company Profile

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.