American Century Companies Inc. Sells 6,248 Shares of First Citizens BancShares, Inc. $FCNCA

Key Points

• American Century Companies sold 6,248 shares of First Citizens BancShares, trimming its stake by 33.0% to 12,678 shares, valued at about $22.68 million per its recent SEC filing.
• First Citizens posted a quarterly beat with EPS of $51.27 vs. $44.24 expected and revenue of $2.44 billion, and it declared a $2.10 quarterly dividend ($8.40 annualized, 0.4% yield) with an ex-dividend date of Feb. 27.
• Analysts collectively rate the stock a Moderate Buy with an average price target of $2,238.27, amid mixed recent actions (e.g., JPMorgan raised its target to $2,500 while others issued downgrades and upgrades).

American Century Companies Inc. lessened its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 33.0% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 12,678 shares of the bank's stock after selling 6,248 shares during the period. American Century Companies Inc. owned 0.10% of First Citizens BancShares worth $22,683,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. SBI Securities Co. Ltd. purchased a new position in First Citizens BancShares in the 3rd quarter worth approximately $27,000. UMB Bank n.a. lifted its stake in First Citizens BancShares by 100.0% during the third quarter. UMB Bank n.a. now owns 16 shares of the bank's stock worth $29,000 after purchasing an additional 8 shares during the last quarter. Steph & Co. purchased a new position in shares of First Citizens BancShares in the 3rd quarter worth about $32,000. Root Financial Partners LLC bought a new position in shares of First Citizens BancShares during the 3rd quarter valued at about $32,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of First Citizens BancShares by 280.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 19 shares of the bank's stock valued at $34,000 after buying an additional 14 shares in the last quarter. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. JPMorgan Chase & Co. increased their target price on shares of First Citizens BancShares from $2,300.00 to $2,500.00 and gave the company an "overweight" rating in a report on Tuesday, December 16th. Barclays lowered their target price on First Citizens BancShares from $2,456.00 to $2,346.00 and set an "equal weight" rating for the company in a research note on Monday, January 26th. Raymond James Financial raised First Citizens BancShares from an "outperform" rating to a "strong-buy" rating and lifted their price target for the stock from $2,100.00 to $2,200.00 in a research note on Thursday, November 20th. Zacks Research lowered First Citizens BancShares from a "hold" rating to a "strong sell" rating in a research note on Monday, February 16th. Finally, TD Cowen decreased their target price on shares of First Citizens BancShares from $2,600.00 to $2,500.00 and set a "buy" rating on the stock in a research note on Monday, January 26th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $2,238.27.

First Citizens BancShares Stock Performance

Shares of FCNCA opened at $1,907.53 on Tuesday. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a market capitalization of $22.78 billion, a PE ratio of 11.51 and a beta of 0.68. The company has a 50-day simple moving average of $2,073.44 and a two-hundred day simple moving average of $1,957.86. First Citizens BancShares, Inc. has a one year low of $1,473.62 and a one year high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings data on Friday, January 23rd. The bank reported $51.27 earnings per share for the quarter, beating analysts' consensus estimates of $44.24 by $7.03. First Citizens BancShares had a return on equity of 11.18% and a net margin of 15.21%.The company had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.24 billion. On average, analysts anticipate that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Friday, February 27th will be issued a $2.10 dividend. This represents a $8.40 annualized dividend and a yield of 0.4%. The ex-dividend date is Friday, February 27th. First Citizens BancShares's dividend payout ratio (DPR) is presently 5.07%.

About First Citizens BancShares

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.

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