Brown Brothers Harriman & Co. Trims Position in First Citizens BancShares, Inc. $FCNCA

Key Points

• Brown Brothers Harriman & Co. trimmed its stake in First Citizens BancShares by 8.5% in Q3, selling 985 shares to hold 10,620 shares worth about $19.0 million (roughly 0.08% of the company) at quarter-end.
• First Citizens reported a quarterly earnings beat with $51.27 EPS vs. $44.24 est. and revenue of $2.44 billion vs. $2.24 billion expected, and announced a quarterly dividend of $2.10 per share (annualized $8.40, yield ~0.5%; ex-dividend Feb 27, pay Mar 16).
• Institutional investors own about 78.01% of the stock; analysts have a consensus "Moderate Buy" with an average price target of $2,238.27 while the stock recently opened near $1,768.04 (down ~3%), market cap ~$21.11B and P/E ~10.7.

Brown Brothers Harriman & Co. cut its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 8.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,620 shares of the bank's stock after selling 985 shares during the period. Brown Brothers Harriman & Co. owned approximately 0.08% of First Citizens BancShares worth $19,001,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Citigroup Inc. lifted its stake in First Citizens BancShares by 23.4% during the 3rd quarter. Citigroup Inc. now owns 16,938 shares of the bank's stock worth $30,305,000 after acquiring an additional 3,215 shares in the last quarter. AlphaQuest LLC grew its position in First Citizens BancShares by 577.7% in the 3rd quarter. AlphaQuest LLC now owns 759 shares of the bank's stock valued at $1,358,000 after acquiring an additional 647 shares in the last quarter. Founders Financial Alliance LLC grew its position in First Citizens BancShares by 484.7% in the 3rd quarter. Founders Financial Alliance LLC now owns 1,532 shares of the bank's stock valued at $2,742,000 after acquiring an additional 1,270 shares in the last quarter. AdvisorShares Investments LLC purchased a new stake in First Citizens BancShares during the third quarter worth about $415,000. Finally, Thrivent Financial for Lutherans lifted its position in shares of First Citizens BancShares by 8.9% during the third quarter. Thrivent Financial for Lutherans now owns 43,787 shares of the bank's stock worth $78,341,000 after purchasing an additional 3,587 shares in the last quarter. Institutional investors and hedge funds own 78.01% of the company's stock.

First Citizens BancShares Trading Down 3.0%

Shares of NASDAQ:FCNCA opened at $1,768.04 on Friday. First Citizens BancShares, Inc. has a 52 week low of $1,473.62 and a 52 week high of $2,232.21. The company's 50 day moving average is $2,048.46 and its two-hundred day moving average is $1,954.32. The company has a market cap of $21.11 billion, a PE ratio of 10.67 and a beta of 0.68. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.72.

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

First Citizens BancShares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Friday, February 27th will be given a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend is Friday, February 27th. First Citizens BancShares's dividend payout ratio (DPR) is 5.07%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on FCNCA shares. Raymond James Financial raised shares of First Citizens BancShares from an "outperform" rating to a "strong-buy" rating and raised their price objective for the company from $2,100.00 to $2,200.00 in a research note on Thursday, November 20th. Piper Sandler increased their target price on shares of First Citizens BancShares from $2,000.00 to $2,100.00 and gave the stock a "neutral" rating in a report on Thursday, January 29th. Truist Financial raised their price target on shares of First Citizens BancShares from $2,050.00 to $2,150.00 and gave the company a "hold" rating in a research report on Monday, January 26th. Zacks Research downgraded shares of First Citizens BancShares from a "hold" rating to a "strong sell" rating in a research note on Monday, February 16th. Finally, The Goldman Sachs Group cut First Citizens BancShares from a "buy" rating to a "hold" rating and set a $2,300.00 price objective on the stock. in a research note on Tuesday, January 6th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, First Citizens BancShares has a consensus rating of "Moderate Buy" and an average price target of $2,238.27.

First Citizens BancShares Profile

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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