Cannell & Spears LLC Sells 6,050 Shares of First Citizens BancShares, Inc. $FCNCA

Key Points

• Cannell & Spears reduced its stake in First Citizens by 28.7%, selling 6,050 shares and leaving 15,027 shares valued at $26.886 million (about 0.12% of the company).
• First Citizens beat quarterly estimates (EPS $51.27 vs $44.24 expected; revenue $2.44B vs $2.24B) and declared a quarterly dividend of $2.10 (annualized $8.40, yield 0.5%), ex-dividend Feb 27, payable Mar 16.
• Analysts have a consensus rating of "Moderate Buy" with a $2,238.27 target price, and institutional investors own roughly 78.0% of the shares.

Cannell & Spears LLC decreased its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 28.7% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 15,027 shares of the bank's stock after selling 6,050 shares during the period. Cannell & Spears LLC owned 0.12% of First Citizens BancShares worth $26,886,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in FCNCA. Centiva Capital LP bought a new stake in First Citizens BancShares during the third quarter worth approximately $700,000. Community Bank N.A. raised its position in shares of First Citizens BancShares by 129.2% in the third quarter. Community Bank N.A. now owns 55 shares of the bank's stock valued at $98,000 after purchasing an additional 31 shares during the period. Bank of Nova Scotia raised its position in shares of First Citizens BancShares by 146.4% in the third quarter. Bank of Nova Scotia now owns 271 shares of the bank's stock valued at $485,000 after purchasing an additional 161 shares during the period. Boothbay Fund Management LLC acquired a new stake in shares of First Citizens BancShares in the third quarter worth $292,000. Finally, Aquatic Capital Management LLC acquired a new stake in shares of First Citizens BancShares in the third quarter worth $7,187,000. 78.01% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

FCNCA has been the topic of a number of research analyst reports. Wall Street Zen upgraded shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a research note on Saturday, February 28th. TD Cowen cut their target price on shares of First Citizens BancShares from $2,600.00 to $2,500.00 and set a "buy" rating for the company in a research report on Monday, January 26th. Zacks Research cut shares of First Citizens BancShares from a "hold" rating to a "strong sell" rating in a report on Monday, February 16th. JPMorgan Chase & Co. raised their price target on First Citizens BancShares from $2,300.00 to $2,500.00 and gave the company an "overweight" rating in a research report on Tuesday, December 16th. Finally, Truist Financial lifted their price target on First Citizens BancShares from $2,050.00 to $2,150.00 and gave the stock a "hold" rating in a research report on Monday, January 26th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $2,238.27.

First Citizens BancShares Stock Performance

Shares of NASDAQ FCNCA opened at $1,768.04 on Friday. The firm has a market capitalization of $21.11 billion, a price-to-earnings ratio of 10.67 and a beta of 0.68. First Citizens BancShares, Inc. has a one year low of $1,473.62 and a one year high of $2,232.21. The business has a fifty day simple moving average of $2,048.46 and a 200 day simple moving average of $1,954.01. 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 announced its quarterly earnings results on Friday, January 23rd. The bank reported $51.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $44.24 by $7.03. First Citizens BancShares had a net margin of 15.21% and a return on equity of 11.18%. The firm had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.24 billion. Sell-side analysts expect that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Dividend Announcement

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

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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