Citizens Financial Group Inc. RI Sells 11,115 Shares of First Citizens BancShares, Inc. $FCNCA

Key Points

• Citizens Financial Group sharply reduced its FCNCA stake by 98.9%, selling 11,115 shares and retaining just 123 shares valued at approximately $253,000. Institutional investors collectively own 78.01% of First Citizens BancShares.
• First Citizens reported quarterly EPS of $55.37, beating estimates by $9.19, while revenue reached $2.27 billion. The bank also raised its quarterly dividend to $2.25 per share and authorized a $1.2 billion share-repurchase program.
• Wall Street remains cautious, with a consensus “Hold” rating and an average price target of $2,355.31; most analysts maintain neutral or equal-weight views on the stock.

Citizens Financial Group Inc. RI reduced its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 98.9% during the third quarter, according to its most recent filing with the SEC. The fund owned 123 shares of the bank's stock after selling 11,115 shares during the quarter. Citizens Financial Group Inc. RI's holdings in First Citizens BancShares were worth $253,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Integrated Wealth Concepts LLC bought a new stake in shares of First Citizens BancShares in the 2nd quarter worth approximately $31,000. Jones Financial Companies Lllp bought a new position in First Citizens BancShares during the second quarter valued at $42,000. Global Assets Advisory LLC purchased a new stake in First Citizens BancShares in the first quarter worth $45,000. Paladin Partners LLC bought a new position in shares of First Citizens BancShares during the 2nd quarter worth $79,000. Finally, Root Financial Partners LLC bought a new position in shares of First Citizens BancShares during the 3rd quarter worth $80,000. 78.01% of the stock is owned by hedge funds and other institutional investors.

First Citizens BancShares Stock Performance

NASDAQ FCNCA opened at $2,352.64 on Monday. First Citizens BancShares, Inc. has a 12 month low of $1,759.27 and a 12 month high of $2,429.96. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.59. The stock's fifty day moving average price is $2,150.18 and its 200-day moving average price is $2,064.76. The stock has a market cap of $26.57 billion, a P/E ratio of 12.05, a P/E/G ratio of 1.22 and a beta of 0.58.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings results on Friday, October 23rd. The bank reported $55.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $46.18 by $9.19. The firm had revenue of $2.27 billion for the quarter, compared to the consensus estimate of $2.23 billion. First Citizens BancShares had a return on equity of 12.49% and a net margin of 16.54%. As a group, equities analysts forecast that First Citizens BancShares, Inc. will post 201.38 EPS for the current fiscal year.

First Citizens BancShares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Monday, November 30th will be given a dividend of $2.25 per share. This represents a $9.00 annualized dividend and a yield of 0.4%. This is a boost from First Citizens BancShares's previous quarterly dividend of $2.10. The ex-dividend date is Monday, November 30th. First Citizens BancShares's dividend payout ratio (DPR) is presently 4.61%.

First Citizens BancShares announced that its Board of Directors has authorized a stock buyback plan on Friday, October 23rd that permits the company to buy back $1.20 billion in outstanding shares. This repurchase authorization permits the bank to buy up to 4.5% of its shares through open market purchases. Share repurchase plans are often an indication that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research firms have weighed in on FCNCA. Jefferies Financial Group restated a "hold" rating and set a $2,550.00 price target on shares of First Citizens BancShares in a research report on Friday, October 23rd. Barclays increased their price objective on First Citizens BancShares from $2,376.00 to $2,650.00 and gave the company an "equal weight" rating in a research report on Monday, October 26th. Citigroup restated a "neutral" rating on shares of First Citizens BancShares in a research report on Thursday, October 1st. The Goldman Sachs Group increased their price target on shares of First Citizens BancShares from $2,100.00 to $2,340.00 and gave the company a "neutral" rating in a research report on Tuesday, July 7th. Finally, UBS Group reiterated a "neutral" rating and set a $2,475.00 price target on shares of First Citizens BancShares in a research report on Monday, October 26th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, First Citizens BancShares presently has a consensus rating of "Hold" and a consensus price target of $2,355.31.

Insider Activity

In related news, major shareholder Olivia Britton Holding sold 7,000 shares of First Citizens BancShares stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $19.53, for a total transaction of $136,710.00. Following the transaction, the insider owned 15,000 shares in the company, valued at approximately $292,950. The trade was a 31.82% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Diane Morais purchased 50 shares of the company's stock in a transaction on Wednesday, August 19th. The stock was acquired at an average price of $2,168.11 per share, with a total value of $108,405.50. Following the completion of the purchase, the director directly owned 100 shares in the company, valued at $216,811. This trade represents a 100.00% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 14.63% of the company's stock.

First Citizens BancShares Profile

First Citizens BancShares, Inc is a bank holding company headquartered in Raleigh, North Carolina. Its principal subsidiary, First-Citizens Bank & Trust Company, provides banking and financial services to individuals, businesses, and institutions through a network of branches and digital banking channels.

The bank offers deposit accounts, consumer and residential lending, commercial and industrial loans, commercial real estate financing, equipment finance, treasury management, and payment services.

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