Coatue Management LLC Has $361.87 Million Stock Position in First Citizens BancShares, Inc. $FCNCA

Key Points

• Coatue Management LLC trimmed its stake in First Citizens BancShares by 4.1% in Q3 and now holds 202,258 shares worth $361.87 million, representing 1.63% of the company and about 0.9% of Coatue’s portfolio (its 27th-largest holding).
• First Citizens beat quarterly estimates with EPS $51.27 (vs. $44.24 est.) and revenue of $2.44B, and declared a quarterly dividend of $2.10 ($8.40 annualized, roughly 0.5% yield).
• Analyst sentiment is mixed — the consensus is a Moderate Buy with an average price target of $2,238.27, while firms including Goldman Sachs downgraded to hold and Zacks rated the stock a strong sell.

Coatue Management LLC lowered its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 4.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 202,258 shares of the bank's stock after selling 8,749 shares during the quarter. First Citizens BancShares comprises approximately 0.9% of Coatue Management LLC's investment portfolio, making the stock its 27th biggest holding. Coatue Management LLC owned 1.63% of First Citizens BancShares worth $361,872,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. JPMorgan Chase & Co. raised its holdings in shares of First Citizens BancShares by 4.4% during the third quarter. JPMorgan Chase & Co. now owns 435,278 shares of the bank's stock worth $778,785,000 after acquiring an additional 18,190 shares during the period. Norges Bank acquired a new position in First Citizens BancShares in the 2nd quarter worth $177,604,000. Alliancebernstein L.P. boosted its stake in First Citizens BancShares by 16.3% in the 3rd quarter. Alliancebernstein L.P. now owns 78,310 shares of the bank's stock worth $140,109,000 after purchasing an additional 10,948 shares during the period. Reinhart Partners LLC. increased its holdings in First Citizens BancShares by 1.4% during the 3rd quarter. Reinhart Partners LLC. now owns 70,248 shares of the bank's stock worth $125,715,000 after purchasing an additional 969 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in First Citizens BancShares by 2.2% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 66,276 shares of the bank's stock worth $118,578,000 after purchasing an additional 1,450 shares in the last quarter. Institutional investors and hedge funds own 78.01% of the company's stock.

Analyst Upgrades and Downgrades

FCNCA has been the topic of a number of research reports. The Goldman Sachs Group lowered First Citizens BancShares from a "buy" rating to a "hold" rating and set a $2,300.00 price target on the stock. in a report on Tuesday, January 6th. Wall Street Zen upgraded First Citizens BancShares from a "sell" rating to a "hold" rating in a report on Saturday, February 28th. Piper Sandler lifted their target price on First Citizens BancShares from $2,000.00 to $2,100.00 and gave the company a "neutral" rating in a research report on Thursday, January 29th. Zacks Research cut First Citizens BancShares from a "hold" rating to a "strong sell" rating in a research note on Monday, February 16th. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of First Citizens BancShares in a research report on Monday, December 29th. One equities research 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 given a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $2,238.27.

First Citizens BancShares Stock Down 3.0%

Shares of FCNCA stock opened at $1,768.04 on Friday. The firm's fifty day moving average price is $2,048.46 and its two-hundred day moving average price is $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, Inc. has a 1 year low of $1,473.62 and a 1 year high of $2,232.21. The firm has a market capitalization of $21.11 billion, a P/E ratio of 10.67 and a beta of 0.68.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings data on Friday, January 23rd. The bank reported $51.27 EPS for the quarter, topping analysts' consensus estimates of $44.24 by $7.03. The company 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%. On average, equities analysts predict that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The business 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 dividend of $2.10 per share. The ex-dividend date of this dividend is Friday, February 27th. This represents a $8.40 annualized dividend and a yield of 0.5%. First Citizens BancShares's dividend payout ratio is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.