Maltese Capital Management LLC Sells 2,085 Shares of First Citizens BancShares, Inc. $FCNCA

Key Points

• Maltese Capital Management LLC cut its position in First Citizens BancShares by 24.2%, selling 2,085 shares in Q3 to leave 6,515 shares—about 1.8% of Maltese's portfolio and a 0.05% stake in FCNCA valued at roughly $11.66M per the latest 13F filing.
• First Citizens topped expectations with quarterly EPS of $51.27 versus $44.24 forecast and revenue of $2.44B versus $2.24B, and the company has a market cap of about $21.09B and a P/E of 10.66.
• The bank paid a quarterly dividend of $2.10 (annualized $8.40, yield ~0.5%), and analysts hold a "Moderate Buy" consensus with a consensus target near $2,238.27.

Maltese Capital Management LLC lowered its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 24.2% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 6,515 shares of the bank's stock after selling 2,085 shares during the quarter. First Citizens BancShares comprises approximately 1.8% of Maltese Capital Management LLC's investment portfolio, making the stock its 15th biggest holding. Maltese Capital Management LLC owned 0.05% of First Citizens BancShares worth $11,656,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. bought a new stake in shares of First Citizens BancShares in the third quarter valued at about $27,000. UMB Bank n.a. lifted its stake in First Citizens BancShares by 100.0% in the 3rd quarter. UMB Bank n.a. now owns 16 shares of the bank's stock valued at $29,000 after acquiring an additional 8 shares in the last quarter. MAI Capital Management boosted its position in First Citizens BancShares by 500.0% during the 2nd quarter. MAI Capital Management now owns 18 shares of the bank's stock worth $35,000 after acquiring an additional 15 shares during the last quarter. Steph & Co. acquired a new stake in shares of First Citizens BancShares in the third quarter valued at approximately $32,000. Finally, Root Financial Partners LLC bought a new stake in shares of First Citizens BancShares in the third quarter worth $32,000. 78.01% of the stock is owned by institutional investors and hedge funds.

First Citizens BancShares Trading Down 0.1%

Shares of FCNCA opened at $1,766.01 on Tuesday. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.03 and a current ratio of 1.03. First Citizens BancShares, Inc. has a 52-week low of $1,473.62 and a 52-week high of $2,232.21. The firm has a market cap of $21.09 billion, a price-to-earnings ratio of 10.66 and a beta of 0.68. The business's fifty day moving average is $2,040.13 and its 200-day moving average is $1,951.78.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted 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 analysts' expectations of $2.24 billion. First Citizens BancShares had a net margin of 15.21% and a return on equity of 11.18%. Equities analysts anticipate that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Friday, February 27th were paid a $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Friday, February 27th. First Citizens BancShares's dividend payout ratio is presently 5.07%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on FCNCA shares. 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. Truist Financial lifted their price objective 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. Raymond James Financial upgraded 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 report on Thursday, November 20th. The Goldman Sachs Group downgraded shares of First Citizens BancShares from a "buy" rating to a "hold" rating and set a $2,300.00 price objective on the stock. in a report on Tuesday, January 6th. Finally, JPMorgan Chase & Co. increased their target price on shares of First Citizens BancShares from $2,300.00 to $2,500.00 and gave the stock an "overweight" rating in a research report on Tuesday, December 16th. One 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 issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $2,238.27.

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.

Want to see what other hedge funds are holding FCNCA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report).

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.