Resona Asset Management Co. Ltd. Sells 518 Shares of First Citizens BancShares, Inc. $FCNCA

Key Points

• Resona Asset Management reduced its stake in First Citizens BancShares by 17.1% in the fourth quarter, selling 518 shares and leaving it with 2,515 shares valued at about $5.4 million.
• Analyst sentiment has softened: Deutsche Bank downgraded the stock to hold, JPMorgan and Barclays trimmed price targets, and Wall Street Zen cut it to sell. The overall consensus rating is still Hold with a $2,215.91 target.
• First Citizens BancShares reported strong quarterly earnings of $44.86 per share, beating estimates, and declared a quarterly dividend of $2.10 per share payable June 15. CEO Frank B. Holding Jr. also sold 5,346 shares in May.

Resona Asset Management Co. Ltd. decreased its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 17.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,515 shares of the bank's stock after selling 518 shares during the period. Resona Asset Management Co. Ltd.'s holdings in First Citizens BancShares were worth $5,404,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. bought a new position in First Citizens BancShares during the 3rd quarter worth $27,000. Harbor Investment Advisory LLC increased its position in First Citizens BancShares by 150.0% during the 4th quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank's stock worth $32,000 after buying an additional 9 shares during the period. UMB Bank n.a. increased its position in First Citizens BancShares by 100.0% during the 3rd quarter. UMB Bank n.a. now owns 16 shares of the bank's stock worth $29,000 after buying an additional 8 shares during the period. Root Financial Partners LLC bought a new position in First Citizens BancShares during the 3rd quarter worth $32,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in First Citizens BancShares by 280.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 19 shares of the bank's stock worth $34,000 after buying an additional 14 shares during the period. Institutional investors own 78.01% of the company's stock.

Analyst Ratings Changes

FCNCA has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft cut First Citizens BancShares from a "buy" rating to a "hold" rating and set a $2,154.00 price objective on the stock. in a research report on Wednesday, April 8th. JPMorgan Chase & Co. lowered their price objective on First Citizens BancShares from $2,200.00 to $2,150.00 and set a "neutral" rating on the stock in a research report on Friday, April 24th. Barclays lowered their price objective on First Citizens BancShares from $2,456.00 to $2,346.00 and set an "equal weight" rating on the stock in a research report on Monday, January 26th. Wall Street Zen cut First Citizens BancShares from a "hold" rating to a "sell" rating in a research report on Saturday, May 16th. Finally, Keefe, Bruyette & Woods lowered their price objective on First Citizens BancShares from $2,375.00 to $2,300.00 and set an "outperform" rating on the stock in a research report on Thursday, April 9th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $2,215.91.

First Citizens BancShares Stock Performance

FCNCA opened at $1,991.55 on Friday. The firm has a market cap of $23.08 billion, a P/E ratio of 11.45, a price-to-earnings-growth ratio of 1.52 and a beta of 0.63. First Citizens BancShares, Inc. has a 52-week low of $1,623.76 and a 52-week high of $2,232.21. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.00 and a current ratio of 1.00. The business's fifty day moving average is $1,928.22 and its 200-day moving average is $1,985.72.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $43.31 by $1.55. The company had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.20 billion. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.During the same period in the prior year, the firm posted $37.79 EPS. Sell-side analysts expect that First Citizens BancShares, Inc. will post 177.84 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, May 29th will be issued a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Friday, May 29th. First Citizens BancShares's dividend payout ratio is 4.83%.

Insider Activity

In other news, CEO Frank B. Holding, Jr. sold 5,346 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $1,918.69, for a total transaction of $10,257,316.74. Following the sale, the chief executive officer directly owned 100,654 shares of the company's stock, valued at approximately $193,123,823.26. This represents a 5.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders acquired 6,198 shares of company stock worth $10,661,547. Corporate insiders own 14.63% of the company's stock.

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.

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