Sumitomo Mitsui Trust Group Inc. Sells 2,072 Shares of First Citizens BancShares, Inc. $FCNCA

Sumitomo Mitsui Trust Group Inc. cut its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 3.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 64,204 shares of the bank’s stock after selling 2,072 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in First Citizens BancShares were worth $137,793,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. SBI Securities Co. Ltd. bought a new stake in shares of First Citizens BancShares in the third quarter valued at $27,000. Harbor Investment Advisory LLC raised its stake in shares of First Citizens BancShares by 150.0% in the fourth quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank’s stock valued at $32,000 after buying an additional 9 shares during the period. UMB Bank n.a. raised its stake in shares of First Citizens BancShares by 100.0% in the third quarter. UMB Bank n.a. now owns 16 shares of the bank’s stock valued at $29,000 after buying an additional 8 shares during the period. Steph & Co. bought a new stake in shares of First Citizens BancShares in the third quarter valued at $32,000. Finally, Root Financial Partners LLC bought a new stake in shares of First Citizens BancShares in the third quarter valued at $32,000. 78.01% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FCNCA has been the topic of several research reports. UBS Group set a $2,325.00 target price on First Citizens BancShares in a research note on Wednesday, February 4th. Piper Sandler boosted 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 note on Thursday, January 29th. Keefe, Bruyette & Woods lowered their target price on First Citizens BancShares from $2,375.00 to $2,300.00 and set an “outperform” rating on the stock in a research note on Thursday, April 9th. Zacks Research upgraded First Citizens BancShares from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of First Citizens BancShares in a research note on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $2,227.08.

First Citizens BancShares Stock Performance

NASDAQ:FCNCA opened at $2,000.81 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 $1,623.76 and a 52-week high of $2,232.21. The firm has a market cap of $23.88 billion, a price-to-earnings ratio of 12.07, a PEG ratio of 1.48 and a beta of 0.65. The business’s fifty day moving average is $1,946.73 and its 200 day moving average is $1,946.63.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings data on Friday, January 23rd. The bank reported $51.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $44.24 by $7.03. The company had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.24 billion. First Citizens BancShares had a return on equity of 11.18% and a net margin of 15.21%. Research analysts predict that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Friday, February 27th were paid a $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Friday, February 27th. First Citizens BancShares’s dividend payout ratio is currently 5.07%.

Insiders Place Their Bets

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 134 shares of the firm’s stock in a transaction on Friday, March 13th. The shares were acquired at an average cost of $1,550.00 per share, for a total transaction of $207,700.00. Following the purchase, the chief executive officer directly owned 2,749 shares of the company’s stock, valued at $4,260,950. The trade was a 5.12% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders bought 258 shares of company stock valued at $404,236. 14.63% of the stock is owned by corporate insiders.

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.