Sumitomo Mitsui Trust Group Inc. Sells 45,365 Shares of First Citizens BancShares, Inc. $FCNCA

Sumitomo Mitsui Trust Group Inc. lessened its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 70.7% in the 1st quarter, Holdings Channel.com reports. The firm owned 18,839 shares of the bank’s stock after selling 45,365 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in First Citizens BancShares were worth $35,505,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Hilton Head Capital Partners LLC purchased a new stake in First Citizens BancShares during the 4th quarter valued at about $26,000. Harbor Investment Advisory LLC raised its holdings in First Citizens BancShares by 150.0% in the fourth 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 last quarter. Reflection Asset Management bought a new position in shares of First Citizens BancShares in the fourth quarter worth approximately $45,000. Allworth Financial LP lifted its stake in shares of First Citizens BancShares by 21.7% in the third quarter. Allworth Financial LP now owns 28 shares of the bank’s stock worth $51,000 after buying an additional 5 shares in the last quarter. Finally, UMB Bank n.a. grew its holdings in shares of First Citizens BancShares by 50.0% during the fourth quarter. UMB Bank n.a. now owns 24 shares of the bank’s stock valued at $52,000 after buying an additional 8 shares during the last quarter. Institutional investors own 78.01% of the company’s stock.

Insider Buying and Selling at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. acquired 5,940 shares of the stock in a transaction dated Tuesday, May 12th. The shares were purchased at an average price of $1,726.82 per share, for a total transaction of $10,257,310.80. Following the purchase, the chief executive officer directly owned 38,111 shares of the company’s stock, valued at approximately $65,810,837.02. This trade represents a 18.46% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. In the last quarter, insiders have purchased 7,190 shares of company stock valued at $12,573,868. 14.63% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on FCNCA shares. Weiss Ratings raised shares of First Citizens BancShares from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 8th. Citigroup cut First Citizens BancShares from a “neutral” rating to a “market perform” rating in a research report on Thursday. TD Cowen cut their target price on First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating on the stock in a research note on Monday, April 27th. Fundamental Research set a $2,350.00 target price on First Citizens BancShares in a report on Wednesday, July 1st. Finally, Zacks Research upgraded First Citizens BancShares from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, First Citizens BancShares currently has an average rating of “Hold” and an average target price of $2,247.08.

First Citizens BancShares Stock Performance

FCNCA stock opened at $2,106.06 on Tuesday. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.00 and a quick ratio of 1.00. First Citizens BancShares, Inc. has a 1 year low of $1,623.76 and a 1 year high of $2,232.21. The company has a market cap of $24.41 billion, a P/E ratio of 12.11, a price-to-earnings-growth ratio of 1.58 and a beta of 0.62. The stock’s fifty day moving average price is $2,034.17 and its 200-day moving average price is $2,020.98.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share for the quarter, beating analysts’ consensus estimates of $43.31 by $1.55. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.The company had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.20 billion. During the same quarter in the prior year, the company earned $37.79 earnings per share. On average, equities analysts forecast that First Citizens BancShares, Inc. will post 177.18 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 29th were given a dividend of $2.10 per share. The ex-dividend date of this dividend was Friday, May 29th. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. First Citizens BancShares’s dividend payout ratio is presently 4.83%.

First Citizens BancShares Company Profile

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.