Cannell & Spears LLC Cuts Stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Cannell & Spears LLC decreased its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 5.1% in the 4th quarter, HoldingsChannel reports. The fund owned 7,275 shares of the bank’s stock after selling 389 shares during the quarter. Cannell & Spears LLC’s holdings in First Citizens BancShares were worth $15,372,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Financial Life Planners purchased a new stake in shares of First Citizens BancShares during the 4th quarter valued at about $33,000. Hemington Wealth Management lifted its stake in shares of First Citizens BancShares by 60.0% in the 4th quarter. Hemington Wealth Management now owns 16 shares of the bank’s stock worth $33,000 after acquiring an additional 6 shares during the period. Duncker Streett & Co. Inc. acquired a new position in First Citizens BancShares during the fourth quarter worth about $36,000. Mather Group LLC. lifted its stake in First Citizens BancShares by 38.5% during the fourth quarter. Mather Group LLC. now owns 18 shares of the bank’s stock valued at $38,000 after purchasing an additional 5 shares during the last quarter. Finally, Asset Planning Inc purchased a new stake in shares of First Citizens BancShares during the fourth quarter valued at $38,000. Institutional investors and hedge funds own 78.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on FCNCA. JPMorgan Chase & Co. lifted their target price on First Citizens BancShares from $2,550.00 to $2,600.00 and gave the company an “overweight” rating in a research note on Tuesday, January 7th. Barclays upped their price target on First Citizens BancShares from $2,456.00 to $2,568.00 and gave the stock an “equal weight” rating in a report on Monday, January 27th. Keefe, Bruyette & Woods upped their target price on First Citizens BancShares from $2,500.00 to $2,600.00 and gave the company an “outperform” rating in a research note on Monday, January 27th. The Goldman Sachs Group cut their target price on First Citizens BancShares from $2,535.00 to $2,200.00 and set a “buy” rating for the company in a research report on Tuesday, March 18th. Finally, Deutsche Bank Aktiengesellschaft started coverage on First Citizens BancShares in a research report on Monday, December 9th. They set a “buy” rating and a $2,600.00 price target on the stock. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $2,288.08.

Insider Buying and Selling

In other news, CFO Craig L. Nix acquired 17 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The stock was bought at an average price of $1,881.13 per share, with a total value of $31,979.21. Following the acquisition, the chief financial officer now owns 1,141 shares in the company, valued at $2,146,369.33. The trade was a 1.51 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 13.40% of the stock is currently owned by corporate insiders.

First Citizens BancShares Price Performance

FCNCA stock opened at $1,835.10 on Monday. The company has a market capitalization of $24.92 billion, a P/E ratio of 9.69, a PEG ratio of 0.94 and a beta of 0.81. First Citizens BancShares, Inc. has a 52-week low of $1,518.00 and a 52-week high of $2,412.93. The company has a fifty day moving average price of $2,025.58 and a 200-day moving average price of $2,055.55. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Friday, January 24th. The bank reported $45.10 earnings per share for the quarter, topping analysts’ consensus estimates of $39.32 by $5.78. First Citizens BancShares had a return on equity of 13.22% and a net margin of 18.55%. As a group, equities analysts expect that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were issued a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date of this dividend was Friday, February 28th. First Citizens BancShares’s dividend payout ratio is currently 4.12%.

First Citizens BancShares Profile

First Citizens BancShares, Inc operates as the holding company for First-Citizens Bank & Trust Company that provides retail and commercial banking services to individuals, businesses, and professionals. The company's deposit products include checking, savings, money market, and time deposit accounts.