Harvest Fund Management Co. Ltd Cuts Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Harvest Fund Management Co. Ltd reduced its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 51.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 57 shares of the bank’s stock after selling 60 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in First Citizens BancShares were worth $105,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in FCNCA. Raymond James & Associates boosted its stake in First Citizens BancShares by 5.1% in the third quarter. Raymond James & Associates now owns 16,826 shares of the bank’s stock valued at $30,976,000 after acquiring an additional 811 shares in the last quarter. Balentine LLC purchased a new stake in shares of First Citizens BancShares during the 3rd quarter valued at $3,564,000. Cetera Investment Advisers boosted its position in shares of First Citizens BancShares by 301.3% in the 1st quarter. Cetera Investment Advisers now owns 1,244 shares of the bank’s stock worth $2,034,000 after purchasing an additional 934 shares in the last quarter. Oliver Luxxe Assets LLC grew its stake in First Citizens BancShares by 22.6% during the 3rd quarter. Oliver Luxxe Assets LLC now owns 2,916 shares of the bank’s stock worth $5,368,000 after buying an additional 537 shares during the last quarter. Finally, Hiddenite Capital Partners LP grew its stake in First Citizens BancShares by 14.1% during the 3rd quarter. Hiddenite Capital Partners LP now owns 3,230 shares of the bank’s stock worth $5,946,000 after buying an additional 400 shares during the last quarter. Institutional investors own 61.18% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on FCNCA shares. Wedbush decreased their price target on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a research note on Friday, October 25th. StockNews.com raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Thursday, November 14th. The Goldman Sachs Group lifted their target price on shares of First Citizens BancShares from $2,025.00 to $2,625.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, JPMorgan Chase & Co. cut their price target on shares of First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating on the stock in a research note on Friday, October 25th. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, First Citizens BancShares currently has an average rating of “Moderate Buy” and a consensus target price of $2,093.40.

First Citizens BancShares Stock Performance

FCNCA opened at $2,308.48 on Thursday. The firm has a 50 day moving average of $2,033.61 and a two-hundred day moving average of $1,901.75. The firm has a market capitalization of $32.30 billion, a PE ratio of 13.23 and a beta of 0.80. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68. First Citizens BancShares, Inc. has a 12-month low of $1,363.97 and a 12-month high of $2,388.78.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $47.40 by ($1.53). First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. The business had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.36 billion. During the same period last year, the business earned $55.92 EPS. On average, analysts anticipate that First Citizens BancShares, Inc. will post 187.88 EPS for the current year.

First Citizens BancShares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be paid a $1.95 dividend. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.64. The ex-dividend date is Friday, November 29th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.34%. First Citizens BancShares’s dividend payout ratio is presently 3.76%.

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.