First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Sold by Mn Services Vermogensbeheer B.V.

On November 7, 2024, it was reported that Mn Services Vermogensbeheer B.V. has reduced its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 2.5% during the third quarter, according to their latest 13F filing with the SEC. Following this adjustment, the firm owns 3,900 shares of the bank's stock, having sold 100 shares during this period. As of the most recent filing, Mn Services Vermogensbeheer B.V.'s holdings in First Citizens BancShares are valued at approximately $7,180,000.

Several other institutional investors have also changed their positions regarding First Citizens BancShares. For instance, ORG Partners LLC has acquired a new stake in the bank valued at $29,000 in the first quarter. Additionally, LRI Investments LLC purchased shares worth about $33,000 during the same quarter. In the second quarter, V Square Quantitative Management LLC made a new investment valued at $35,000, while Gradient Investments LLC acquired a stake worth approximately $52,000. Blue Trust Inc. significantly increased its holdings by 120% during the second quarter, now owning 66 shares valued at $108,000 after buying an additional 36 shares. Overall, institutional investors command 61.18% of the company’s stock.

First Citizens BancShares Trading Performance

As of Thursday, First Citizens BancShares stock opened at $2,272.62. The company has a market capitalization of $32.88 billion, a price-to-earnings ratio of 13.02, and a beta of 0.80. In the past year, the stock has seen a low of $1,363.97 and a high of $2,275.90. The 50-day moving average price stands at $1,946.57, while the 200-day moving average is $1,848.89. The bank's debt-to-equity ratio is 1.72, with both a quick ratio and a current ratio of 1.08.

On October 24, First Citizens BancShares announced its earnings for the last quarter, reporting earnings per share (EPS) of $45.87. This figure fell short of analysts' expectations, which had forecasted an EPS of $47.40, reflecting a miss of $1.53. The bank recorded a return on equity of 13.78% and a net margin of 17.36%. Revenue for the quarter reached $2.45 billion, surpassing the anticipated $2.36 billion. In the same quarter the previous year, the firm reported an EPS of $55.92. Analysts predict that First Citizens BancShares, Inc. will report an EPS of approximately 189.06 for the current fiscal year.

The company also announced a stock buyback program on July 25, allowing for the repurchase of up to $3.50 billion in shares, which represents approximately 12.3% of its total shares. Such buyback programs are typically a sign that company management believes the stock is undervalued.

Change in Dividend Announced

First Citizens BancShares has declared a quarterly dividend that is set to be paid on December 16. Stockholders who are on record by November 29 will receive a dividend of $1.95, which marks an increase from the previous dividend of $1.64. This dividend amounts to an annualized rate of $7.80, resulting in a dividend yield of 0.34%. The ex-dividend date for this payment is November 29, and the company has a dividend payout ratio (DPR) of 4.47%.

Analysts Predictions on Stock Growth

Several analysts have recently issued reports regarding FCNCA shares. Following the earnings announcement, JPMorgan Chase & Co. adjusted their price target from $2,550.00 to $2,300.00 while maintaining an "overweight" rating. Barclays raised their target price from $1,950.00 to $2,250.00, giving the bank an "equal weight" rating. Piper Sandler similarly increased their price objective from $1,950.00 to $2,150.00, assigning a "neutral" rating. Keefe, Bruyette & Woods lifted their target price from $2,100.00 to $2,300.00 with an "outperform" rating. Lastly, Wedbush reduced their target price from $2,150.00 to $2,000.00 while maintaining a "neutral" rating. Current data indicates that one analyst has recommended selling the stock, four have given it a hold rating, and six have issued buy ratings. The consensus rating for First Citizens BancShares stands at an average rating of "Hold" with a target price of $2,025.90.

Company Overview

First Citizens BancShares, Inc. operates as the holding company for First-Citizens Bank & Trust Company, which offers both retail and commercial banking services. Their range of deposit products includes checking, savings, money market accounts, and time deposits.

Banking, Investment, Stock