Harvest Fund Management Co. Ltd Sells 60 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Harvest Fund Management Co. Ltd trimmed its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 51.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 57 shares of the bank’s stock after selling 60 shares during the period. Harvest Fund Management Co. Ltd’s holdings in First Citizens BancShares were worth $105,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. LRI Investments LLC bought a new stake in shares of First Citizens BancShares in the 1st quarter worth about $33,000. V Square Quantitative Management LLC bought a new stake in First Citizens BancShares during the second quarter worth approximately $35,000. Gradient Investments LLC purchased a new stake in First Citizens BancShares during the second quarter valued at approximately $52,000. GAMMA Investing LLC lifted its stake in shares of First Citizens BancShares by 129.6% in the 3rd quarter. GAMMA Investing LLC now owns 62 shares of the bank’s stock valued at $114,000 after purchasing an additional 35 shares during the last quarter. Finally, Blue Trust Inc. boosted its holdings in shares of First Citizens BancShares by 120.0% in the 2nd quarter. Blue Trust Inc. now owns 66 shares of the bank’s stock worth $108,000 after purchasing an additional 36 shares during the period. Institutional investors own 61.18% of the company’s stock.

First Citizens BancShares Price Performance

Shares of FCNCA stock opened at $2,308.48 on Thursday. The company has a market capitalization of $32.30 billion, a P/E ratio of 13.23 and a beta of 0.80. The company’s 50-day simple moving average is $2,033.61 and its two-hundred day simple moving average is $1,901.75. First Citizens BancShares, Inc. has a one year low of $1,363.97 and a one year high of $2,388.78. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings data 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). The firm had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.36 billion. First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. During the same period last year, the company earned $55.92 EPS. As a group, equities analysts anticipate that First Citizens BancShares, Inc. will post 187.88 EPS for the current year.

First Citizens BancShares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be paid a dividend of $1.95 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $7.80 annualized dividend and a dividend yield of 0.34%. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.64. First Citizens BancShares’s dividend payout ratio (DPR) is currently 3.76%.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. JPMorgan Chase & Co. decreased their price target on First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. StockNews.com raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Thursday, November 14th. Wedbush dropped their price target on shares of 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. Finally, The Goldman Sachs Group upped their price target on shares of First Citizens BancShares from $2,025.00 to $2,625.00 and gave the company a “buy” rating in a report on Tuesday. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $2,093.40.

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.