National Pension Service Cuts Stake in First Citizens BancShares, Inc. (NASDAQ: FCNCA)

The National Pension Service has reduced its investment in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 12.0% during the third quarter. According to the latest Form 13F filed with the Securities and Exchange Commission, the National Pension Service now holds 19,140 shares after selling 2,611 shares in the quarter. This investment represents approximately 0.13% of First Citizens BancShares and is valued at about $35,236,000.

In addition to the National Pension Service's actions, other significant investors have also been actively buying and selling shares of First Citizens BancShares. For instance, Emerald Advisers LLC acquired a new stake in the company worth $677,000 in the third quarter. Harbor Capital Advisors raised its position by 93.9%, now owning 4,585 shares with a total value of $8,441,000 after purchasing an additional 2,220 shares. Janney Montgomery Scott LLC also increased its holdings by 6.9%, while Emerald Mutual Fund Advisors Trust boosted their position by 5.1%. Moreover, US Bancorp DE increased its stake by 17.0%, owning a total of 654 shares valued at $1,204,000. Overall, institutional investors hold about 61.18% of First Citizens BancShares stock.

Current Trading Performance of First Citizens BancShares

On Thursday, shares of First Citizens BancShares opened at $2,272.62. The stock has seen significant movement over the past year, with a low of $1,363.97 and a high of $2,275.90. Currently, the market capitalization of the company stands at approximately $32.88 billion, with a PE ratio of 13.02. The 50-day and 200-day moving averages are $1,946.57 and $1,848.89, respectively. The company has a debt-to-equity ratio of 1.72, along with quick and current ratios of 1.08.

First Citizens BancShares reported its quarterly earnings on October 24th. The bank posted earnings per share (EPS) of $45.87, which fell short of the consensus estimate of $47.40 by $1.53. The company's revenue for the quarter reached $2.45 billion, surpassing projections of $2.36 billion. The net profit margin stood at 17.36%, with a return on equity of 13.78%. This performance marked a notable decrease from the same quarter last year, where the company registered an EPS of $55.92. Analysts predict that the earnings per share for the fiscal year will be approximately 189.06.

Stock Repurchase Program and Dividend Increase

The board of First Citizens BancShares approved a stock repurchase program on July 25th, allowing the company to buy back up to $3.50 billion of its shares, equivalent to 12.3% of its total stock through open market purchases. Such buyback initiatives often indicate that the company's management views its stock as undervalued.

Additionally, First Citizens BancShares recently declared a quarterly dividend of $1.95 per share, which will be paid on December 16th. Stockholders on record as of November 29th will receive this dividend. This is an increase from the previous dividend of $1.64 and represents an annualized yield of 0.34%. The payout ratio for the company is currently at 4.47%.

Analysts' Views on First Citizens BancShares

Various equity analysts have expressed their opinions concerning the shares of First Citizens BancShares. Wedbush has revised their target price downwards from $2,150.00 to $2,000.00 and rated the stock as “neutral.” StockNews.com downgraded the stock from a “hold” to a “sell” rating. Conversely, Piper Sandler raised their target price to $2,150.00 while maintaining a “neutral” stance. Keefe, Bruyette & Woods adjusted their price objective upward from $2,100.00 to $2,300.00, assigning an “outperform” rating. Lastly, JPMorgan Chase & Co. has decreased their target price to $2,300.00, with an “overweight” rating. Overall, one analyst has given a “sell” rating, four have issued a “hold” rating, and six analysts have projected a “buy” rating, leading to an average hold rating with a price target of $2,025.90.

Company Profile of First Citizens BancShares

First Citizens BancShares, Inc. operates as the holding company for First-Citizens Bank & Trust Company, providing retail and commercial banking services to individual clients, businesses, and professionals. Its deposit products include various accounts such as checking, savings, money market, and time deposit accounts.

Pension, Investment, Stock