First Citizens BancShares (NASDAQ:FCNCA) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research lowered shares of First Citizens BancShares (NASDAQ:FCNCA) from a hold rating to a sell rating in a report published on Tuesday morning, Zacks.com reports.

According to Zacks, “First Citizens is a bank holding company engaged in general banking business. The Bank is the fifth largest commercial bank in North Carolina based upon total deposits. Its growth has been generated principally by acquisitions and de novo branching that have occurred under the leadership of the R.P. Holding family. “

Separately, DA Davidson reduced their price target on First Citizens BancShares from $1,020.00 to $1,000.00 and set a buy rating for the company in a research report on Friday, October 1st.

FCNCA opened at $906.02 on Tuesday. The firm has a market cap of $8.89 billion, a price-to-earnings ratio of 16.36 and a beta of 1.14. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.15. First Citizens BancShares has a 12 month low of $571.90 and a 12 month high of $947.71. The stock has a fifty day moving average price of $839.65 and a 200-day moving average price of $837.71.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings results on Tuesday, October 26th. The bank reported $12.17 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $11.73 by $0.44. The firm had revenue of $469.83 million during the quarter, compared to analyst estimates of $459.50 million. First Citizens BancShares had a return on equity of 13.73% and a net margin of 28.21%. During the same period in the previous year, the company posted $14.03 EPS. On average, equities research analysts forecast that First Citizens BancShares will post 38.25 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 30th. Investors of record on Wednesday, November 10th were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 0.21%. The ex-dividend date of this dividend was Tuesday, November 9th. First Citizens BancShares’s dividend payout ratio is currently 3.39%.

A number of large investors have recently made changes to their positions in FCNCA. BlackRock Inc. grew its stake in First Citizens BancShares by 58.0% during the 2nd quarter. BlackRock Inc. now owns 522,689 shares of the bank’s stock valued at $435,264,000 after purchasing an additional 191,773 shares during the last quarter. Egerton Capital UK LLP grew its stake in First Citizens BancShares by 95.2% during the 3rd quarter. Egerton Capital UK LLP now owns 271,253 shares of the bank’s stock valued at $228,712,000 after purchasing an additional 132,283 shares during the last quarter. Invesco Ltd. grew its stake in First Citizens BancShares by 101.3% during the 3rd quarter. Invesco Ltd. now owns 183,252 shares of the bank’s stock valued at $154,513,000 after purchasing an additional 92,205 shares during the last quarter. Vanguard Group Inc. grew its stake in First Citizens BancShares by 14.9% during the 2nd quarter. Vanguard Group Inc. now owns 537,795 shares of the bank’s stock valued at $447,843,000 after purchasing an additional 69,714 shares during the last quarter. Finally, Morgan Stanley grew its stake in First Citizens BancShares by 1,527.1% during the 3rd quarter. Morgan Stanley now owns 37,260 shares of the bank’s stock valued at $31,416,000 after purchasing an additional 34,970 shares during the last quarter. 54.27% of the stock is currently owned by institutional investors.

About First Citizens BancShares

First Citizens BancShares, Inc is a bank holding company, which engages in the provision of retail and commercial banking services through its subsidiary. It operates through the following business lines: Card Holder and Merchant Services, Services Charges on Deposit Accounts, Wealth Management Services, Other Service Charges and Fees, Insurance Commissions, ATM Income, and Other.

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