Hotchkis & Wiley Capital Management LLC Lowers Stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Hotchkis & Wiley Capital Management LLC lessened its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 18.7% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 43,493 shares of the bank’s stock after selling 10,019 shares during the quarter. Hotchkis & Wiley Capital Management LLC’s holdings in First Citizens BancShares were worth $80,068,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. Raymond James & Associates lifted its position in shares of First Citizens BancShares by 5.1% during the third quarter. Raymond James & Associates now owns 16,826 shares of the bank’s stock worth $30,976,000 after purchasing an additional 811 shares in the last quarter. Balentine LLC bought a new position in First Citizens BancShares during the third quarter valued at about $3,564,000. Cetera Investment Advisers grew its position in 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 during the last quarter. Oliver Luxxe Assets LLC lifted its holdings in shares of First Citizens BancShares by 22.6% during the third quarter. Oliver Luxxe Assets LLC now owns 2,916 shares of the bank’s stock valued at $5,368,000 after acquiring an additional 537 shares during the period. Finally, Hiddenite Capital Partners LP raised its position in shares of First Citizens BancShares by 14.1% during the third quarter. Hiddenite Capital Partners LP now owns 3,230 shares of the bank’s stock worth $5,946,000 after acquiring an additional 400 shares during the last quarter. Hedge funds and other institutional investors own 61.18% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. StockNews.com upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Thursday, November 14th. JPMorgan Chase & Co. dropped their price objective on First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating for the company in a research note on Friday, October 25th. The Goldman Sachs Group raised 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 report on Tuesday, November 26th. Finally, Wedbush reduced their price objective on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a research report on Friday, October 25th. Five analysts have rated the stock with a hold rating and six have given 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 Stock Performance

FCNCA opened at $2,223.21 on Tuesday. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68. The firm’s fifty day simple moving average is $2,061.12 and its two-hundred day simple moving average is $1,917.06. First Citizens BancShares, Inc. has a 52-week low of $1,363.97 and a 52-week high of $2,388.78. The company has a market cap of $31.10 billion, a price-to-earnings ratio of 12.74 and a beta of 0.83.

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

First Citizens BancShares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be given a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a yield of 0.35%. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.64. The ex-dividend date of this dividend is Friday, November 29th. First Citizens BancShares’s dividend payout ratio is presently 4.47%.

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.