Westfield Capital Management Co. LP Sells 27,598 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Westfield Capital Management Co. LP reduced its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 84.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,016 shares of the bank’s stock after selling 27,598 shares during the period. Westfield Capital Management Co. LP’s holdings in First Citizens BancShares were worth $9,234,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Raymond James & Associates raised its position in shares of First Citizens BancShares by 5.1% in the third quarter. Raymond James & Associates now owns 16,826 shares of the bank’s stock valued at $30,976,000 after buying an additional 811 shares in the last quarter. Balentine LLC acquired a new position in First Citizens BancShares in the 3rd quarter valued at $3,564,000. Cetera Investment Advisers lifted its position in shares of First Citizens BancShares by 301.3% during the 1st quarter. Cetera Investment Advisers now owns 1,244 shares of the bank’s stock valued at $2,034,000 after acquiring an additional 934 shares during the period. Oliver Luxxe Assets LLC lifted its position in shares of First Citizens BancShares by 22.6% during the 3rd 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 grew its holdings in shares of First Citizens BancShares by 14.1% during the 3rd quarter. Hiddenite Capital Partners LP now owns 3,230 shares of the bank’s stock worth $5,946,000 after purchasing an additional 400 shares in the last quarter. 61.18% of the stock is owned by institutional investors and hedge funds.

First Citizens BancShares Stock Up 1.2 %

First Citizens BancShares stock opened at $2,353.08 on Monday. First Citizens BancShares, Inc. has a 1-year low of $1,363.97 and a 1-year high of $2,363.90. The firm has a 50 day simple moving average of $2,016.00 and a 200 day simple moving average of $1,893.32. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68. The firm has a market capitalization of $32.92 billion, a price-to-earnings ratio of 13.48 and a beta of 0.80.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings data on Thursday, October 24th. The bank reported $45.87 EPS for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $2.36 billion. During the same quarter last year, the business posted $55.92 earnings per share. On average, analysts predict that First Citizens BancShares, Inc. will post 187.88 earnings per share for the current year.

First Citizens BancShares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.33%. This is a boost 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 (DPR) is currently 3.76%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Barclays boosted their price objective on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Wedbush decreased their price target on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. StockNews.com upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Thursday, November 14th. Finally, JPMorgan Chase & Co. lowered their price target on shares of First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating for the company in a report on Friday, October 25th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $2,025.90.

About First Citizens BancShares

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.