AQR Capital Management LLC Decreases Stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

AQR Capital Management LLC cut its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 68.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,366 shares of the bank's stock after selling 11,893 shares during the period. AQR Capital Management LLC's holdings in First Citizens BancShares were worth $11,337,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Sei Investments Co. boosted its holdings in First Citizens BancShares by 69.6% in the fourth quarter. Sei Investments Co. now owns 3,031 shares of the bank's stock valued at $6,404,000 after purchasing an additional 1,244 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of First Citizens BancShares by 6.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 288,960 shares of the bank's stock valued at $531,961,000 after buying an additional 18,501 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of First Citizens BancShares in the 4th quarter valued at $39,739,000. Check Capital Management Inc. CA raised its stake in First Citizens BancShares by 20.0% during the 4th quarter. Check Capital Management Inc. CA now owns 33,599 shares of the bank's stock worth $70,995,000 after acquiring an additional 5,605 shares in the last quarter. Finally, Asset Management One Co. Ltd. lifted its position in First Citizens BancShares by 4.5% in the fourth quarter. Asset Management One Co. Ltd. now owns 3,663 shares of the bank's stock valued at $7,811,000 after acquiring an additional 157 shares during the last quarter. 78.01% of the stock is currently owned by institutional investors and hedge funds.

First Citizens BancShares Stock Performance

Shares of FCNCA stock opened at $1,843.29 on Tuesday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68. First Citizens BancShares, Inc. has a 12-month low of $1,473.62 and a 12-month high of $2,412.93. The company has a market cap of $25.03 billion, a price-to-earnings ratio of 9.73, a price-to-earnings-growth ratio of 0.94 and a beta of 0.64. The stock has a 50 day simple moving average of $1,785.21 and a 200-day simple moving average of $2,014.55.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its earnings results on Thursday, April 24th. The bank reported $37.79 EPS for the quarter, beating analysts' consensus estimates of $37.72 by $0.07. First Citizens BancShares had a return on equity of 13.22% and a net margin of 18.55%. The company had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.22 billion. On average, equities analysts forecast that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 30th will be given a dividend of $1.95 per share. The ex-dividend date is Friday, May 30th. This represents a $7.80 annualized dividend and a yield of 0.42%. First Citizens BancShares's payout ratio is currently 4.47%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on FCNCA. StockNews.com cut First Citizens BancShares from a "hold" rating to a "sell" rating in a research report on Monday, April 28th. The Goldman Sachs Group decreased their price objective on First Citizens BancShares from $2,535.00 to $2,200.00 and set a "buy" rating for the company in a report on Tuesday, March 18th. Keefe, Bruyette & Woods raised their target price on shares of First Citizens BancShares from $2,500.00 to $2,600.00 and gave the stock an "outperform" rating in a research report on Monday, January 27th. Truist Financial upped their price target on shares of First Citizens BancShares from $2,303.00 to $2,384.00 and gave the company a "hold" rating in a research report on Wednesday, January 29th. Finally, Piper Sandler raised shares of First Citizens BancShares from a "neutral" rating to an "overweight" rating and set a $2,250.00 price objective on the stock in a research report on Tuesday, March 11th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, First Citizens BancShares presently has a consensus rating of "Moderate Buy" and a consensus price target of $2,330.82.

Insider Buying and Selling at First Citizens BancShares

In other First Citizens BancShares news, CFO Craig L. Nix acquired 17 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The shares were acquired at an average cost of $1,881.13 per share, for a total transaction of $31,979.21. Following the transaction, the chief financial officer now directly owns 1,141 shares of the company's stock, valued at approximately $2,146,369.33. This represents a 1.51 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 13.40% of the stock is currently owned by corporate insiders.

First Citizens BancShares Company 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.

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