First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Sold by Armor Advisors L.L.C.

Armor Advisors L.L.C. cut its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 60.6% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,284 shares of the bank's stock after selling 3,515 shares during the period. First Citizens BancShares makes up approximately 5.0% of Armor Advisors L.L.C.'s investment portfolio, making the stock its 7th largest position. Armor Advisors L.L.C.'s holdings in First Citizens BancShares were worth $4,826,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. JPMorgan Chase & Co. grew its position in First Citizens BancShares by 35.7% in the fourth quarter. JPMorgan Chase & Co. now owns 392,097 shares of the bank's stock valued at $828,510,000 after acquiring an additional 103,137 shares during the last quarter. FMR LLC raised its position in First Citizens BancShares by 10.5% during the 4th quarter. FMR LLC now owns 357,629 shares of the bank's stock worth $755,677,000 after purchasing an additional 34,097 shares during the last quarter. Capital International Investors increased its position in First Citizens BancShares by 78.2% during the 4th quarter. Capital International Investors now owns 172,723 shares of the bank's stock valued at $364,967,000 after purchasing an additional 75,785 shares during the period. Norges Bank bought a new position in First Citizens BancShares during the fourth quarter worth $298,426,000. Finally, Northern Trust Corp lifted its stake in shares of First Citizens BancShares by 16.9% in the 4th quarter. Northern Trust Corp now owns 76,739 shares of the bank's stock valued at $162,151,000 after purchasing an additional 11,122 shares during the period. 78.01% of the stock is owned by institutional investors.

Insider Activity at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. acquired 350 shares of the firm's stock in a transaction dated Friday, May 2nd. The shares were purchased at an average price of $1,610.00 per share, with a total value of $563,500.00. Following the completion of the purchase, the chief executive officer now directly owns 2,758 shares of the company's stock, valued at $4,440,380. This represents a 14.53 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Craig L. Nix bought 17 shares of the firm's stock in a transaction on Friday, March 7th. The shares were purchased at an average price of $1,881.13 per share, for a total transaction of $31,979.21. Following the purchase, the chief financial officer now owns 1,141 shares in the company, valued at $2,146,369.33. This trade represents a 1.51 % increase in their position. The disclosure for this purchase can be found here. 13.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

FCNCA has been the subject of a number of research reports. JPMorgan Chase & Co. raised their price objective on First Citizens BancShares from $2,550.00 to $2,600.00 and gave the company an "overweight" rating in a research note on Tuesday, January 7th. Piper Sandler upgraded shares of First Citizens BancShares from a "neutral" rating to an "overweight" rating and set a $2,250.00 price target on the stock in a research note on Tuesday, March 11th. The Goldman Sachs Group decreased their price target on First Citizens BancShares from $2,535.00 to $2,200.00 and set a "buy" rating on the stock in a research report on Tuesday, March 18th. Truist Financial upped their target price on First Citizens BancShares from $2,303.00 to $2,384.00 and gave the stock a "hold" rating in a research note on Wednesday, January 29th. Finally, Barclays cut their target price on shares of First Citizens BancShares from $2,568.00 to $2,400.00 and set an "equal weight" rating for the company in a research report on Friday, April 25th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $2,330.82.

First Citizens BancShares Stock Down 3.5 %

First Citizens BancShares stock traded down $65.25 on Tuesday, hitting $1,778.04. 211,358 shares of the stock traded hands, compared to its average volume of 89,246. First Citizens BancShares, Inc. has a 1 year low of $1,473.62 and a 1 year high of $2,412.93. The firm has a market cap of $24.14 billion, a P/E ratio of 9.39, a price-to-earnings-growth ratio of 0.94 and a beta of 0.64. 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 business's fifty day simple moving average is $1,780.06 and its 200 day simple moving average is $2,012.91.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The bank reported $37.79 earnings per share for the quarter, topping the consensus estimate of $37.72 by $0.07. The company had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.22 billion. First Citizens BancShares had a return on equity of 13.22% and a net margin of 18.55%. As a group, sell-side analysts forecast that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be paid a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date of this dividend is Friday, May 30th. First Citizens BancShares's payout ratio is 4.47%.

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.