Balyasny Asset Management L.P. Has $611,000 Stock Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Balyasny Asset Management L.P. trimmed its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 68.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 289 shares of the bank's stock after selling 636 shares during the quarter. Balyasny Asset Management L.P.'s holdings in First Citizens BancShares were worth $611,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank bought a new position in First Citizens BancShares during the fourth quarter valued at approximately $298,426,000. JPMorgan Chase & Co. raised its position in First Citizens BancShares by 35.7% during 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 in the last quarter. Capital International Investors raised its position in shares of First Citizens BancShares by 78.2% in the fourth 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. Proficio Capital Partners LLC bought a new position in shares of First Citizens BancShares in the fourth quarter valued at approximately $147,341,000. Finally, AMF Tjanstepension AB bought a new position in shares of First Citizens BancShares in the fourth quarter valued at approximately $99,818,000. 78.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at First Citizens BancShares

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

First Citizens BancShares Price Performance

Shares of NASDAQ:FCNCA traded down $34.64 on Wednesday, hitting $1,883.56. The stock had a trading volume of 6,227 shares, compared to its average volume of 88,868. First Citizens BancShares, Inc. has a twelve month low of $1,473.62 and a twelve month high of $2,412.93. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. The firm's 50 day moving average price is $1,792.01 and its 200-day moving average price is $2,008.81. The company has a market capitalization of $25.03 billion, a price-to-earnings ratio of 9.96, a price-to-earnings-growth ratio of 0.94 and a beta of 0.64.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The bank reported $37.79 earnings per share (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 business had revenue of $2.30 billion during the quarter, compared to analysts' expectations of $2.22 billion. On average, equities research analysts predict that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The firm 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 of this dividend is Friday, May 30th. This represents a $7.80 dividend on an annualized basis and a yield of 0.41%. First Citizens BancShares's payout ratio is presently 4.47%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Keefe, Bruyette & Woods lifted their price target on shares of First Citizens BancShares from $2,500.00 to $2,600.00 and gave the company an "outperform" rating in a research report on Monday, January 27th. StockNews.com lowered shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a research report on Monday, April 28th. The Goldman Sachs Group dropped their price target on shares of 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 boosted their target price on shares of First Citizens BancShares from $2,303.00 to $2,384.00 and gave the stock a "hold" rating in a research report on Wednesday, January 29th. Finally, Barclays dropped their target price on shares of First Citizens BancShares from $2,568.00 to $2,400.00 and set an "equal weight" rating on the stock in a research report on Friday, April 25th. One research analyst has rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat.com, First Citizens BancShares currently has a consensus rating of "Moderate Buy" and an average price target of $2,340.33.

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.