Balyasny Asset Management L.P. Reduces Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Balyasny Asset Management L.P. lowered its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 68.8% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 289 shares of the bank's stock after selling 636 shares during the period. Balyasny Asset Management L.P.'s holdings in First Citizens BancShares were worth $611,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Benjamin Edwards Inc. lifted its holdings in First Citizens BancShares by 8.0% in the fourth quarter. Benjamin Edwards Inc. now owns 391 shares of the bank's stock valued at $826,000 after acquiring an additional 29 shares during the period. BNP Paribas Financial Markets lifted its stake in shares of First Citizens BancShares by 374.9% in the 4th quarter. BNP Paribas Financial Markets now owns 16,261 shares of the bank's stock worth $34,360,000 after purchasing an additional 12,837 shares during the period. Blue Rock Wealth Management LLC purchased a new position in shares of First Citizens BancShares in the fourth quarter worth approximately $211,000. Keel Point LLC grew its position in First Citizens BancShares by 25.0% during the fourth quarter. Keel Point LLC now owns 160 shares of the bank's stock valued at $338,000 after buying an additional 32 shares during the period. Finally, Freestone Grove Partners LP bought a new stake in First Citizens BancShares during the fourth quarter valued at approximately $16,921,000. Hedge funds and other institutional investors own 78.01% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on FCNCA. Cowen initiated coverage on First Citizens BancShares in a research note on Wednesday. They issued a "buy" rating on the stock. TD Cowen started coverage on shares of First Citizens BancShares in a research report on Thursday. They issued a "buy" rating and a $2,400.00 price target for the company. Truist Financial raised their price objective 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. Keefe, Bruyette & Woods upped 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 report on Monday, January 27th. Finally, Piper Sandler upgraded First Citizens BancShares from a "neutral" rating to an "overweight" rating and set a $2,250.00 price target for the company in a research note on Tuesday, March 11th. One analyst has rated the stock with a sell rating, four have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $2,336.58.

First Citizens BancShares Price Performance

Shares of FCNCA stock traded down $15.79 on Monday, reaching $1,937.79. The company's stock had a trading volume of 42,434 shares, compared to its average volume of 89,259. The stock's fifty day simple moving average is $1,784.78 and its 200-day simple moving average is $2,009.37. First Citizens BancShares, Inc. has a 1 year low of $1,473.62 and a 1 year high of $2,412.93. The company has a market capitalization of $25.75 billion, a price-to-earnings ratio of 10.23, 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.

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

First Citizens BancShares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be issued 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 0.40%. First Citizens BancShares's payout ratio is presently 4.47%.

Insider Transactions at First Citizens BancShares

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

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.