First Citizens Bank & Trust Co. Sells 12,633 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

First Citizens Bank & Trust Co. trimmed its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 13.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 78,874 shares of the bank's stock after selling 12,633 shares during the quarter. First Citizens BancShares accounts for about 2.5% of First Citizens Bank & Trust Co.'s investment portfolio, making the stock its 8th biggest position. First Citizens Bank & Trust Co. owned approximately 0.58% of First Citizens BancShares worth $146,242,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. JPMorgan Chase & Co. lifted its position in First Citizens BancShares by 35.7% in the 4th quarter. JPMorgan Chase & Co. now owns 392,097 shares of the bank's stock valued at $828,510,000 after purchasing an additional 103,137 shares during the last quarter. FMR LLC boosted its holdings in First Citizens BancShares by 10.5% during the fourth quarter. FMR LLC now owns 357,629 shares of the bank's stock worth $755,677,000 after buying an additional 34,097 shares in the last quarter. Capital International Investors grew its position in First Citizens BancShares by 78.2% in the fourth quarter. Capital International Investors now owns 172,723 shares of the bank's stock worth $364,967,000 after buying an additional 75,785 shares during the last quarter. Norges Bank bought a new stake in shares of First Citizens BancShares during the 4th quarter worth $298,426,000. Finally, GAMMA Investing LLC lifted its holdings in shares of First Citizens BancShares by 169,861.1% during the first quarter. GAMMA Investing LLC now owns 122,372 shares of the bank's stock valued at $226,892,000 after purchasing an additional 122,300 shares during the last quarter. Institutional investors and hedge funds own 78.01% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on FCNCA. Jefferies Financial Group started coverage on shares of First Citizens BancShares in a report on Wednesday, May 21st. They set a "hold" rating and a $2,050.00 price target on the stock. Cowen began coverage on First Citizens BancShares in a report on Wednesday, May 14th. They set a "buy" rating for the company. Wall Street Zen cut shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a report on Monday, April 28th. Piper Sandler upgraded shares of First Citizens BancShares from a "neutral" rating to an "overweight" rating and set a $2,250.00 target price on the stock in a research note on Tuesday, March 11th. Finally, TD Cowen began coverage on shares of First Citizens BancShares in a research report on Thursday, May 15th. They set a "buy" rating and a $2,400.00 target price on the stock. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $2,340.33.

Insider Transactions at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. acquired 350 shares of First Citizens BancShares stock in a transaction that occurred on Friday, May 2nd. The shares were acquired at an average price 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. The trade was a 14.53% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 13.40% of the stock is owned by corporate insiders.

First Citizens BancShares Trading Down 1.6%

NASDAQ:FCNCA traded down $29.75 during trading hours on Thursday, hitting $1,841.27. 114,914 shares of the stock were exchanged, compared to its average volume of 87,876. The company has a market capitalization of $24.47 billion, a P/E ratio of 9.72, a price-to-earnings-growth ratio of 0.94 and a beta of 0.64. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68. The company's 50 day moving average is $1,796.78 and its two-hundred day moving average is $1,972.48. First Citizens BancShares, Inc. has a twelve month low of $1,473.62 and a twelve month high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its earnings results on Thursday, April 24th. The bank reported $37.79 earnings per share for the quarter, topping analysts' consensus estimates of $37.72 by $0.07. The company had revenue of $2.30 billion during 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%. On average, sell-side analysts anticipate that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be paid a $1.95 dividend. This represents a $7.80 annualized dividend and a dividend yield of 0.42%. The ex-dividend date is Friday, May 30th. First Citizens BancShares's dividend payout ratio (DPR) is presently 4.47%.

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.