Graham Capital Management L.P. Trims Stock Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Graham Capital Management L.P. cut its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 51.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 315 shares of the bank's stock after selling 332 shares during the period. Graham Capital Management L.P.'s holdings in First Citizens BancShares were worth $666,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. JPMorgan Chase & Co. raised its holdings in shares of 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 buying an additional 103,137 shares during the last quarter. FMR LLC raised its holdings in shares of First Citizens BancShares by 10.5% in the fourth quarter. FMR LLC now owns 357,629 shares of the bank's stock valued at $755,677,000 after buying an additional 34,097 shares during the last quarter. Capital International Investors raised its holdings 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 buying an additional 75,785 shares during the last quarter. Norges Bank purchased a new stake in shares of First Citizens BancShares in the fourth quarter valued at about $298,426,000. Finally, Northern Trust Corp raised its holdings in shares of First Citizens BancShares by 16.9% in the fourth quarter. Northern Trust Corp now owns 76,739 shares of the bank's stock valued at $162,151,000 after buying an additional 11,122 shares during the last quarter. 78.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on FCNCA. Keefe, Bruyette & Woods increased their price target 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. Barclays cut their price target 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 report on Friday, April 25th. Piper Sandler raised shares of First Citizens BancShares from a "neutral" rating to an "overweight" rating and set a $2,250.00 price target for the company in a report on Tuesday, March 11th. StockNews.com cut shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a report on Monday, April 28th. Finally, Truist Financial increased their price target on shares of First Citizens BancShares from $2,303.00 to $2,384.00 and gave the stock a "hold" rating in a report on Wednesday, January 29th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $2,330.82.

Insider Transactions at First Citizens BancShares

In other news, CFO Craig L. Nix bought 17 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now owns 1,141 shares in the company, valued at $2,146,369.33. The trade was a 1.51% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Frank B. Holding, Jr. bought 350 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The shares were purchased at an average price of $1,610.00 per share, for a total transaction of $563,500.00. Following the transaction, the chief executive officer now owns 2,758 shares of the company's stock, valued at $4,440,380. The trade was a 14.53% 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

FCNCA stock opened at $1,962.92 on Thursday. The firm has a 50 day moving average of $1,775.58 and a 200-day moving average of $2,008.27. 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 current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68. The company has a market cap of $26.65 billion, a price-to-earnings ratio of 10.36, a PEG 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 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 for the quarter, compared to analyst estimates of $2.22 billion. As a group, equities analysts expect that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be paid a dividend of $1.95 per share. The ex-dividend date is Friday, May 30th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.40%. First Citizens BancShares's dividend payout ratio (DPR) 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.

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