Graham Capital Management L.P. Sells 332 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Graham Capital Management L.P. lessened its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 51.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 315 shares of the bank's stock after selling 332 shares during the quarter. Graham Capital Management L.P.'s holdings in First Citizens BancShares were worth $666,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of First Citizens BancShares in the 4th quarter valued at $298,426,000. JPMorgan Chase & Co. increased its holdings 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 purchasing an additional 103,137 shares during the last quarter. Capital International Investors increased its holdings in 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 last quarter. Proficio Capital Partners LLC acquired a new position in First Citizens BancShares in the fourth quarter valued at about $147,341,000. Finally, AMF Tjanstepension AB bought a new position in First Citizens BancShares during the fourth quarter worth about $99,818,000. Institutional investors own 78.01% of the company's stock.

Insiders Place Their Bets

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

First Citizens BancShares Stock Down 0.2%

FCNCA traded down $4.00 during trading hours on Tuesday, hitting $1,933.79. 12,327 shares of the company's stock were exchanged, compared to its average volume of 85,918. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68. First Citizens BancShares, Inc. has a 1-year low of $1,473.62 and a 1-year high of $2,412.93. The stock's 50-day moving average is $1,788.42 and its two-hundred day moving average is $2,009.45. The stock has a market cap of $25.70 billion, a price-to-earnings ratio of 10.21, a PEG ratio of 0.94 and a beta of 0.64.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The bank reported $37.79 EPS 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 net margin of 18.55% and a return on equity of 13.22%. Sell-side analysts predict 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. Shareholders of record on Friday, May 30th will be paid a $1.95 dividend. The ex-dividend date is Friday, May 30th. This represents a $7.80 dividend on an annualized basis and a yield of 0.40%. First Citizens BancShares's dividend payout ratio is 4.47%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. The Goldman Sachs Group reduced their target price on First Citizens BancShares from $2,535.00 to $2,200.00 and set a "buy" rating on the stock in a report on Tuesday, March 18th. TD Cowen assumed coverage on First Citizens BancShares in a report on Thursday, May 15th. They set a "buy" rating and a $2,400.00 price objective on the stock. Barclays decreased their price objective on 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. Cowen assumed coverage on shares of First Citizens BancShares in a report on Wednesday, May 14th. They set a "buy" rating on the stock. Finally, Piper Sandler raised 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. One analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $2,336.58.

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.