Alliancebernstein L.P. Decreases Stock Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Alliancebernstein L.P. decreased its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 11.4% in the fourth quarter, Holdings Channel reports. The firm owned 74,229 shares of the bank’s stock after selling 9,531 shares during the period. Alliancebernstein L.P.’s holdings in First Citizens BancShares were worth $156,847,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in FCNCA. Norges Bank acquired a new stake in First Citizens BancShares during the 4th quarter worth about $298,426,000. JPMorgan Chase & Co. boosted its holdings in First Citizens BancShares by 35.7% during the fourth quarter. JPMorgan Chase & Co. now owns 392,097 shares of the bank’s stock worth $828,510,000 after buying an additional 103,137 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of First Citizens BancShares during the 4th quarter worth about $147,341,000. AMF Tjanstepension AB purchased a new position in First Citizens BancShares during the fourth quarter worth approximately $99,818,000. Finally, Sumitomo Mitsui Trust Group Inc. lifted its position in shares of First Citizens BancShares by 128.4% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 54,831 shares of the bank’s stock valued at $115,859,000 after buying an additional 30,828 shares in the last quarter. Institutional investors and hedge funds own 78.01% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on FCNCA shares. Citigroup cut First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. Keefe, Bruyette & Woods boosted 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. JPMorgan Chase & Co. increased their price objective on First Citizens BancShares from $2,550.00 to $2,600.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 7th. Truist Financial lifted their price target 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. Finally, Barclays lifted their price objective on First Citizens BancShares from $2,456.00 to $2,568.00 and gave the company an “equal weight” rating in a research note on Monday, January 27th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $2,288.08.

First Citizens BancShares Trading Down 1.7 %

NASDAQ:FCNCA opened at $1,823.47 on Wednesday. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. First Citizens BancShares, Inc. has a 1 year low of $1,518.00 and a 1 year high of $2,412.93. The stock has a 50-day simple moving average of $2,010.73 and a 200-day simple moving average of $2,055.68. The stock has a market cap of $24.76 billion, a P/E ratio of 9.63, a P/E/G ratio of 0.94 and a beta of 0.81.

First Citizens BancShares (NASDAQ:FCNCA) last announced its earnings results on Friday, January 24th. The bank reported $45.10 EPS for the quarter, beating analysts’ consensus estimates of $39.32 by $5.78. First Citizens BancShares had a net margin of 18.55% and a return on equity of 13.22%. As a group, analysts anticipate 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 was paid on Monday, March 17th. Investors of record on Friday, February 28th were issued a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a dividend yield of 0.43%. The ex-dividend date was Friday, February 28th. First Citizens BancShares’s dividend payout ratio is presently 4.12%.

Insider Transactions at First Citizens BancShares

In related news, CFO Craig L. Nix purchased 17 shares of the business’s stock in a transaction dated Friday, March 7th. The stock was acquired at an average price of $1,881.13 per share, for a total transaction of $31,979.21. Following the acquisition, the chief financial officer now directly owns 1,141 shares of the company’s stock, valued at $2,146,369.33. This trade represents a 1.51 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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.