Wellington Management Group LLP Decreases Stock Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Wellington Management Group LLP reduced its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 47.6% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 78,968 shares of the bank’s stock after selling 71,716 shares during the quarter. Wellington Management Group LLP’s holdings in First Citizens BancShares were worth $166,861,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. JPMorgan Chase & Co. increased its stake 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 acquiring an additional 103,137 shares during the last quarter. Norges Bank purchased a new position in shares of First Citizens BancShares in the 4th quarter worth approximately $298,426,000. Proficio Capital Partners LLC bought a new position in shares of First Citizens BancShares during the 4th quarter valued at approximately $147,341,000. Reinhart Partners LLC. raised its holdings in First Citizens BancShares by 2.1% during the 4th quarter. Reinhart Partners LLC. now owns 57,981 shares of the bank’s stock valued at $122,516,000 after buying an additional 1,183 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. raised its holdings in 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 during the period. 78.01% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

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 stock was bought at an average price of $1,881.13 per share, with a total value of $31,979.21. Following the completion of the transaction, the chief financial officer now directly 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 position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 13.19% of the stock is currently owned by company insiders.

First Citizens BancShares Stock Up 2.0 %

Shares of First Citizens BancShares stock opened at $1,859.58 on Thursday. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08. The stock has a market cap of $25.25 billion, a price-to-earnings ratio of 9.82, a PEG ratio of 0.94 and a beta of 0.66. The firm’s 50-day moving average is $2,003.56 and its two-hundred day moving average is $2,054.31. First Citizens BancShares, Inc. has a 1 year low of $1,518.00 and a 1 year high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings data on Friday, January 24th. The bank reported $45.10 earnings per share (EPS) for the quarter, beating the consensus estimate 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, research analysts expect that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were given a $1.95 dividend. This represents a $7.80 annualized dividend and a dividend yield of 0.42%. The ex-dividend date was Friday, February 28th. First Citizens BancShares’s payout ratio is 4.12%.

Analysts Set New Price Targets

A number of research firms have weighed in on FCNCA. JPMorgan Chase & Co. boosted their price objective on shares of First Citizens BancShares from $2,550.00 to $2,600.00 and gave the company an “overweight” rating in a research report on Tuesday, January 7th. Truist Financial upped 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 report on Wednesday, January 29th. Deutsche Bank Aktiengesellschaft started coverage on shares of First Citizens BancShares in a research note on Monday, December 9th. They issued a “buy” rating and a $2,600.00 price objective for the company. Keefe, Bruyette & Woods upped their target price on First Citizens BancShares from $2,500.00 to $2,600.00 and gave the company an “outperform” rating in a research note on Monday, January 27th. Finally, UBS Group assumed coverage on First Citizens BancShares in a research note on Tuesday, December 17th. They set a “buy” rating and a $2,700.00 price target for the company. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $2,288.08.

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.