Huber Capital Management LLC Trims Stock Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Huber Capital Management LLC reduced its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 9.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,893 shares of the bank's stock after selling 500 shares during the period. First Citizens BancShares accounts for 2.1% of Huber Capital Management LLC's portfolio, making the stock its 18th biggest holding. Huber Capital Management LLC's holdings in First Citizens BancShares were worth $10,339,000 as of its most recent filing with the Securities & Exchange Commission.

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

First Citizens BancShares Trading Up 1.1 %

NASDAQ FCNCA traded up $17.49 during trading on Tuesday, hitting $1,623.66. The stock had a trading volume of 61,308 shares, compared to its average volume of 87,535. First Citizens BancShares, Inc. has a one year low of $1,473.62 and a one year high of $2,412.93. The stock has a 50 day simple moving average of $1,967.27 and a 200 day simple moving average of $2,048.95. The stock has a market capitalization of $22.04 billion, a price-to-earnings ratio of 8.57, a P/E/G ratio of 0.94 and a beta of 0.66. 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 (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings results on Friday, January 24th. The bank reported $45.10 EPS for the quarter, topping 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%. Sell-side analysts predict that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Friday, February 28th were paid a $1.95 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $7.80 annualized dividend and a yield of 0.48%. First Citizens BancShares's dividend payout ratio (DPR) is currently 4.12%.

Insiders Place Their Bets

In other news, CFO Craig L. Nix purchased 17 shares of the firm's stock in a transaction on Friday, March 7th. The stock was acquired at an average cost 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 owns 1,141 shares in the company, valued at $2,146,369.33. This represents a 1.51 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 13.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. lifted their target price on First Citizens BancShares from $2,550.00 to $2,600.00 and gave the stock an "overweight" rating in a report on Tuesday, January 7th. Truist Financial lifted their price objective on First Citizens BancShares from $2,303.00 to $2,384.00 and gave the stock a "hold" rating in a research note on Wednesday, January 29th. StockNews.com upgraded First Citizens BancShares from a "sell" rating to a "hold" rating in a research report on Saturday, February 1st. Piper Sandler upgraded 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 report on Tuesday, March 11th. Finally, The Goldman Sachs Group decreased their price target on shares of First Citizens BancShares from $2,535.00 to $2,200.00 and set a "buy" rating on the stock in a research note on Tuesday, March 18th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price 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.