First Citizens BancShares, Inc. (NASDAQ:FCNCA) Position Reduced by Franklin Resources Inc.

Franklin Resources Inc. cut its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 37.7% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 1,112 shares of the bank's stock after selling 673 shares during the period. Franklin Resources Inc.'s holdings in First Citizens BancShares were worth $2,350,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Sei Investments Co. increased its position in shares of First Citizens BancShares by 69.6% during the fourth quarter. Sei Investments Co. now owns 3,031 shares of the bank's stock worth $6,404,000 after acquiring an additional 1,244 shares during the last quarter. JPMorgan Chase & Co. grew its stake in First Citizens BancShares by 6.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 288,960 shares of the bank's stock valued at $531,961,000 after purchasing an additional 18,501 shares in the last quarter. Check Capital Management Inc. CA increased its holdings in First Citizens BancShares by 20.0% during the 4th quarter. Check Capital Management Inc. CA now owns 33,599 shares of the bank's stock worth $70,995,000 after purchasing an additional 5,605 shares during the last quarter. Asset Management One Co. Ltd. raised its position in shares of First Citizens BancShares by 4.5% in the 4th quarter. Asset Management One Co. Ltd. now owns 3,663 shares of the bank's stock valued at $7,811,000 after purchasing an additional 157 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of First Citizens BancShares during the 4th quarter valued at approximately $39,739,000. Hedge funds and other institutional investors own 78.01% of the company's stock.

First Citizens BancShares Price Performance

First Citizens BancShares stock traded up $24.86 during trading hours on Friday, hitting $1,716.62. 59,744 shares of the company traded hands, compared to its average volume of 89,116. First Citizens BancShares, Inc. has a 1-year low of $1,473.62 and a 1-year high of $2,412.93. The firm has a market cap of $23.31 billion, a P/E ratio of 9.06, a P/E/G ratio of 0.94 and a beta of 0.66. The firm's 50-day simple moving average is $1,863.73 and its two-hundred day simple moving average is $2,030.66. 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 (NASDAQ:FCNCA - Get Free Report) last released its earnings results on Friday, January 24th. The bank reported $45.10 earnings per share for the quarter, topping analysts' consensus estimates of $39.32 by $5.78. First Citizens BancShares had a return on equity of 13.22% and a net margin of 18.55%. As a group, analysts forecast that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Truist Financial increased their price objective on shares of First Citizens BancShares from $2,303.00 to $2,384.00 and gave the company a "hold" rating in a research note on Wednesday, January 29th. The Goldman Sachs Group cut their price objective on 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. 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 research report on Tuesday, January 7th. StockNews.com upgraded First Citizens BancShares from a "sell" rating to a "hold" rating in a report on Saturday, February 1st. Finally, Piper Sandler raised shares of First Citizens BancShares from a "neutral" rating to an "overweight" rating and set a $2,250.00 price objective for the company in a report on Tuesday, March 11th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $2,346.09.

Insider Buying and Selling

In related news, CFO Craig L. Nix purchased 17 shares of the company's stock in a transaction on Friday, March 7th. The shares were bought at an average price of $1,881.13 per share, with a total value of $31,979.21. Following the completion of the acquisition, the chief financial officer now owns 1,141 shares of the company's stock, valued at approximately $2,146,369.33. This represents a 1.51 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 13.40% of the stock is owned by corporate insiders.

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.