O Shaughnessy Asset Management LLC Cuts Stock Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

O Shaughnessy Asset Management LLC cut its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 14.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,714 shares of the bank's stock after selling 299 shares during the quarter. O Shaughnessy Asset Management LLC's holdings in First Citizens BancShares were worth $3,622,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in FCNCA. JPMorgan Chase & Co. increased its stake in First Citizens BancShares by 6.8% in the third 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 during the period. Check Capital Management Inc. CA grew its holdings in shares of First Citizens BancShares by 20.0% during the fourth quarter. Check Capital Management Inc. CA now owns 33,599 shares of the bank's stock worth $70,995,000 after buying an additional 5,605 shares during the last quarter. Asset Management One Co. Ltd. increased its position in 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 acquiring an additional 157 shares during the period. Raymond James Financial Inc. purchased a new stake in First Citizens BancShares during the 4th quarter valued at approximately $39,739,000. Finally, Assetmark Inc. lifted its position in First Citizens BancShares by 57.7% during the 4th quarter. Assetmark Inc. now owns 5,363 shares of the bank's stock worth $11,332,000 after acquiring an additional 1,962 shares during the period. Hedge funds and other institutional investors own 78.01% of the company's stock.

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Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, CFO Craig L. Nix purchased 17 shares of First Citizens BancShares 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 purchase, the chief financial officer now directly owns 1,141 shares in the company, valued at $2,146,369.33. This trade represents a 1.51 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 13.19% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. The Goldman Sachs Group dropped 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. Barclays upped their price objective on shares of First Citizens BancShares from $2,456.00 to $2,568.00 and gave the stock an "equal weight" rating in a research report on Monday, January 27th. Deutsche Bank Aktiengesellschaft began 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 target price for the company. Truist Financial boosted their price target on shares of 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. Finally, Keefe, Bruyette & Woods increased their target price on First Citizens BancShares from $2,500.00 to $2,600.00 and gave the stock an "outperform" rating in a research note on Monday, January 27th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $2,288.08.

First Citizens BancShares Price Performance

Shares of NASDAQ FCNCA traded down $60.85 on Friday, hitting $1,571.21. The company's stock had a trading volume of 259,716 shares, compared to its average volume of 87,131. The stock has a 50 day moving average of $1,978.80 and a 200-day moving average of $2,049.30. The company has a market capitalization of $21.33 billion, a price-to-earnings ratio of 8.29, a price-to-earnings-growth ratio of 0.94 and a beta of 0.66. First Citizens BancShares, Inc. has a 12-month low of $1,470.15 and a 12-month high of $2,412.93. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) 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 return on equity of 13.22% and a net margin of 18.55%. As a group, research analysts predict that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Friday, February 28th were given a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a yield of 0.50%. The ex-dividend date was Friday, February 28th. First Citizens BancShares's dividend payout ratio is presently 4.12%.

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.