Russell Investments Group Ltd. Trims Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Russell Investments Group Ltd. decreased its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 7.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,218 shares of the bank's stock after selling 349 shares during the quarter. Russell Investments Group Ltd.'s holdings in First Citizens BancShares were worth $8,913,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. lifted its holdings in First Citizens BancShares by 14.2% during the 4th quarter. Envestnet Asset Management Inc. now owns 13,451 shares of the bank's stock valued at $28,423,000 after purchasing an additional 1,675 shares during the last quarter. Resona Asset Management Co. Ltd. bought a new position in First Citizens BancShares in the 4th quarter valued at about $6,462,000. Wells Fargo & Company MN lifted its position in First Citizens BancShares by 16.0% during the fourth quarter. Wells Fargo & Company MN now owns 17,601 shares of the bank's stock worth $37,190,000 after acquiring an additional 2,434 shares during the last quarter. Integrated Quantitative Investments LLC bought a new stake in shares of First Citizens BancShares during the fourth quarter worth approximately $444,000. Finally, Yoffe Investment Management LLC bought a new position in shares of First Citizens BancShares during the fourth quarter worth approximately $270,000. 78.01% of the stock is currently owned by institutional investors and hedge funds.

First Citizens BancShares Stock Up 1.2 %

Shares of FCNCA stock traded up $20.79 on Thursday, reaching $1,712.55. 15,670 shares of the company were exchanged, compared to its average volume of 88,733. First Citizens BancShares, Inc. has a one year low of $1,473.62 and a one year high of $2,412.93. The company has a market cap of $23.25 billion, a price-to-earnings ratio of 9.05, a PEG ratio of 0.94 and a beta of 0.66. The company has a 50-day moving average of $1,872.48 and a 200-day moving average of $2,031.51. 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 posted its earnings results on Friday, January 24th. The bank reported $45.10 EPS for the quarter, topping 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%. Analysts anticipate that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Craig L. Nix purchased 17 shares of First Citizens BancShares stock in a transaction that occurred on Friday, March 7th. The stock was bought at an average price of $1,881.13 per share, for a total transaction 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 ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 13.40% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have commented on the company. The Goldman Sachs Group decreased 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 report on Tuesday, March 18th. Truist Financial lifted their price objective on 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. Piper Sandler upgraded 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. Keefe, Bruyette & Woods upped 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. Finally, JPMorgan Chase & Co. increased their target price on shares of 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. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $2,346.09.

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.