Wellington Management Group LLP Sells 71,716 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Wellington Management Group LLP lessened its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 47.6% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 78,968 shares of the bank's stock after selling 71,716 shares during the period. Wellington Management Group LLP owned about 0.58% of First Citizens BancShares worth $166,861,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Norges Bank purchased a new position in First Citizens BancShares during the fourth quarter valued at $298,426,000. JPMorgan Chase & Co. raised its stake in shares of First Citizens BancShares by 35.7% in the fourth quarter. JPMorgan Chase & Co. now owns 392,097 shares of the bank's stock worth $828,510,000 after buying an additional 103,137 shares during the period. Proficio Capital Partners LLC purchased a new position in shares of First Citizens BancShares during the 4th quarter valued at about $147,341,000. AMF Tjanstepension AB bought a new position in shares of First Citizens BancShares during the 4th quarter valued at approximately $99,818,000. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in First Citizens BancShares by 128.4% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 54,831 shares of the bank's stock worth $115,859,000 after acquiring an additional 30,828 shares in the last quarter. Hedge funds and other institutional investors own 78.01% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Keefe, Bruyette & Woods lifted their price target on shares of First Citizens BancShares from $2,500.00 to $2,600.00 and gave the company an "outperform" rating in a report on Monday, January 27th. Piper Sandler upgraded shares of First Citizens BancShares from a "neutral" rating to an "overweight" rating and set a $2,250.00 target price on the stock in a research note on Tuesday, March 11th. Truist Financial upped their target price on shares of First Citizens BancShares from $2,303.00 to $2,384.00 and gave the stock a "hold" rating in a report on Wednesday, January 29th. Citigroup cut First Citizens BancShares from a "strong-buy" rating to a "hold" rating in a report on Tuesday, December 17th. Finally, Barclays upped their price objective on First Citizens BancShares from $2,456.00 to $2,568.00 and gave the stock an "equal weight" rating in a research note on Monday, January 27th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $2,288.08.

Insider Activity

In other news, CFO Craig L. Nix bought 17 shares of First Citizens BancShares stock in a transaction dated Friday, March 7th. The shares were acquired at an average price of $1,881.13 per share, with a total value of $31,979.21. Following the completion of the purchase, the chief financial officer now owns 1,141 shares in the company, valued at $2,146,369.33. The trade was a 1.51 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 13.40% of the company's stock.

First Citizens BancShares Price Performance

First Citizens BancShares stock traded up $34.96 during mid-day trading on Monday, reaching $1,606.17. 209,677 shares of the company's stock traded hands, compared to its average volume of 87,629. First Citizens BancShares, Inc. has a 12-month low of $1,473.62 and a 12-month high of $2,412.93. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68. The stock has a 50 day moving average of $1,967.27 and a two-hundred day moving average of $2,048.95. The company has a market cap of $21.81 billion, a price-to-earnings ratio of 8.48, a PEG ratio of 0.94 and a beta of 0.66.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly 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 net margin of 18.55% and a return on equity of 13.22%. Equities analysts forecast that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were issued a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date was Friday, February 28th. First Citizens BancShares's dividend payout ratio (DPR) is 4.12%.

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.