First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Sold by Nuveen Asset Management LLC

Nuveen Asset Management LLC trimmed its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 5.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 91,314 shares of the bank’s stock after selling 5,644 shares during the period. Nuveen Asset Management LLC owned about 0.65% of First Citizens BancShares worth $192,948,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Norges Bank bought a new stake in First Citizens BancShares in the 4th quarter valued at about $298,426,000. JPMorgan Chase & Co. grew its stake in First Citizens BancShares by 35.7% during the 4th quarter. JPMorgan Chase & Co. now owns 392,097 shares of the bank’s stock valued at $828,510,000 after acquiring an additional 103,137 shares in the last quarter. Capital International Investors grew its holdings in shares of First Citizens BancShares by 78.2% during the 4th quarter. Capital International Investors now owns 172,723 shares of the bank’s stock valued at $364,967,000 after acquiring an additional 75,785 shares in the last quarter. Proficio Capital Partners LLC purchased a new position in First Citizens BancShares in the fourth quarter valued at about $147,341,000. Finally, AMF Tjanstepension AB acquired a new position in First Citizens BancShares in the fourth quarter worth approximately $99,818,000. Institutional investors own 78.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on FCNCA shares. The Goldman Sachs Group cut 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. Truist Financial increased their price target on shares of 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. StockNews.com cut First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Monday, April 28th. Barclays dropped their price target on shares of First Citizens BancShares from $2,568.00 to $2,400.00 and set an “equal weight” rating for the company in a research report on Friday, April 25th. Finally, TD Cowen began coverage on First Citizens BancShares in a report on Thursday. They set a “buy” rating and a $2,400.00 price objective for the company. One investment analyst has rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $2,336.58.

Insider Activity

In related news, CFO Craig L. Nix purchased 17 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The shares were acquired at an average price of $1,881.13 per share, for a total transaction of $31,979.21. Following the purchase, the chief financial officer now owns 1,141 shares in the company, valued at approximately $2,146,369.33. This represents a 1.51% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Frank B. Holding, Jr. bought 350 shares of the stock in a transaction dated Friday, May 2nd. The shares were purchased at an average price of $1,610.00 per share, for a total transaction of $563,500.00. Following the purchase, the chief executive officer now owns 2,758 shares of the company’s stock, valued at $4,440,380. This trade represents a 14.53% increase in their position. The disclosure for this purchase can be found here. 13.40% of the stock is owned by corporate insiders.

First Citizens BancShares Stock Up 0.2%

NASDAQ FCNCA opened at $1,966.55 on Friday. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. The stock has a market capitalization of $26.70 billion, a P/E ratio of 10.38, a price-to-earnings-growth ratio of 0.94 and a beta of 0.64. The stock has a fifty day moving average of $1,780.28 and a 200-day moving average of $2,008.55. First Citizens BancShares, Inc. has a 52 week low of $1,473.62 and a 52 week high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Thursday, April 24th. The bank reported $37.79 earnings per share for the quarter, topping the consensus estimate of $37.72 by $0.07. First Citizens BancShares had a net margin of 18.55% and a return on equity of 13.22%. The company had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.22 billion. On average, equities research analysts forecast that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 30th will be given a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date is Friday, May 30th. First Citizens BancShares’s dividend payout ratio (DPR) is currently 4.47%.

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.