Legal & General Group Plc Has $90.78 Million Stock Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Legal & General Group Plc trimmed its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 21.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 42,960 shares of the bank’s stock after selling 11,621 shares during the period. Legal & General Group Plc owned 0.31% of First Citizens BancShares worth $90,775,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. JPMorgan Chase & Co. lifted its position in First Citizens BancShares by 35.7% during the fourth quarter. JPMorgan Chase & Co. now owns 392,097 shares of the bank’s stock worth $828,510,000 after acquiring an additional 103,137 shares during the last quarter. FMR LLC increased its stake in shares of First Citizens BancShares by 10.5% during the fourth quarter. FMR LLC now owns 357,629 shares of the bank’s stock worth $755,677,000 after purchasing an additional 34,097 shares during the period. Norges Bank acquired a new stake in First Citizens BancShares during the 4th quarter worth approximately $298,426,000. Proficio Capital Partners LLC bought a new stake in First Citizens BancShares in the 4th quarter valued at $147,341,000. Finally, Reinhart Partners LLC. grew its holdings in First Citizens BancShares by 2.1% in the 4th quarter. Reinhart Partners LLC. now owns 57,981 shares of the bank’s stock valued at $122,516,000 after buying an additional 1,183 shares in the last quarter. 78.01% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of First Citizens BancShares from $2,550.00 to $2,600.00 and gave the company an “overweight” rating in a research report on Tuesday, January 7th. Citigroup downgraded First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Keefe, Bruyette & Woods raised their price target on First Citizens BancShares from $2,500.00 to $2,600.00 and gave the stock an “outperform” rating in a research report on Monday, January 27th. 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 research report on Tuesday, March 11th. Finally, Barclays increased 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 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 company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $2,288.08.

First Citizens BancShares Stock Performance

Shares of FCNCA opened at $1,657.49 on Friday. The firm’s fifty day simple moving average is $1,903.26 and its two-hundred day simple moving average is $2,036.31. 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 current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68. The stock has a market capitalization of $22.50 billion, a P/E ratio of 8.75, a price-to-earnings-growth ratio of 0.94 and a beta of 0.66.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings data 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%. As a group, analysts predict that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Investors 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 0.47%. The ex-dividend date was Friday, February 28th. First Citizens BancShares’s dividend payout ratio is currently 4.12%.

Insider Buying and Selling at First Citizens BancShares

In other news, CFO Craig L. Nix bought 17 shares of First Citizens BancShares stock in a transaction dated Friday, March 7th. The stock was purchased 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 directly owns 1,141 shares in the company, valued at $2,146,369.33. The trade was a 1.51 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 13.40% of the stock is currently owned by company insiders.

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.