Artisan Partners Limited Partnership Cuts Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Artisan Partners Limited Partnership decreased its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 19.4% during the 4th quarter, Holdings Channel reports. The fund owned 50,009 shares of the bank’s stock after selling 12,041 shares during the quarter. Artisan Partners Limited Partnership’s holdings in First Citizens BancShares were worth $105,670,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in FCNCA. Proficio Capital Partners LLC purchased a new position in First Citizens BancShares in the fourth quarter valued at $147,341,000. AMF Tjanstepension AB acquired a new position in shares of First Citizens BancShares during the 4th quarter worth about $99,818,000. FMR LLC increased its holdings in shares of First Citizens BancShares by 11.6% in the 3rd quarter. FMR LLC now owns 323,532 shares of the bank’s stock valued at $595,607,000 after acquiring an additional 33,713 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in shares of First Citizens BancShares by 128.4% during 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. Finally, Caisse DE Depot ET Placement DU Quebec lifted its stake in First Citizens BancShares by 337.2% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 26,125 shares of the bank’s stock worth $48,095,000 after purchasing an additional 20,149 shares during the last quarter. Hedge funds and other institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Stock Performance

Shares of FCNCA opened at $1,880.07 on Friday. The stock has a market capitalization of $25.53 billion, a P/E ratio of 9.92, a P/E/G ratio of 0.94 and a beta of 0.81. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. First Citizens BancShares, Inc. has a 1 year low of $1,518.00 and a 1 year high of $2,412.93. The company’s fifty day moving average is $2,032.66 and its two-hundred day moving average is $2,052.77.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results on Friday, January 24th. The bank reported $45.10 earnings per share (EPS) for the quarter, topping 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%. On average, sell-side analysts predict that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were paid a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.41%. The ex-dividend date was Friday, February 28th. First Citizens BancShares’s dividend payout ratio (DPR) is 4.12%.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Citigroup lowered shares of First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Piper Sandler upgraded shares of 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 note on Tuesday, March 11th. Barclays upped their price objective on shares of First Citizens BancShares from $2,456.00 to $2,568.00 and gave the company an “equal weight” rating in a research note on Monday, January 27th. Deutsche Bank Aktiengesellschaft began coverage on First Citizens BancShares in a research report on Monday, December 9th. They set a “buy” rating and a $2,600.00 target price on the stock. Finally, UBS Group began coverage on First Citizens BancShares in a research note on Tuesday, December 17th. They set a “buy” rating and a $2,700.00 price target on the stock. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $2,288.08.

Insider Activity

In related news, CFO Craig L. Nix bought 17 shares of the company’s stock in a transaction on Friday, March 7th. The stock was bought at an average cost of $1,881.13 per share, with a total value of $31,979.21. Following the completion of the acquisition, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 13.40% of the company’s stock.

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.