AQR Capital Management LLC Sells 1,425 Shares of First Citizens BancShares, Inc. $FCNCA

AQR Capital Management LLC trimmed its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 26.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,941 shares of the bank’s stock after selling 1,425 shares during the quarter. AQR Capital Management LLC’s holdings in First Citizens BancShares were worth $7,145,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. MassMutual Private Wealth & Trust FSB raised its holdings in shares of First Citizens BancShares by 54.5% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank’s stock worth $32,000 after purchasing an additional 6 shares during the period. SVB Wealth LLC purchased a new stake in First Citizens BancShares in the first quarter worth $35,000. Community Bank N.A. purchased a new stake in First Citizens BancShares in the first quarter worth $44,000. Wayfinding Financial LLC bought a new stake in shares of First Citizens BancShares in the first quarter valued at $64,000. Finally, Brooklyn Investment Group lifted its position in shares of First Citizens BancShares by 32.1% during the 1st quarter. Brooklyn Investment Group now owns 37 shares of the bank’s stock valued at $67,000 after buying an additional 9 shares during the last quarter. 78.01% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. JPMorgan Chase & Co. lifted their price objective on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an “overweight” rating in a report on Tuesday, July 1st. Piper Sandler set a $2,150.00 target price on shares of First Citizens BancShares and gave the stock a “neutral” rating in a research note on Monday, July 28th. Jefferies Financial Group began coverage on shares of First Citizens BancShares in a research report on Wednesday, May 21st. They issued a “hold” rating and a $2,050.00 price target on the stock. Cowen restated a “buy” rating on shares of First Citizens BancShares in a research note on Monday, July 28th. Finally, Citigroup increased their target price on First Citizens BancShares from $1,900.00 to $2,050.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 2nd. Seven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $2,291.17.

First Citizens BancShares Stock Up 0.9%

FCNCA opened at $1,964.43 on Friday. The firm has a market capitalization of $25.38 billion, a P/E ratio of 11.59 and a beta of 0.71. 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 fifty day moving average price of $1,996.27 and a 200-day moving average price of $1,889.75. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.04 and a quick ratio of 1.04.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data on Friday, July 25th. The bank reported $44.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $39.08 by $5.70. First Citizens BancShares had a return on equity of 11.32% and a net margin of 16.37%.The company had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.21 billion. Equities research analysts expect that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be given a $1.95 dividend. This represents a $7.80 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Friday, August 29th. First Citizens BancShares’s dividend payout ratio is 4.60%.

Insider Buying and Selling

In related news, major shareholder Olivia Britton Holding purchased 409 shares of the firm’s stock in a transaction dated Thursday, August 7th. The shares were purchased at an average price of $1,630.00 per share, with a total value of $666,670.00. Following the acquisition, the insider directly owned 1,764 shares of the company’s stock, valued at approximately $2,875,320. This represents a 30.18% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Hope Holding Bryant acquired 409 shares of the company’s stock in a transaction dated Thursday, August 7th. The shares were bought at an average cost of $1,630.00 per share, with a total value of $666,670.00. Following the completion of the acquisition, the insider directly owned 1,764 shares in the company, valued at $2,875,320. The trade was a 30.18% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 1,494 shares of company stock worth $2,485,986. Insiders own 13.40% of the company’s stock.

First Citizens BancShares 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.