Suppose that this sequence does converge to A. Then we must have $A= \frac{1}{4- 3A}$. Then $A(4- 3A)= 4A- 3A^2= 1$. $3A^2- 4A+ 1= (3A- 1)(A- 1)= 0$. A is either 1 or 1/3.
If $a_1> 1$ the sequence clearly converges to 1. If $a_1\le 1/3$ if clearly converges to $\frac{1}{3}$. It's a little harder to show, but still true, that if $1/3< a_1< 1$ then the sequence converges to 1/3: if $\frac{1}{3}< a< 1$ then $1< 3a< 3$ so that 0< 3a-1< 2. But for $\frac{1}{3}< a< 1$, $a- 1< 0$. That is, 3a-1 is positive while a- 1 is negative so that $(3a- 1)(a- 1)= 3a^2- 4a+ 1< 0$. Then $3a^2- 4a= a(3a- 4)> 1$ and $a> \frac{1}{3a- 4}$. That is, for $\frac{1}{3}< a_1< 1$ the sequence is decreasing to $\frac{1}{3}$.