First Citizens BancShares, Inc. $FCNCA Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund trimmed its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 8.4% in the second quarter, Holdings Channel reports. The firm owned 5,431 shares of the bank’s stock after selling 500 shares during the period. New York State Common Retirement Fund’s holdings in First Citizens BancShares were worth $10,626,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Cresset Asset Management LLC lifted its stake in shares of First Citizens BancShares by 3.8% during the first quarter. Cresset Asset Management LLC now owns 163 shares of the bank’s stock worth $302,000 after purchasing an additional 6 shares in the last quarter. Allworth Financial LP raised its holdings in shares of First Citizens BancShares by 35.3% during the 2nd quarter. Allworth Financial LP now owns 23 shares of the bank’s stock valued at $45,000 after buying an additional 6 shares during the period. Personal CFO Solutions LLC lifted its position in First Citizens BancShares by 4.0% during the 2nd quarter. Personal CFO Solutions LLC now owns 156 shares of the bank’s stock worth $305,000 after acquiring an additional 6 shares in the last quarter. US Bancorp DE boosted its holdings in First Citizens BancShares by 0.8% in the 2nd quarter. US Bancorp DE now owns 873 shares of the bank’s stock worth $1,708,000 after acquiring an additional 7 shares during the period. Finally, Cooper Financial Group boosted its holdings in First Citizens BancShares by 5.5% in the 1st quarter. Cooper Financial Group now owns 154 shares of the bank’s stock worth $286,000 after acquiring an additional 8 shares during the period. 78.01% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 135 shares of the stock in a transaction on Wednesday, November 26th. The stock was purchased at an average price of $1,629.67 per share, for a total transaction of $220,005.45. Following the completion of the purchase, the chief executive officer directly owned 2,527 shares in the company, valued at approximately $4,118,176.09. This trade represents a 5.64% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ellen R. Alemany bought 300 shares of the company’s stock in a transaction on Thursday, November 13th. The shares were acquired at an average cost of $1,000.00 per share, for a total transaction of $300,000.00. Following the completion of the acquisition, the director directly owned 300 shares of the company’s stock, valued at $300,000. This trade represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 13.40% of the company’s stock.

First Citizens BancShares Price Performance

Shares of FCNCA stock opened at $1,961.18 on Friday. The firm has a fifty day moving average of $1,803.22 and a two-hundred day moving average of $1,893.54. The firm has a market cap of $24.40 billion, a P/E ratio of 11.60 and a beta of 0.71. First Citizens BancShares, Inc. has a 1-year low of $1,473.62 and a 1-year high of $2,412.93. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.03 and a quick ratio of 1.03.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results on Thursday, October 23rd. The bank reported $44.62 EPS for the quarter, topping the consensus estimate of $41.51 by $3.11. The business had revenue of $2.25 billion for the quarter, compared to analysts’ expectations of $2.21 billion. First Citizens BancShares had a net margin of 15.99% and a return on equity of 11.09%. As a group, research analysts anticipate that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Friday, November 28th will be issued a $2.10 dividend. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.95. The ex-dividend date is Friday, November 28th. This represents a $8.40 dividend on an annualized basis and a dividend yield of 0.4%. First Citizens BancShares’s dividend payout ratio (DPR) is presently 4.97%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Barclays reduced their target price on shares of First Citizens BancShares from $2,400.00 to $2,190.00 and set an “equal weight” rating on the stock in a research report on Friday, October 24th. Keefe, Bruyette & Woods decreased their price objective on shares of First Citizens BancShares from $2,100.00 to $2,050.00 and set an “outperform” rating for the company in a research report on Friday, October 24th. Truist Financial raised their target price on First Citizens BancShares from $2,000.00 to $2,050.00 and gave the company a “hold” rating in a research note on Tuesday, October 28th. The Goldman Sachs Group cut their price target on First Citizens BancShares from $2,250.00 to $1,950.00 and set a “buy” rating on the stock in a research note on Monday, October 6th. Finally, Weiss Ratings raised First Citizens BancShares from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, First Citizens BancShares has a consensus rating of “Moderate Buy” and an average price target of $2,165.83.

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.