First Citizens BancShares, Inc. $FCNCA Shares Sold by California State Teachers Retirement System

California State Teachers Retirement System reduced its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 7.0% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 12,251 shares of the bank’s stock after selling 918 shares during the period. California State Teachers Retirement System’s holdings in First Citizens BancShares were worth $23,089,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of FCNCA. Hiddenite Capital Partners LP purchased a new position in First Citizens BancShares in the fourth quarter valued at about $6,868,000. Check Capital Management Inc. CA increased its holdings in First Citizens BancShares by 21.0% during the 4th quarter. Check Capital Management Inc. CA now owns 42,788 shares of the bank’s stock worth $91,831,000 after purchasing an additional 7,424 shares during the last quarter. Barr E S & Co. increased its holdings in First Citizens BancShares by 33.2% during the 4th quarter. Barr E S & Co. now owns 5,995 shares of the bank’s stock worth $12,866,000 after purchasing an additional 1,495 shares during the last quarter. PNC Financial Services Group Inc. raised its position in shares of First Citizens BancShares by 181.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,438 shares of the bank’s stock valued at $3,087,000 after purchasing an additional 927 shares in the last quarter. Finally, United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund acquired a new position in shares of First Citizens BancShares in the 4th quarter valued at approximately $5,226,000. 78.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Frank B. Holding, Jr. bought 5,940 shares of the stock in a transaction dated Tuesday, May 12th. The stock was bought at an average cost of $1,726.82 per share, with a total value of $10,257,310.80. Following the completion of the acquisition, the chief executive officer owned 38,111 shares of the company’s stock, valued at $65,810,837.02. This trade represents a 18.46% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders purchased 7,190 shares of company stock valued at $12,573,868 in the last three months. Insiders own 14.63% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on FCNCA. Citigroup reiterated a “neutral” rating on shares of First Citizens BancShares in a research note on Friday, July 24th. TD Cowen cut their price target on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating on the stock in a report on Monday, April 27th. Deutsche Bank Aktiengesellschaft cut shares of First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,154.00 price target on the stock. in a report on Wednesday, April 8th. Wall Street Zen upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Saturday, June 27th. Finally, The Goldman Sachs Group raised their price objective on shares of First Citizens BancShares from $2,100.00 to $2,340.00 and gave the stock a “neutral” rating in a report on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $2,278.31.

First Citizens BancShares Trading Up 1.4%

First Citizens BancShares stock opened at $2,186.65 on Friday. The firm’s 50-day moving average is $2,084.65 and its 200-day moving average is $2,018.07. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.00 and a current ratio of 1.00. First Citizens BancShares, Inc. has a 1 year low of $1,623.76 and a 1 year high of $2,237.81. The company has a market cap of $25.34 billion, a P/E ratio of 11.69, a PEG ratio of 1.70 and a beta of 0.62.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Thursday, July 23rd. The bank reported $57.09 EPS for the quarter, beating the consensus estimate of $0.41 by $56.68. First Citizens BancShares had a net margin of 16.28% and a return on equity of 11.98%. The business had revenue of $2.24 billion during the quarter, compared to analyst estimates of $2.16 billion. On average, equities analysts expect that First Citizens BancShares, Inc. will post 187.23 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be paid a $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Monday, August 31st. First Citizens BancShares’s payout ratio is presently 4.49%.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.