California Public Employees Retirement System Sells 1,293 Shares of First Citizens BancShares, Inc. $FCNCA

California Public Employees Retirement System lowered its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 6.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 19,922 shares of the bank’s stock after selling 1,293 shares during the period. California Public Employees Retirement System owned 0.15% of First Citizens BancShares worth $38,977,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in FCNCA. Royal Bank of Canada grew its holdings in First Citizens BancShares by 14.2% during the 1st quarter. Royal Bank of Canada now owns 5,465 shares of the bank’s stock valued at $10,134,000 after buying an additional 680 shares in the last quarter. Generate Investment Management Ltd purchased a new position in First Citizens BancShares during the second quarter valued at approximately $6,584,000. National Bank of Canada FI increased its holdings in First Citizens BancShares by 59.5% during the 1st quarter. National Bank of Canada FI now owns 2,463 shares of the bank’s stock worth $4,566,000 after acquiring an additional 919 shares during the period. Sculptor Capital LP lifted its stake in First Citizens BancShares by 16.0% in the 1st quarter. Sculptor Capital LP now owns 41,463 shares of the bank’s stock worth $76,877,000 after purchasing an additional 5,730 shares in the last quarter. Finally, Strs Ohio purchased a new stake in First Citizens BancShares in the 1st quarter worth approximately $1,074,000. 78.01% of the stock is owned by institutional investors.

First Citizens BancShares Trading Up 4.3%

Shares of FCNCA opened at $2,056.54 on Thursday. First Citizens BancShares, Inc. has a fifty-two week low of $1,473.62 and a fifty-two week high of $2,412.93. The firm has a market cap of $25.58 billion, a price-to-earnings ratio of 12.16 and a beta of 0.71. The firm has a 50 day moving average price of $1,818.67 and a 200-day moving average price of $1,897.05. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.03 and a current ratio of 1.03.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Thursday, October 23rd. The bank reported $44.62 EPS for the quarter, beating the consensus estimate of $41.51 by $3.11. The company had revenue of $2.25 billion for the quarter, compared to analyst estimates 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, equities research analysts forecast that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Increases Dividend

The business also recently disclosed 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 an increase from First Citizens BancShares’s previous quarterly dividend of $1.95. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Friday, November 28th. First Citizens BancShares’s dividend payout ratio (DPR) is presently 4.97%.

Insider Transactions at First Citizens BancShares

In related news, Director Ellen R. Alemany purchased 300 shares of the firm’s stock in a transaction on Thursday, November 13th. The shares were acquired at an average cost of $1,000.00 per share, with a total value of $300,000.00. Following the purchase, the director directly owned 300 shares of the company’s stock, valued at approximately $300,000. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Frank B. Holding, Jr. acquired 135 shares of the stock in a transaction on Wednesday, November 26th. The stock was bought at an average price of $1,629.67 per share, with a total value of $220,005.45. Following the transaction, the chief executive officer directly owned 2,527 shares of the company’s stock, valued at approximately $4,118,176.09. The trade was a 5.64% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 13.40% of the company’s stock.

Analyst Ratings Changes

FCNCA has been the topic of several research analyst reports. Citigroup decreased their price target on shares of First Citizens BancShares from $2,250.00 to $2,000.00 and set a “neutral” rating on the stock in a report on Monday, October 27th. Piper Sandler decreased their target price on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a research note on Friday, October 24th. Wall Street Zen downgraded First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Sunday, September 28th. Truist Financial upped their price objective on shares of First Citizens BancShares from $2,000.00 to $2,050.00 and gave the stock a “hold” rating in a research report on Tuesday, October 28th. Finally, Barclays lowered 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 note on Friday, October 24th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $2,126.36.

About First Citizens BancShares

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.