Strs Ohio Reduces Stock Position in First Citizens BancShares, Inc. $FCNCA

Strs Ohio cut its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 76.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 227 shares of the bank’s stock after selling 734 shares during the quarter. Strs Ohio’s holdings in First Citizens BancShares were worth $406,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of FCNCA. Norges Bank bought a new stake in shares of First Citizens BancShares in the 2nd quarter worth approximately $177,604,000. Orion Porfolio Solutions LLC lifted its stake in First Citizens BancShares by 2,057.4% in the second quarter. Orion Porfolio Solutions LLC now owns 47,506 shares of the bank’s stock worth $92,944,000 after acquiring an additional 45,304 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in First Citizens BancShares by 390.2% in the third quarter. Allspring Global Investments Holdings LLC now owns 48,299 shares of the bank’s stock valued at $84,995,000 after acquiring an additional 38,446 shares in the last quarter. Rakuten Investment Management Inc. purchased a new position in First Citizens BancShares during the 3rd quarter valued at $46,540,000. Finally, JPMorgan Chase & Co. raised its holdings in First Citizens BancShares by 4.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 417,088 shares of the bank’s stock worth $816,022,000 after purchasing an additional 15,921 shares in the last quarter. Institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Trading Up 1.8%

NASDAQ FCNCA opened at $2,069.57 on Friday. First Citizens BancShares, Inc. has a 12 month low of $1,473.62 and a 12 month high of $2,245.33. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.81. The stock’s fifty day moving average price is $2,078.48 and its 200-day moving average price is $1,949.51. The stock has a market cap of $25.75 billion, a P/E ratio of 12.49 and a beta of 0.69.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Friday, January 23rd. The bank reported $51.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $44.24 by $7.03. First Citizens BancShares had a net margin of 15.21% and a return on equity of 11.12%. The company had revenue of $2.25 billion for the quarter, compared to analysts’ expectations of $2.24 billion. As a group, equities analysts forecast that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Friday, February 27th will be issued a dividend of $2.10 per share. The ex-dividend date is Friday, February 27th. This represents a $8.40 dividend on an annualized basis and a dividend yield of 0.4%. First Citizens BancShares’s dividend payout ratio is presently 5.07%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on FCNCA. Barclays cut their target price on shares of First Citizens BancShares from $2,456.00 to $2,346.00 and set an “equal weight” rating on the stock in a research note on Monday, January 26th. Piper Sandler upped their target price on First Citizens BancShares from $2,000.00 to $2,100.00 and gave the stock a “neutral” rating in a report on Thursday. Truist Financial raised their target price on First Citizens BancShares from $2,050.00 to $2,150.00 and gave the company a “hold” rating in a research note on Monday, January 26th. Raymond James Financial upgraded First Citizens BancShares from an “outperform” rating to a “strong-buy” rating and lifted their price target for the company from $2,100.00 to $2,200.00 in a research report on Thursday, November 20th. Finally, JPMorgan Chase & Co. upped their price target on First Citizens BancShares from $2,300.00 to $2,500.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 16th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $2,254.18.

Insider Activity at First Citizens BancShares

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

First Citizens BancShares 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.