California Public Employees Retirement System Purchases 904 Shares of First Citizens BancShares, Inc. $FCNCA

California Public Employees Retirement System raised its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 5.0% during the 1st quarter, Holdings Channel.com reports. The firm owned 18,990 shares of the bank’s stock after purchasing an additional 904 shares during the period. California Public Employees Retirement System’s holdings in First Citizens BancShares were worth $35,790,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Hilton Head Capital Partners LLC purchased a new stake in shares of First Citizens BancShares in the fourth quarter worth $26,000. Harbor Investment Advisory LLC lifted its stake in shares of First Citizens BancShares by 150.0% during the 4th quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank’s stock valued at $32,000 after buying an additional 9 shares in the last quarter. Reflection Asset Management bought a new position in First Citizens BancShares in the 4th quarter worth $45,000. UMB Bank n.a. boosted its holdings in First Citizens BancShares by 50.0% in the 4th quarter. UMB Bank n.a. now owns 24 shares of the bank’s stock worth $52,000 after buying an additional 8 shares during the period. Finally, Global Assets Advisory LLC bought a new position in First Citizens BancShares in the 1st quarter worth $45,000. 78.01% of the stock is currently owned by institutional investors.

Insider Transactions at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. acquired 528 shares of First Citizens BancShares stock in a transaction on Friday, June 5th. The shares were acquired at an average price of $1,813.37 per share, with a total value of $957,459.36. Following the purchase, the chief executive officer directly owned 64,100 shares in the company, valued at $116,237,017. The trade was a 0.83% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Over the last 90 days, insiders purchased 7,190 shares of company stock valued at $12,573,868. Insiders own 14.63% of the company’s stock.

First Citizens BancShares Stock Performance

FCNCA opened at $2,071.16 on Wednesday. The stock has a market capitalization of $24.00 billion, a price-to-earnings ratio of 11.91, a PEG ratio of 1.57 and a beta of 0.62. The company has a fifty day moving average of $2,050.59 and a 200 day moving average of $2,017.46. First Citizens BancShares, Inc. has a fifty-two week low of $1,623.76 and a fifty-two week high of $2,232.21. 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 (NASDAQ:FCNCA) last issued its earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $43.31 by $1.55. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.The firm had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.20 billion. During the same period in the previous year, the firm posted $37.79 earnings per share. As a group, sell-side analysts forecast that First Citizens BancShares, Inc. will post 177.18 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on FCNCA. Citigroup cut First Citizens BancShares from a “neutral” rating to a “market perform” rating in a report on Thursday, July 9th. JPMorgan Chase & Co. upped their price objective on First Citizens BancShares from $2,150.00 to $2,350.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 1st. The Goldman Sachs Group increased their target price on First Citizens BancShares from $2,100.00 to $2,340.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 7th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $2,300.00 target price on shares of First Citizens BancShares in a research note on Thursday, July 9th. Finally, Fundamental Research set a $2,350.00 price target on First Citizens BancShares in a report on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $2,247.08.

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.