Kentucky Retirement Systems Insurance Trust Fund Invests $619,000 in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Kentucky Retirement Systems Insurance Trust Fund purchased a new position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 334 shares of the bank's stock, valued at approximately $619,000.

Several other hedge funds have also added to or reduced their stakes in the business. Exencial Wealth Advisors LLC increased its position in shares of First Citizens BancShares by 1.2% during the fourth quarter. Exencial Wealth Advisors LLC now owns 428 shares of the bank's stock valued at $904,000 after buying an additional 5 shares during the period. Private Advisor Group LLC grew its holdings in shares of First Citizens BancShares by 3.0% during the fourth quarter. Private Advisor Group LLC now owns 172 shares of the bank's stock valued at $363,000 after buying an additional 5 shares during the last quarter. Gamco Investors INC. ET AL grew its holdings in shares of First Citizens BancShares by 3.3% during the fourth quarter. Gamco Investors INC. ET AL now owns 155 shares of the bank's stock valued at $328,000 after buying an additional 5 shares during the last quarter. JT Stratford LLC grew its holdings in shares of First Citizens BancShares by 0.4% during the fourth quarter. JT Stratford LLC now owns 1,247 shares of the bank's stock valued at $2,635,000 after buying an additional 5 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its holdings in shares of First Citizens BancShares by 54.5% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank's stock valued at $32,000 after buying an additional 6 shares during the last quarter. 78.01% of the stock is owned by institutional investors.

First Citizens BancShares Stock Performance

FCNCA traded down $3.13 during trading on Friday, hitting $1,956.86. The company's stock had a trading volume of 200,789 shares, compared to its average volume of 88,751. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.77. First Citizens BancShares, Inc. has a one year low of $1,473.62 and a one year high of $2,412.93. The firm has a market cap of $26.01 billion, a PE ratio of 11.21, a P/E/G ratio of 0.91 and a beta of 0.64. The business's 50 day simple moving average is $1,846.33 and its 200-day simple moving average is $1,941.03.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The bank reported $37.79 earnings per share for the quarter, topping the consensus estimate of $37.72 by $0.07. First Citizens BancShares had a net margin of 17.10% and a return on equity of 11.98%. The business had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.22 billion. As a group, sell-side analysts predict that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Friday, May 30th were given a $1.95 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $7.80 annualized dividend and a yield of 0.40%. First Citizens BancShares's payout ratio is presently 4.47%.

Analyst Upgrades and Downgrades

FCNCA has been the topic of a number of recent analyst reports. Piper Sandler upgraded shares of First Citizens BancShares from a "neutral" rating to an "overweight" rating and set a $2,250.00 price target on the stock in a report on Tuesday, March 11th. Barclays lowered their price objective on shares of First Citizens BancShares from $2,568.00 to $2,400.00 and set an "equal weight" rating on the stock in a research report on Friday, April 25th. TD Cowen started coverage on shares of First Citizens BancShares in a research report on Thursday, May 15th. They set a "buy" rating and a $2,400.00 price objective on the stock. Jefferies Financial Group started coverage on shares of First Citizens BancShares in a research report on Wednesday, May 21st. They set a "hold" rating and a $2,050.00 price objective on the stock. Finally, Wall Street Zen downgraded shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a research report on Monday, April 28th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $2,340.33.

Insiders Place Their Bets

In other news, CEO Frank B. Holding, Jr. acquired 350 shares of First Citizens BancShares stock in a transaction dated Friday, May 2nd. The stock was purchased at an average cost of $1,610.00 per share, with a total value of $563,500.00. Following the completion of the purchase, the chief executive officer now directly owns 2,758 shares in the company, valued at approximately $4,440,380. This trade represents a 14.53% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 13.40% of the company's stock.

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.