Arizona State Retirement System Decreases Stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Arizona State Retirement System lowered its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 4.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,799 shares of the bank's stock after selling 137 shares during the period. Arizona State Retirement System's holdings in First Citizens BancShares were worth $5,190,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in FCNCA. MassMutual Private Wealth & Trust FSB grew its position in First Citizens BancShares by 54.5% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank's stock worth $32,000 after buying an additional 6 shares in the last quarter. Community Bank N.A. bought a new stake in First Citizens BancShares in the 1st quarter valued at about $44,000. Johnson Financial Group Inc. bought a new stake in First Citizens BancShares during the 4th quarter worth approximately $77,000. Wayfinding Financial LLC bought a new stake in First Citizens BancShares during the 1st quarter worth approximately $64,000. Finally, Toth Financial Advisory Corp boosted its stake in shares of First Citizens BancShares by 263.6% in the 1st quarter. Toth Financial Advisory Corp now owns 40 shares of the bank's stock worth $74,000 after buying an additional 29 shares during the last quarter. Institutional investors own 78.01% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on FCNCA shares. Barclays decreased their price target 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 report on Friday, April 25th. Cowen began coverage on shares of First Citizens BancShares in a report on Wednesday, May 14th. They set a "buy" rating for the company. Jefferies Financial Group began 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 target for the company. TD Cowen began 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 target for the company. Finally, UBS Group reissued a "buy" rating and set a $2,410.00 price target on shares of First Citizens BancShares in a research report on Wednesday, July 9th. One analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $2,299.50.

Insider Buying and Selling at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. bought 350 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The stock was bought at an average price of $1,610.00 per share, with a total value of $563,500.00. Following the completion of the transaction, the chief executive officer directly owned 2,758 shares of the company's stock, valued at approximately $4,440,380. The trade was a 14.53% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 13.40% of the company's stock.

First Citizens BancShares Price Performance

Shares of NASDAQ FCNCA traded up $1.64 during mid-day trading on Friday, hitting $2,115.44. 22,142 shares of the company's stock traded hands, compared to its average volume of 88,891. The company has a market capitalization of $28.11 billion, a P/E ratio of 12.13, a PEG ratio of 0.96 and a beta of 0.64. First Citizens BancShares, Inc. has a 1 year low of $1,473.62 and a 1 year high of $2,412.93. The company's 50-day moving average is $1,930.72 and its two-hundred day moving average is $1,939.56. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.04 and a quick ratio of 1.04.

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

First Citizens BancShares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Friday, May 30th were given a $1.95 dividend. The ex-dividend date was Friday, May 30th. This represents a $7.80 annualized dividend and a dividend yield of 0.37%. First Citizens BancShares's payout ratio is presently 4.47%.

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.