California State Teachers Retirement System Lowers Position in First Citizens BancShares, Inc. $FCNCA

Key Points

• California State Teachers Retirement System cut its First Citizens BancShares stake by 7% in the first quarter, selling 918 shares and retaining 12,251 shares valued at approximately $23.1 million. Institutional investors collectively own 78.01% of the company.
• Analysts maintain a generally cautious outlook, with an overall “Hold” rating and a consensus price target of $2,278.31, while recent targets range from $2,300 to $2,450.
• First Citizens reported quarterly revenue of $2.24 billion, exceeding estimates, and declared a $2.10 quarterly dividend. The stock recently traded at $2,186.65, up 1.4%, while CEO Frank B. Holding Jr. and other insiders purchased shares over the past three months.

California State Teachers Retirement System decreased its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 7.0% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 12,251 shares of the bank's stock after selling 918 shares during the period. California State Teachers Retirement System owned 0.11% of First Citizens BancShares worth $23,089,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Hilton Head Capital Partners LLC purchased a new stake in First Citizens BancShares during the fourth quarter valued at about $26,000. Reflection Asset Management acquired a new stake in First Citizens BancShares during the fourth quarter worth about $45,000. Global Assets Advisory LLC purchased a new position in shares of First Citizens BancShares in the 1st quarter worth about $45,000. UMB Bank n.a. raised its holdings in shares of 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 purchasing an additional 8 shares during the period. Finally, Jessup Wealth Management Inc acquired a new position in shares of First Citizens BancShares in the 4th quarter valued at about $56,000. Hedge funds and other institutional investors own 78.01% of the company's stock.

Analyst Upgrades and Downgrades

FCNCA has been the subject of a number of research reports. Wall Street Zen upgraded First Citizens BancShares from a "sell" rating to a "hold" rating in a report on Saturday, June 27th. Barclays raised their price target on shares of First Citizens BancShares from $2,346.00 to $2,376.00 and gave the company an "equal weight" rating in a report on Monday, July 27th. Jefferies Financial Group reaffirmed a "hold" rating and set a $2,300.00 price target on shares of First Citizens BancShares in a research report on Thursday, July 23rd. JPMorgan Chase & Co. boosted their price objective on shares of First Citizens BancShares from $2,350.00 to $2,450.00 and gave the stock a "neutral" rating in a research note on Friday, July 24th. Finally, Fundamental Research set a $2,350.00 price objective on shares of First Citizens BancShares in a research report on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $2,278.31.

First Citizens BancShares Trading Up 1.4%

Shares of FCNCA opened at $2,186.65 on Friday. First Citizens BancShares, Inc. has a 12 month low of $1,623.76 and a 12 month high of $2,237.81. The stock's 50-day moving average is $2,084.65 and its two-hundred day moving average is $2,018.07. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a market cap of $25.34 billion, a PE ratio of 11.69, a P/E/G ratio of 1.70 and a beta of 0.62.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its earnings results on Thursday, July 23rd. The bank reported $57.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.41 by $56.68. The business had revenue of $2.24 billion during the quarter, compared to analyst estimates of $2.16 billion. First Citizens BancShares had a return on equity of 11.98% and a net margin of 16.28%. Equities analysts forecast that First Citizens BancShares, Inc. will post 187.23 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be issued a $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Monday, August 31st. First Citizens BancShares's dividend payout ratio is currently 4.49%.

Insiders Place Their Bets

In other news, CEO Frank B. Holding, Jr. acquired 5,940 shares of the stock in a transaction on Tuesday, May 12th. The stock was bought at an average price of $1,726.82 per share, with a total value of $10,257,310.80. Following the completion of the transaction, the chief executive officer directly owned 38,111 shares of the company's stock, valued at $65,810,837.02. The trade was a 18.46% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In the last three months, insiders purchased 7,190 shares of company stock valued at $12,573,868. 14.63% of the stock is owned by corporate insiders.

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.

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