First Citizens BancShares, Inc. $FCNCA Shares Purchased by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System reported acquiring an additional 22.24 million FCNCA shares in the second quarter, bringing its reported stake to 22.25 million shares. Institutional investors and hedge funds collectively own 78.01% of the stock.
• Wall Street’s consensus rating remains “Hold,” with a target price of $2,278.31; individual analysts’ targets range from $2,300 to $2,350.
• First Citizens reported quarterly EPS of $57.09 and revenue of $2.43 billion, exceeding consensus estimates. The bank also declared a quarterly dividend of $2.10 per share, equivalent to a 0.4% yield.

California State Teachers Retirement System boosted its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 181,550.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,254,049 shares of the bank's stock after buying an additional 22,241,798 shares during the quarter. California State Teachers Retirement System owned approximately 197.11% of First Citizens BancShares worth $46,306,003,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Hilton Head Capital Partners LLC purchased a new position in shares of First Citizens BancShares in the 4th quarter valued at about $26,000. Jones Financial Companies Lllp purchased a new position in First Citizens BancShares in the second quarter valued at approximately $42,000. Reflection Asset Management acquired a new stake in First Citizens BancShares during the fourth quarter worth approximately $45,000. Global Assets Advisory LLC acquired a new stake in First Citizens BancShares during the first quarter worth approximately $45,000. Finally, UMB Bank n.a. lifted its position in shares of First Citizens BancShares by 50.0% during 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 last quarter. 78.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on FCNCA. Jefferies Financial Group restated a "hold" rating and issued a $2,300.00 target price on shares of First Citizens BancShares in a report on Thursday, July 23rd. Wall Street Zen upgraded shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a research note on Saturday, June 27th. Truist Financial boosted their price target on shares of First Citizens BancShares from $2,150.00 to $2,323.00 and gave the company a "hold" rating in a research report on Tuesday, July 28th. Keefe, Bruyette & Woods restated a "market perform" rating and issued a $2,300.00 price objective on shares of First Citizens BancShares in a research note on Thursday, July 9th. Finally, Fundamental Research set a $2,350.00 price objective on First Citizens BancShares in a report on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and ten have assigned a Hold rating to the company's stock. Based on data from MarketBeat, First Citizens BancShares currently has an average rating of "Hold" and a consensus target price of $2,278.31.

Insider Buying and Selling

In other First Citizens BancShares news, Director Diane Morais bought 50 shares of the company's stock in a transaction on Wednesday, August 19th. The shares were bought at an average price of $2,168.11 per share, for a total transaction of $108,405.50. Following the transaction, the director owned 100 shares of the company's stock, valued at approximately $216,811. This trade represents a 100.00% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 14.63% of the stock is currently owned by insiders.

First Citizens BancShares Price Performance

FCNCA opened at $2,208.49 on Monday. First Citizens BancShares, Inc. has a 52 week low of $1,623.76 and a 52 week high of $2,296.30. The business has a 50 day moving average price of $2,160.88 and a two-hundred day moving average price of $2,036.67. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.59. The company has a market cap of $24.93 billion, a PE ratio of 11.81, a P/E/G ratio of 1.67 and a beta of 0.60.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released 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 $2.43 billion for the quarter, compared to analyst estimates of $2.16 billion. First Citizens BancShares had a return on equity of 12.07% and a net margin of 16.28%. As a group, research analysts anticipate that First Citizens BancShares, Inc. will post 192.11 EPS for the current year.

First Citizens BancShares Dividend Announcement

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

About First Citizens BancShares

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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