First Citizens BancShares, Inc. (NASDAQ:FCNCA) Position Cut by California State Teachers Retirement System

California State Teachers Retirement System cut its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 8.0% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 15,978 shares of the bank's stock after selling 1,388 shares during the period. California State Teachers Retirement System owned approximately 0.12% of First Citizens BancShares worth $33,762,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Financial Life Planners purchased a new position in shares of First Citizens BancShares during the 4th quarter worth approximately $33,000. Hemington Wealth Management raised its stake in shares of First Citizens BancShares by 60.0% during the 4th quarter. Hemington Wealth Management now owns 16 shares of the bank's stock worth $33,000 after buying an additional 6 shares in the last quarter. Duncker Streett & Co. Inc. purchased a new position in shares of First Citizens BancShares during the 4th quarter worth approximately $36,000. Mather Group LLC. raised its stake in shares of First Citizens BancShares by 38.5% during the 4th quarter. Mather Group LLC. now owns 18 shares of the bank's stock worth $38,000 after buying an additional 5 shares in the last quarter. Finally, Asset Planning Inc purchased a new position in shares of First Citizens BancShares during the 4th quarter worth approximately $38,000. 78.01% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at First Citizens BancShares

In related news, CFO Craig L. Nix bought 17 shares of the stock in a transaction dated Friday, March 7th. The stock was bought at an average cost of $1,881.13 per share, with a total value of $31,979.21. Following the completion of the acquisition, the chief financial officer now owns 1,141 shares of the company's stock, valued at $2,146,369.33. This trade represents a 1.51% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Frank B. Holding, Jr. bought 350 shares of the stock in a transaction dated Friday, May 2nd. The shares were bought at an average cost of $1,610.00 per share, with a total value of $563,500.00. Following the completion of the acquisition, the chief executive officer now directly owns 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 disclosure for this purchase can be found here. 13.19% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on FCNCA shares. Wall Street Zen cut First Citizens BancShares from a "hold" rating to a "sell" rating in a report on Monday, April 28th. Piper Sandler raised First Citizens BancShares from a "neutral" rating to an "overweight" rating and set a $2,250.00 price target for the company in a research report on Tuesday, March 11th. TD Cowen began coverage on 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. The Goldman Sachs Group lowered their price target on First Citizens BancShares from $2,535.00 to $2,200.00 and set a "buy" rating for the company in a research report on Tuesday, March 18th. Finally, Barclays lowered their price target on First Citizens BancShares from $2,568.00 to $2,400.00 and set an "equal weight" rating for the company in a research report on Friday, April 25th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, First Citizens BancShares presently has an average rating of "Moderate Buy" and an average target price of $2,340.33.

First Citizens BancShares Stock Down 0.3%

Shares of NASDAQ:FCNCA traded down $5.77 during trading on Friday, hitting $1,838.48. The company's stock had a trading volume of 164,290 shares, compared to its average volume of 89,378. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. First Citizens BancShares, Inc. has a fifty-two week low of $1,473.62 and a fifty-two week high of $2,412.93. The stock's 50-day moving average price is $1,789.34 and its two-hundred day moving average price is $1,994.20. The company has a market capitalization of $24.43 billion, a PE ratio of 9.71, a PEG ratio of 0.94 and a beta of 0.64.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The bank reported $37.79 earnings per share for the quarter, beating the consensus estimate of $37.72 by $0.07. The firm had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.22 billion. First Citizens BancShares had a return on equity of 13.22% and a net margin of 18.55%. As a group, sell-side analysts expect that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be issued a $1.95 dividend. This represents a $7.80 annualized dividend and a yield of 0.42%. The ex-dividend date is Friday, May 30th. First Citizens BancShares's dividend payout ratio is currently 4.47%.

First Citizens BancShares Company Profile

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.