Kentucky Retirement Systems Buys New Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Kentucky Retirement Systems acquired a new position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 785 shares of the bank's stock, valued at approximately $1,455,000.

A number of other large investors have also recently modified their holdings of FCNCA. Sei Investments Co. grew its stake in First Citizens BancShares by 69.6% in the fourth quarter. Sei Investments Co. now owns 3,031 shares of the bank's stock worth $6,404,000 after purchasing an additional 1,244 shares during the period. Kingswood Wealth Advisors LLC bought a new stake in shares of First Citizens BancShares during the 1st quarter valued at $439,000. Raymond James Financial Inc. purchased a new stake in shares of First Citizens BancShares in the 4th quarter worth about $39,739,000. Assetmark Inc. increased its stake in shares of First Citizens BancShares by 57.7% in the 4th quarter. Assetmark Inc. now owns 5,363 shares of the bank's stock worth $11,332,000 after acquiring an additional 1,962 shares in the last quarter. Finally, Atria Wealth Solutions Inc. increased its stake in shares of First Citizens BancShares by 106.8% in the 4th quarter. Atria Wealth Solutions Inc. now owns 302 shares of the bank's stock worth $637,000 after acquiring an additional 156 shares in the last quarter. Institutional investors own 78.01% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently commented on FCNCA shares. TD Cowen started coverage on shares of First Citizens BancShares in a research note on Thursday, May 15th. They set a "buy" rating and a $2,400.00 price objective on the stock. Jefferies Financial Group initiated coverage on First Citizens BancShares in a research report on Wednesday, May 21st. They issued a "hold" rating and a $2,050.00 price target on the stock. Piper Sandler upgraded First Citizens BancShares from a "neutral" rating to an "overweight" rating and set a $2,250.00 price target on the stock in a research note on Tuesday, March 11th. Cowen initiated coverage on First Citizens BancShares in a research note on Wednesday, May 14th. They set a "buy" rating for the company. Finally, The Goldman Sachs Group cut their target price on First Citizens BancShares from $2,535.00 to $2,200.00 and set a "buy" rating on the stock in a research note on Tuesday, March 18th. One research analyst has rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $2,340.33.

First Citizens BancShares Stock Performance

Shares of FCNCA stock traded up $3.33 during trading hours on Wednesday, reaching $1,911.75. The company had a trading volume of 65,666 shares, compared to its average volume of 88,398. The firm has a market cap of $25.41 billion, a PE ratio of 10.95, a price-to-earnings-growth ratio of 0.87 and a beta of 0.64. The business has a fifty day moving average price of $1,832.25 and a 200-day moving average price of $1,944.80. First Citizens BancShares, Inc. has a one year low of $1,473.62 and a one year high of $2,412.93. The company has a debt-to-equity ratio of 1.77, a quick ratio of 1.04 and a current ratio of 1.04.

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, beating the consensus estimate of $37.72 by $0.07. The firm had revenue of $2.30 billion for the quarter, compared to analysts' expectations of $2.22 billion. First Citizens BancShares had a return on equity of 11.98% and a net margin of 17.10%. Sell-side analysts predict that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Friday, May 30th were issued a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.41%. The ex-dividend date was Friday, May 30th. First Citizens BancShares's payout ratio is 4.47%.

Insider Activity at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. bought 350 shares of the firm's stock in a transaction on Friday, May 2nd. The shares were bought at an average price of $1,610.00 per share, for a total transaction of $563,500.00. Following the purchase, the chief executive officer now owns 2,758 shares in the company, valued at approximately $4,440,380. The trade was a 14.53% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 13.19% of the stock is currently owned by company insiders.

First Citizens BancShares 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.