State of New Jersey Common Pension Fund D Sells 528 Shares of First Citizens BancShares, Inc. $FCNCA

Key Points

• The State of New Jersey Common Pension Fund D has reduced its stake in First Citizens BancShares by 14.3%, now owning 3,160 shares valued at approximately $5.86 million.
• Recent analyst ratings on First Citizens BancShares include seven "buy" ratings and six "hold" ratings, with target prices ranging from $2,050 to $2,410.
• The company recently announced a quarterly dividend of $1.95 per share, reflecting a 0.4% yield, with the payment date set for September 15th.

State of New Jersey Common Pension Fund D lessened its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 14.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,160 shares of the bank's stock after selling 528 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in First Citizens BancShares were worth $5,859,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Teacher Retirement System of Texas purchased a new position in First Citizens BancShares in the 1st quarter worth $2,642,000. Bank of New York Mellon Corp raised its position in First Citizens BancShares by 1.9% in the 1st quarter. Bank of New York Mellon Corp now owns 40,553 shares of the bank's stock worth $75,190,000 after purchasing an additional 772 shares during the period. Cambridge Investment Research Advisors Inc. increased its position in shares of First Citizens BancShares by 16.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 190 shares of the bank's stock valued at $352,000 after acquiring an additional 27 shares during the period. Kingswood Wealth Advisors LLC purchased a new position in shares of First Citizens BancShares in the first quarter valued at about $439,000. Finally, DAVENPORT & Co LLC purchased a new position in shares of First Citizens BancShares in the first quarter valued at about $221,000. Hedge funds and other institutional investors own 78.01% of the company's stock.

Insider Activity at First Citizens BancShares

In related news, major shareholder Olivia Britton Holding bought 409 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The stock was bought at an average cost of $1,630.00 per share, with a total value of $666,670.00. Following the completion of the purchase, the insider owned 1,764 shares of the company's stock, valued at approximately $2,875,320. The trade was a 30.18% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Frank B. Holding, Jr. bought 600 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The shares were bought at an average cost of $1,698.75 per share, with a total value of $1,019,250.00. Following the completion of the purchase, the chief executive officer directly owned 32,300 shares of the company's stock, valued at $54,869,625. This represents a 1.89% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 1,494 shares of company stock valued at $2,485,986. Corporate insiders own 13.19% of the company's stock.

First Citizens BancShares Stock Performance

FCNCA traded up $50.36 during trading on Friday, hitting $1,987.99. The company's stock had a trading volume of 155,176 shares, compared to its average volume of 143,805. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.76. First Citizens BancShares, Inc. has a one year low of $1,473.62 and a one year high of $2,412.93. The firm has a market cap of $25.68 billion, a PE ratio of 11.73 and a beta of 0.64. The business's 50 day simple moving average is $1,982.21 and its 200-day simple moving average is $1,901.33.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings data on Friday, July 25th. The bank reported $44.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $39.08 by $5.70. The firm had revenue of $2.38 billion during the quarter, compared to analysts' expectations of $2.21 billion. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.32%. As a group, sell-side analysts predict that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be paid a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Friday, August 29th. First Citizens BancShares's dividend payout ratio (DPR) is presently 4.60%.

Wall Street Analyst Weigh In

FCNCA has been the topic of a number of analyst reports. TD Cowen initiated coverage on shares of First Citizens BancShares in a research report on Thursday, May 15th. They issued a "buy" rating and a $2,400.00 price objective on the stock. Cowen restated a "buy" rating on shares of First Citizens BancShares in a research report on Monday, July 28th. Piper Sandler set a $2,150.00 price objective on shares of First Citizens BancShares and gave the company a "neutral" rating in a research report on Monday, July 28th. JPMorgan Chase & Co. boosted their price objective on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Finally, Wall Street Zen cut shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a research report on Monday, April 28th. Seven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $2,291.17.

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.