Teacher Retirement System of Texas Invests $2.64 Million in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Teacher Retirement System of Texas bought a new stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 1,425 shares of the bank's stock, valued at approximately $2,642,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Sei Investments Co. increased its position in shares of First Citizens BancShares by 69.6% during the fourth quarter. Sei Investments Co. now owns 3,031 shares of the bank's stock valued at $6,404,000 after acquiring an additional 1,244 shares in the last quarter. Kingswood Wealth Advisors LLC bought a new stake in shares of First Citizens BancShares in the 1st quarter worth $439,000. Janney Montgomery Scott LLC raised its stake in shares of First Citizens BancShares by 5.3% in the first quarter. Janney Montgomery Scott LLC now owns 3,991 shares of the bank's stock worth $7,402,000 after purchasing an additional 202 shares during the last quarter. DAVENPORT & Co LLC bought a new position in shares of First Citizens BancShares during the first quarter valued at $221,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of First Citizens BancShares during the fourth quarter valued at $39,739,000. 78.01% of the stock is owned by institutional investors.

First Citizens BancShares Trading Up 1.6%

FCNCA stock traded up $34.46 during midday trading on Thursday, reaching $2,131.69. 83,377 shares of the company traded hands, compared to its average volume of 88,863. The firm has a market capitalization of $28.33 billion, a price-to-earnings ratio of 12.21, a P/E/G ratio of 0.95 and a beta of 0.64. First Citizens BancShares, Inc. has a 52-week low of $1,473.62 and a 52-week high of $2,412.93. The business has a 50 day moving average of $1,894.28 and a 200-day moving average of $1,940.60. 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 issued its quarterly earnings results on Thursday, April 24th. The bank reported $37.79 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $37.72 by $0.07. The company had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.22 billion. First Citizens BancShares had a return on equity of 11.98% and a net margin of 17.10%. As a group, sell-side analysts expect that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Friday, May 30th were paid a $1.95 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $7.80 dividend on an annualized basis and a yield of 0.37%. First Citizens BancShares's payout ratio is 4.47%.

Analyst Ratings Changes

FCNCA has been the subject of a number of recent analyst reports. Cowen began coverage on First Citizens BancShares in a research report on Wednesday, May 14th. They issued a "buy" rating for the company. JPMorgan Chase & Co. boosted their price target on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Citigroup upped their price target on shares of First Citizens BancShares from $1,900.00 to $2,050.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. UBS Group reissued a "buy" rating and issued a $2,410.00 price objective on shares of First Citizens BancShares in a report on Wednesday. Finally, Barclays reduced their target price on shares of First Citizens BancShares from $2,568.00 to $2,400.00 and set an "equal weight" rating for the company in a report on Friday, April 25th. One analyst has rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $2,299.50.

Insider Buying and Selling

In other news, CEO Frank B. Holding, Jr. bought 350 shares of the firm's stock in a transaction on Friday, May 2nd. The stock was acquired at an average cost of $1,610.00 per share, with a total value of $563,500.00. Following the transaction, the chief executive officer directly owned 2,758 shares in the company, valued at approximately $4,440,380. This trade represents a 14.53% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 13.40% of the stock is owned by corporate insiders.

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.