Teacher Retirement System of Texas Makes New Investment in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Teacher Retirement System of Texas bought a new position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) during the first quarter, according to the company in 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.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Gamco Investors INC. ET AL grew its stake in First Citizens BancShares by 3.3% in the fourth quarter. Gamco Investors INC. ET AL now owns 155 shares of the bank's stock valued at $328,000 after purchasing an additional 5 shares during the last quarter. JT Stratford LLC grew its stake in First Citizens BancShares by 0.4% in the fourth quarter. JT Stratford LLC now owns 1,247 shares of the bank's stock valued at $2,635,000 after purchasing an additional 5 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its position in shares of First Citizens BancShares by 54.5% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank's stock valued at $32,000 after purchasing an additional 6 shares during the last quarter. Steward Partners Investment Advisory LLC grew its position in First Citizens BancShares by 10.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 77 shares of the bank's stock worth $164,000 after purchasing an additional 7 shares during the last quarter. Finally, Laurion Capital Management LP grew its position in First Citizens BancShares by 0.9% during the 4th quarter. Laurion Capital Management LP now owns 986 shares of the bank's stock worth $2,083,000 after purchasing an additional 9 shares during the last quarter. Hedge funds and other institutional investors own 78.01% of the company's stock.

Insider Buying and Selling

In other news, CEO Frank B. Holding, Jr. bought 350 shares of the stock in a transaction that occurred on Friday, May 2nd. The stock was bought at an average cost of $1,610.00 per share, for a total transaction of $563,500.00. Following the acquisition, the chief executive officer directly owned 2,758 shares of the company's stock, valued at $4,440,380. The trade was a 14.53% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. 13.40% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts recently commented on FCNCA shares. The Goldman Sachs Group dropped 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 report on Tuesday, March 18th. UBS Group reiterated a "buy" rating and issued a $2,410.00 target price on shares of First Citizens BancShares in a research report on Wednesday. Barclays decreased 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 report on Friday, April 25th. Jefferies Financial Group started coverage on First Citizens BancShares in a report on Wednesday, May 21st. They issued a "hold" rating and a $2,050.00 price target for the company. Finally, Citigroup boosted their price target on First Citizens BancShares from $1,900.00 to $2,050.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $2,299.50.

First Citizens BancShares Stock Performance

NASDAQ FCNCA opened at $2,097.23 on Thursday. The stock has a market cap of $27.87 billion, a PE ratio of 12.01, a P/E/G ratio of 0.95 and a beta of 0.64. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.77. First Citizens BancShares, Inc. has a twelve month low of $1,473.62 and a twelve month high of $2,412.93. The stock has a fifty day simple moving average of $1,894.28 and a 200-day simple moving average of $1,940.60.

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, topping analysts' consensus estimates of $37.72 by $0.07. The business had revenue of $2.30 billion during 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%. Equities analysts anticipate that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Announces Dividend

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

Want to see what other hedge funds are holding FCNCA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.