Teacher Retirement System of Texas Acquires Shares of 1,425 First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Teacher Retirement System of Texas purchased a new stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 1,425 shares of the bank's stock, valued at approximately $2,642,000.

A number of other hedge funds also recently made changes to their positions in the stock. Norges Bank bought a new stake in shares of First Citizens BancShares during the fourth quarter valued at approximately $298,426,000. GAMMA Investing LLC lifted its holdings in shares of First Citizens BancShares by 169,861.1% in the 1st quarter. GAMMA Investing LLC now owns 122,372 shares of the bank's stock valued at $226,892,000 after acquiring an additional 122,300 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of First Citizens BancShares by 35.7% in the 4th quarter. JPMorgan Chase & Co. now owns 392,097 shares of the bank's stock worth $828,510,000 after purchasing an additional 103,137 shares during the period. Capital International Investors increased its position in First Citizens BancShares by 78.2% during the fourth quarter. Capital International Investors now owns 172,723 shares of the bank's stock valued at $364,967,000 after acquiring an additional 75,785 shares during the last quarter. Finally, Proficio Capital Partners LLC bought a new position in First Citizens BancShares during the 4th quarter valued at about $147,341,000. 78.01% of the stock is currently owned by institutional investors.

First Citizens BancShares Stock Down 0.7%

NASDAQ:FCNCA traded down $14.07 during trading hours on Friday, reaching $2,117.62. The company's stock had a trading volume of 78,369 shares, compared to its average volume of 89,214. The stock has a 50 day moving average price of $1,907.01 and a two-hundred day moving average price of $1,940.39. The company has a debt-to-equity ratio of 1.77, a quick ratio of 1.04 and a current ratio of 1.04. The company has a market capitalization of $28.14 billion, a P/E ratio of 12.13, a price-to-earnings-growth ratio of 0.98 and a beta of 0.64. First Citizens BancShares, Inc. has a 12 month low of $1,473.62 and a 12 month high of $2,412.93.

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 analysts' consensus estimates of $37.72 by $0.07. First Citizens BancShares had a net margin of 17.10% and a return on equity of 11.98%. The business had revenue of $2.30 billion for the quarter, compared to analysts' expectations of $2.22 billion. Equities analysts predict that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

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

Wall Street Analyst Weigh In

A number of research firms have recently commented on FCNCA. UBS Group restated a "buy" rating and issued a $2,410.00 price target on shares of First Citizens BancShares in a report on Wednesday. Cowen began coverage on shares of First Citizens BancShares in a research report on Wednesday, May 14th. They issued a "buy" rating for the company. Wall Street Zen downgraded shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a research note on Monday, April 28th. The Goldman Sachs Group reduced their target price on shares of 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. Finally, Jefferies Financial Group began 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. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $2,299.50.

Insiders Place Their Bets

In related news, CEO Frank B. Holding, Jr. purchased 350 shares of the firm's stock in a transaction on Friday, May 2nd. The stock was acquired at an average price of $1,610.00 per share, with a total value of $563,500.00. Following the completion of the acquisition, the chief executive officer owned 2,758 shares in the company, valued at approximately $4,440,380. This represents a 14.53% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 13.40% of the company's stock.

About First Citizens BancShares

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.