New York State Common Retirement Fund Reduces Stock Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

New York State Common Retirement Fund trimmed its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 21.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,011 shares of the bank's stock after selling 2,237 shares during the quarter. New York State Common Retirement Fund owned about 0.06% of First Citizens BancShares worth $11,367,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FCNCA. Blue Trust Inc. boosted its position in shares of First Citizens BancShares by 100.0% in the fourth quarter. Blue Trust Inc. now owns 20 shares of the bank's stock valued at $27,000 after acquiring an additional 10 shares during the period. Lindbrook Capital LLC boosted its position in shares of First Citizens BancShares by 53.3% in the third quarter. Lindbrook Capital LLC now owns 23 shares of the bank's stock valued at $32,000 after acquiring an additional 8 shares during the period. Federated Hermes Inc. boosted its position in shares of First Citizens BancShares by 60.0% in the third quarter. Federated Hermes Inc. now owns 56 shares of the bank's stock valued at $77,000 after acquiring an additional 21 shares during the period. City Holding Co. bought a new stake in shares of First Citizens BancShares in the fourth quarter valued at about $95,000. Finally, Desjardins Global Asset Management Inc. boosted its position in shares of First Citizens BancShares by 16.4% in the fourth quarter. Desjardins Global Asset Management Inc. now owns 85 shares of the bank's stock valued at $121,000 after acquiring an additional 12 shares during the period. 61.18% of the stock is owned by institutional investors.

First Citizens BancShares Trading Down 0.6 %

FCNCA stock traded down $10.77 during trading on Wednesday, hitting $1,675.99. The company had a trading volume of 105,651 shares, compared to its average volume of 82,746. The business has a 50-day moving average of $1,590.27 and a 200-day moving average of $1,486.43. First Citizens BancShares, Inc. has a one year low of $945.32 and a one year high of $1,810.03. The stock has a market cap of $24.34 billion, a PE ratio of 9.36 and a beta of 0.89. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.82.

First Citizens BancShares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Friday, May 31st will be issued a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 0.39%. The ex-dividend date is Thursday, May 30th. First Citizens BancShares's payout ratio is 3.64%.

Insiders Place Their Bets

In other news, Director Ellen R. Alemany sold 1,000 shares of the company's stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $1,757.27, for a total transaction of $1,757,270.00. Following the transaction, the director now directly owns 1,335 shares of the company's stock, valued at $2,345,955.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, major shareholder Olivia Britton Holding bought 466 shares of the business's stock in a transaction that occurred on Tuesday, February 20th. The shares were bought at an average cost of $1,315.00 per share, for a total transaction of $612,790.00. Following the acquisition, the insider now directly owns 121,694 shares in the company, valued at $160,027,610. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ellen R. Alemany sold 1,000 shares of the firm's stock in a transaction on Monday, April 29th. The shares were sold at an average price of $1,757.27, for a total value of $1,757,270.00. Following the transaction, the director now owns 1,335 shares in the company, valued at $2,345,955.45. The disclosure for this sale can be found here. In the last three months, insiders have acquired 1,388 shares of company stock worth $1,825,220 and have sold 2,600 shares worth $4,458,964. Company insiders own 12.85% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. DA Davidson reaffirmed a "neutral" rating and issued a $1,650.00 price target (up previously from $1,600.00) on shares of First Citizens BancShares in a research note on Monday, April 15th. Piper Sandler downgraded First Citizens BancShares from an "overweight" rating to a "neutral" rating and boosted their price target for the company from $1,850.00 to $1,950.00 in a research note on Friday, April 26th. The Goldman Sachs Group assumed coverage on First Citizens BancShares in a research note on Thursday, March 21st. They issued a "buy" rating and a $1,950.00 price target for the company. Wedbush reaffirmed an "outperform" rating and issued a $1,800.00 price target on shares of First Citizens BancShares in a research note on Monday, January 29th. Finally, Keefe, Bruyette & Woods reaffirmed an "outperform" rating and issued a $2,100.00 price target (up previously from $1,900.00) on shares of First Citizens BancShares in a research note on Friday, April 26th. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, First Citizens BancShares has an average rating of "Moderate Buy" and a consensus target price of $1,829.90.

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.