First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System trimmed its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 4.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,675 shares of the bank’s stock after selling 1,026 shares during the quarter. California Public Employees Retirement System’s holdings in First Citizens BancShares were worth $45,800,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of FCNCA. Norges Bank purchased a new position in First Citizens BancShares during the 4th quarter worth $298,426,000. JPMorgan Chase & Co. boosted its stake in shares of First Citizens BancShares by 35.7% during the fourth quarter. JPMorgan Chase & Co. now owns 392,097 shares of the bank’s stock worth $828,510,000 after buying an additional 103,137 shares during the period. Proficio Capital Partners LLC purchased a new position in shares of First Citizens BancShares during the fourth quarter worth about $147,341,000. AMF Tjanstepension AB acquired a new position in First Citizens BancShares in the 4th quarter valued at about $99,818,000. Finally, Sumitomo Mitsui Trust Group Inc. increased its position in First Citizens BancShares by 128.4% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 54,831 shares of the bank’s stock valued at $115,859,000 after acquiring an additional 30,828 shares during the period. Hedge funds and other institutional investors own 78.01% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on FCNCA. Deutsche Bank Aktiengesellschaft initiated coverage on First Citizens BancShares in a research report on Monday, December 9th. They set a “buy” rating and a $2,600.00 price objective for the company. Barclays lifted their price objective on shares of First Citizens BancShares from $2,456.00 to $2,568.00 and gave the company an “equal weight” rating in a research report on Monday, January 27th. JPMorgan Chase & Co. upped their price objective on shares of First Citizens BancShares from $2,550.00 to $2,600.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 7th. The Goldman Sachs Group lowered 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 report on Tuesday, March 18th. Finally, UBS Group assumed coverage on shares of First Citizens BancShares in a report on Tuesday, December 17th. They set a “buy” rating and a $2,700.00 price target for the company. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $2,288.08.

First Citizens BancShares Trading Down 1.7 %

Shares of First Citizens BancShares stock opened at $1,823.47 on Wednesday. The company has a 50-day moving average of $2,010.73 and a two-hundred day moving average of $2,055.68. First Citizens BancShares, Inc. has a 12-month low of $1,518.00 and a 12-month high of $2,412.93. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68. The stock has a market cap of $24.76 billion, a PE ratio of 9.63, a price-to-earnings-growth ratio of 0.94 and a beta of 0.81.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings results on Friday, January 24th. The bank reported $45.10 earnings per share for the quarter, topping analysts’ consensus estimates of $39.32 by $5.78. First Citizens BancShares had a return on equity of 13.22% and a net margin of 18.55%. On average, research analysts anticipate that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were given a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date of this dividend was Friday, February 28th. First Citizens BancShares’s dividend payout ratio is currently 4.12%.

Insider Transactions at First Citizens BancShares

In other First Citizens BancShares news, CFO Craig L. Nix acquired 17 shares of the company’s stock in a transaction dated Friday, March 7th. The stock was acquired at an average cost of $1,881.13 per share, with a total value of $31,979.21. Following the purchase, the chief financial officer now directly owns 1,141 shares in the company, valued at approximately $2,146,369.33. This trade represents a 1.51 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available 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.