State of New Jersey Common Pension Fund D Trims Stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

State of New Jersey Common Pension Fund D reduced its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 0.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,688 shares of the bank’s stock after selling 32 shares during the period. State of New Jersey Common Pension Fund D’s holdings in First Citizens BancShares were worth $7,793,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in FCNCA. Raymond James & Associates increased its stake in shares of First Citizens BancShares by 5.1% in the third quarter. Raymond James & Associates now owns 16,826 shares of the bank’s stock worth $30,976,000 after purchasing an additional 811 shares in the last quarter. Balentine LLC purchased a new stake in shares of First Citizens BancShares in the third quarter worth $3,564,000. Hiddenite Capital Partners LP increased its stake in shares of First Citizens BancShares by 14.1% in the third quarter. Hiddenite Capital Partners LP now owns 3,230 shares of the bank’s stock worth $5,946,000 after purchasing an additional 400 shares in the last quarter. Retireful LLC purchased a new stake in shares of First Citizens BancShares in the third quarter worth $801,000. Finally, JPMorgan Chase & Co. increased its stake in shares of First Citizens BancShares by 6.8% in the third quarter. JPMorgan Chase & Co. now owns 288,960 shares of the bank’s stock worth $531,961,000 after purchasing an additional 18,501 shares in the last quarter. 78.01% of the stock is owned by hedge funds and other institutional investors.

First Citizens BancShares Price Performance

First Citizens BancShares stock opened at $2,167.32 on Wednesday. The firm has a market capitalization of $30.32 billion, a PE ratio of 11.44, a price-to-earnings-growth ratio of 1.00 and a beta of 0.85. First Citizens BancShares, Inc. has a 12-month low of $1,475.85 and a 12-month high of $2,412.93. The firm has a 50-day moving average price of $2,143.58 and a 200-day moving average price of $2,066.03. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Friday, January 24th. The bank reported $45.10 EPS for the quarter, topping the consensus estimate of $39.32 by $5.78. First Citizens BancShares had a net margin of 18.55% and a return on equity of 13.22%. As a group, equities research analysts forecast that First Citizens BancShares, Inc. will post 165.15 EPS for the current year.

First Citizens BancShares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Friday, February 28th will be paid a $1.95 dividend. This represents a $7.80 annualized dividend and a yield of 0.36%. The ex-dividend date is Friday, February 28th. First Citizens BancShares’s dividend payout ratio is presently 4.12%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on FCNCA. StockNews.com raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Saturday, February 1st. Truist Financial upped their target price on shares of First Citizens BancShares from $2,303.00 to $2,384.00 and gave the stock a “hold” rating in a research report on Wednesday, January 29th. Wedbush dropped their target price on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a research report on Friday, October 25th. The Goldman Sachs Group upped their target price on shares of First Citizens BancShares from $2,025.00 to $2,625.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Finally, Piper Sandler upped their target price on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock a “neutral” rating in a research report on Monday, January 27th. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, First Citizens BancShares currently has a consensus rating of “Moderate Buy” and a consensus price target of $2,323.50.

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.