Maryland State Retirement & Pension System Reduces Holdings in First Citizens BancShares, Inc. $FCNCA

Maryland State Retirement & Pension System trimmed its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 11.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 479 shares of the bank’s stock after selling 60 shares during the period. Maryland State Retirement & Pension System’s holdings in First Citizens BancShares were worth $937,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of FCNCA. SVB Wealth LLC acquired a new stake in First Citizens BancShares during the first quarter worth approximately $35,000. Community Bank N.A. acquired a new stake in First Citizens BancShares during the first quarter worth approximately $44,000. Wayfinding Financial LLC acquired a new stake in First Citizens BancShares during the first quarter worth approximately $64,000. Brooklyn Investment Group boosted its position in First Citizens BancShares by 32.1% during the first quarter. Brooklyn Investment Group now owns 37 shares of the bank’s stock worth $67,000 after acquiring an additional 9 shares during the last quarter. Finally, Toth Financial Advisory Corp boosted its position in First Citizens BancShares by 32.5% during the second quarter. Toth Financial Advisory Corp now owns 53 shares of the bank’s stock worth $104,000 after acquiring an additional 13 shares during the last quarter. Institutional investors and hedge funds own 78.01% of the company’s stock.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, major shareholder Olivia Britton Holding bought 409 shares of First Citizens BancShares stock in a transaction that occurred on Thursday, August 7th. The shares were acquired at an average price of $1,630.00 per share, for a total transaction of $666,670.00. Following the acquisition, the insider owned 1,764 shares of the company’s stock, valued at $2,875,320. The trade was a 30.18% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Hope Holding Bryant bought 409 shares of First Citizens BancShares stock in a transaction that occurred on Thursday, August 7th. The shares were acquired at an average price of $1,630.00 per share, for a total transaction of $666,670.00. Following the acquisition, the insider directly owned 1,764 shares in the company, valued at approximately $2,875,320. This represents a 30.18% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 1,494 shares of company stock worth $2,485,986. 13.40% of the stock is currently owned by corporate insiders.

First Citizens BancShares Stock Down 4.2%

Shares of FCNCA opened at $1,701.73 on Monday. The firm has a market cap of $21.99 billion, a PE ratio of 10.04 and a beta of 0.60. The company’s fifty day moving average is $1,886.23 and its two-hundred day moving average is $1,882.03. First Citizens BancShares, Inc. has a fifty-two week low of $1,473.62 and a fifty-two week high of $2,412.93. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.76.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Friday, July 25th. The bank reported $44.78 earnings per share for the quarter, beating the consensus estimate of $39.08 by $5.70. The business had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.21 billion. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.32%. Analysts forecast that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, August 29th were issued a dividend of $1.95 per share. The ex-dividend date was Friday, August 29th. This represents a $7.80 annualized dividend and a dividend yield of 0.5%. First Citizens BancShares’s payout ratio is presently 4.60%.

Analysts Set New Price Targets

FCNCA has been the topic of a number of analyst reports. Citigroup restated an “outperform” rating on shares of First Citizens BancShares in a research report on Tuesday, October 7th. Weiss Ratings restated a “buy (b-)” rating on shares of First Citizens BancShares in a research report on Wednesday, October 8th. Piper Sandler set a $2,150.00 target price on shares of First Citizens BancShares and gave the stock a “neutral” rating in a research report on Monday, July 28th. JPMorgan Chase & Co. lifted their price target on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an “overweight” rating in a report on Tuesday, July 1st. Finally, Cowen reiterated a “buy” rating on shares of First Citizens BancShares in a report on Monday, July 28th. Nine analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $2,227.69.

First Citizens BancShares 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.