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

New York State Common Retirement Fund cut its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 21.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,011 shares of the bank’s stock after selling 2,237 shares during the period. New York State Common Retirement Fund owned approximately 0.06% of First Citizens BancShares worth $11,367,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Raymond James Financial Services Advisors Inc. boosted its position in First Citizens BancShares by 145.4% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 1,406 shares of the bank’s stock worth $1,995,000 after purchasing an additional 833 shares during the last quarter. Mackenzie Financial Corp raised its stake in shares of First Citizens BancShares by 89.3% in the fourth quarter. Mackenzie Financial Corp now owns 1,914 shares of the bank’s stock worth $2,716,000 after buying an additional 903 shares during the period. Nordea Investment Management AB raised its stake in shares of First Citizens BancShares by 3,091.6% in the fourth quarter. Nordea Investment Management AB now owns 23,905 shares of the bank’s stock worth $34,203,000 after buying an additional 23,156 shares during the period. Reinhart Partners LLC. raised its stake in shares of First Citizens BancShares by 11.7% in the fourth quarter. Reinhart Partners LLC. now owns 56,803 shares of the bank’s stock worth $80,602,000 after buying an additional 5,952 shares during the period. Finally, Legal & General Group Plc raised its stake in shares of First Citizens BancShares by 49.1% in the third quarter. Legal & General Group Plc now owns 47,287 shares of the bank’s stock worth $65,261,000 after buying an additional 15,579 shares during the period. 61.18% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at First Citizens BancShares

In related news, major shareholder Olivia Britton Holding bought 466 shares of the company’s stock in a transaction dated Tuesday, February 20th. The stock was purchased at an average price of $1,315.00 per share, for a total transaction of $612,790.00. Following the acquisition, the insider now owns 121,694 shares in the company, valued at $160,027,610. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Ellen R. Alemany sold 1,000 shares of First Citizens BancShares 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 value of $1,757,270.00. Following the completion of the transaction, the director now owns 1,335 shares in the company, valued at approximately $2,345,955.45. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Olivia Britton Holding bought 466 shares of the company’s stock in a transaction dated Tuesday, February 20th. The stock was bought at an average price of $1,315.00 per share, with a total value of $612,790.00. Following the acquisition, the insider now owns 121,694 shares in the company, valued at approximately $160,027,610. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 1,388 shares of company stock worth $1,825,220 and sold 2,600 shares worth $4,458,964. Company insiders own 12.85% of the company’s stock.

First Citizens BancShares Stock Performance

NASDAQ FCNCA opened at $1,686.76 on Wednesday. The stock has a market capitalization of $24.49 billion, a PE ratio of 9.36 and a beta of 0.89. The business has a 50 day simple moving average of $1,590.27 and a two-hundred day simple moving average of $1,486.43. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.14 and a quick ratio of 1.14. First Citizens BancShares, Inc. has a 1-year low of $945.32 and a 1-year high of $1,810.03.

First Citizens BancShares Dividend Announcement

The company 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 annualized dividend and a yield of 0.39%. The ex-dividend date of this dividend is Thursday, May 30th. First Citizens BancShares’s dividend payout ratio is presently 3.64%.

Analysts Set New Price Targets

Several research firms have recently commented on FCNCA. DA Davidson reaffirmed a “neutral” rating and issued a $1,650.00 price objective (up previously from $1,600.00) on shares of First Citizens BancShares in a research note on Monday, April 15th. Wedbush reissued an “outperform” rating and set a $1,800.00 target price on shares of First Citizens BancShares in a research note on Monday, January 29th. Piper Sandler downgraded First Citizens BancShares from an “overweight” rating to a “neutral” rating and lifted their target price for the company from $1,850.00 to $1,950.00 in a research note on Friday, April 26th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $2,100.00 target price (up previously from $1,900.00) on shares of First Citizens BancShares in a research note on Friday, April 26th. Finally, StockNews.com raised First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Monday. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average 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.