Public Employees Retirement System of Ohio Has $7.02 Million Stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Public Employees Retirement System of Ohio lessened its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 6.7% during the 1st quarter, HoldingsChannel reports. The firm owned 4,292 shares of the bank’s stock after selling 307 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in First Citizens BancShares were worth $7,017,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of FCNCA. Price T Rowe Associates Inc. MD grew its position in shares of First Citizens BancShares by 4.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,769 shares of the bank’s stock valued at $14,339,000 after purchasing an additional 365 shares during the last quarter. LRI Investments LLC acquired a new stake in First Citizens BancShares in the 1st quarter valued at approximately $391,000. Gabelli Funds LLC increased its position in First Citizens BancShares by 6.4% in the 1st quarter. Gabelli Funds LLC now owns 1,673 shares of the bank’s stock worth $2,735,000 after buying an additional 100 shares during the period. JT Stratford LLC lifted its holdings in shares of First Citizens BancShares by 334.3% during the first quarter. JT Stratford LLC now owns 1,824 shares of the bank’s stock worth $2,982,000 after buying an additional 1,404 shares during the last quarter. Finally, Capital Research Global Investors bought a new stake in shares of First Citizens BancShares in the first quarter valued at approximately $298,180,000. Institutional investors own 61.18% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on FCNCA. Raymond James raised shares of First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price target for the company in a report on Tuesday, July 2nd. DA Davidson reissued a “neutral” rating and issued a $1,650.00 target price (up previously from $1,600.00) on shares of First Citizens BancShares in a research note on Monday, April 15th. StockNews.com raised First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Monday, April 29th. Jefferies Financial Group assumed coverage on First Citizens BancShares in a report on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 price objective for the company. Finally, Piper Sandler upped their target price on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a report on Friday. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $1,920.82.

First Citizens BancShares Price Performance

Shares of First Citizens BancShares stock traded up $41.42 during trading on Tuesday, reaching $2,137.26. The company’s stock had a trading volume of 5,937 shares, compared to its average volume of 83,313. The stock has a 50-day moving average price of $1,743.17 and a two-hundred day moving average price of $1,633.80. The stock has a market capitalization of $31.05 billion, a P/E ratio of 11.64 and a beta of 0.83. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 1.77. First Citizens BancShares, Inc. has a one year low of $1,274.91 and a one year high of $2,146.77.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data on Thursday, July 25th. The bank reported $50.87 earnings per share for the quarter, beating the consensus estimate of $44.91 by $5.96. First Citizens BancShares had a net margin of 18.19% and a return on equity of 15.09%. The firm had revenue of $3.77 billion during the quarter, compared to analysts’ expectations of $2.30 billion. During the same quarter last year, the company posted $52.60 EPS. As a group, sell-side analysts anticipate that First Citizens BancShares, Inc. will post 192.23 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be given a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 0.31%. The ex-dividend date is Friday, August 30th. First Citizens BancShares’s dividend payout ratio (DPR) is presently 3.64%.

Insiders Place Their Bets

In other news, Director Ellen R. Alemany sold 484 shares of First Citizens BancShares stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $1,750.12, for a total value of $847,058.08. Following the completion of the sale, the director now directly owns 335 shares of the company’s stock, valued at approximately $586,290.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other First Citizens BancShares news, Director Ellen R. Alemany sold 484 shares of the company’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $1,750.12, for a total transaction of $847,058.08. Following the transaction, the director now directly owns 335 shares in the company, valued at approximately $586,290.20. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Ellen R. Alemany sold 516 shares of First Citizens BancShares stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $1,750.00, for a total transaction of $903,000.00. Following the sale, the director now owns 819 shares of the company’s stock, valued at approximately $1,433,250. The disclosure for this sale can be found here. Company insiders own 13.40% of the company’s stock.

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.