Public Employees Retirement System of Ohio Cuts Stock Position in First Citizens BancShares, Inc. $FCNCA

Public Employees Retirement System of Ohio trimmed its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 16.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,061 shares of the bank’s stock after selling 587 shares during the period. Public Employees Retirement System of Ohio’s holdings in First Citizens BancShares were worth $5,989,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in FCNCA. GAMMA Investing LLC raised its position in shares of First Citizens BancShares by 169,861.1% during the first quarter. GAMMA Investing LLC now owns 122,372 shares of the bank’s stock valued at $226,892,000 after buying an additional 122,300 shares during the last quarter. Nuveen LLC purchased a new position in First Citizens BancShares during the first quarter valued at $149,963,000. Egerton Capital UK LLP grew its stake in First Citizens BancShares by 21.7% during the first quarter. Egerton Capital UK LLP now owns 124,773 shares of the bank’s stock valued at $231,344,000 after acquiring an additional 22,257 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in First Citizens BancShares by 13.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 121,583 shares of the bank’s stock valued at $225,429,000 after acquiring an additional 14,060 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in First Citizens BancShares by 2.3% in the 1st quarter. JPMorgan Chase & Co. now owns 401,167 shares of the bank’s stock worth $743,815,000 after purchasing an additional 9,070 shares in the last quarter. Hedge funds and other institutional investors own 78.01% of the company’s stock.

Insider Buying and Selling at First Citizens BancShares

In other news, major shareholder Olivia Britton Holding acquired 409 shares of the business’s stock in a transaction dated Thursday, August 7th. The shares were purchased at an average price of $1,630.00 per share, with a total value of $666,670.00. Following the transaction, the insider directly owned 1,764 shares in the company, valued at approximately $2,875,320. This represents a 30.18% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Frank B. Holding, Jr. acquired 600 shares of First Citizens BancShares stock in a transaction that occurred on Thursday, August 7th. The shares were purchased at an average price of $1,698.75 per share, with a total value of $1,019,250.00. Following the purchase, the chief executive officer owned 32,300 shares in the company, valued at $54,869,625. This represents a 1.89% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 1,494 shares of company stock valued at $2,485,986. 13.19% of the stock is currently owned by insiders.

First Citizens BancShares Stock Performance

First Citizens BancShares stock opened at $1,850.38 on Monday. 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 debt-to-equity ratio of 1.76, a quick ratio of 1.04 and a current ratio of 1.04. The company has a 50 day moving average price of $1,946.40 and a 200-day moving average price of $1,888.84. The company has a market capitalization of $23.91 billion, a PE ratio of 10.92 and a beta of 0.71.

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

First Citizens BancShares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 29th were issued a $1.95 dividend. The ex-dividend date was Friday, August 29th. This represents a $7.80 dividend on an annualized basis and a yield of 0.4%. First Citizens BancShares’s payout ratio is currently 4.60%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on FCNCA shares. JPMorgan Chase & Co. raised their price objective on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an “overweight” rating in a research report on Tuesday, July 1st. Citigroup raised their price target on First Citizens BancShares from $1,900.00 to $2,050.00 and gave the company a “neutral” rating in a report on Wednesday, July 2nd. Piper Sandler set a $2,150.00 target price on shares of First Citizens BancShares and gave the company a “neutral” rating in a research report on Monday, July 28th. Wall Street Zen cut First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Sunday. Finally, Cowen reaffirmed a “buy” rating on shares of First Citizens BancShares in a research note on Monday, July 28th. Seven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, First Citizens BancShares currently has a consensus rating of “Moderate Buy” and a consensus target price of $2,291.17.

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.