California Public Employees Retirement System Buys 904 Shares of First Citizens BancShares, Inc. $FCNCA

California Public Employees Retirement System lifted its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 5.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 18,990 shares of the bank’s stock after acquiring an additional 904 shares during the quarter. California Public Employees Retirement System owned 0.16% of First Citizens BancShares worth $35,790,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC raised its holdings in shares of First Citizens BancShares by 20.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 91,876 shares of the bank’s stock valued at $174,048,000 after purchasing an additional 15,788 shares during the last quarter. Independent Financial Group LLC purchased a new stake in First Citizens BancShares in the first quarter worth approximately $528,000. Midwest Professional Planners LTD. grew its position in First Citizens BancShares by 4.3% in the 1st quarter. Midwest Professional Planners LTD. now owns 1,011 shares of the bank’s stock worth $1,905,000 after purchasing an additional 42 shares during the period. Check Capital Management Inc. CA grew its position in First Citizens BancShares by 3.0% in the 1st quarter. Check Capital Management Inc. CA now owns 44,068 shares of the bank’s stock worth $83,054,000 after purchasing an additional 1,280 shares during the period. Finally, Tradewinds LLC. raised its stake in First Citizens BancShares by 6.1% during the 1st quarter. Tradewinds LLC. now owns 2,623 shares of the bank’s stock valued at $5,207,000 after buying an additional 150 shares during the last quarter. 78.01% of the stock is owned by hedge funds and other institutional investors.

First Citizens BancShares Stock Down 0.2%

Shares of FCNCA stock opened at $2,071.16 on Wednesday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.67. First Citizens BancShares, Inc. has a 12 month low of $1,623.76 and a 12 month high of $2,232.21. The stock has a market cap of $24.00 billion, a P/E ratio of 11.91, a P/E/G ratio of 1.57 and a beta of 0.62. The company has a 50 day simple moving average of $2,050.59 and a two-hundred day simple moving average of $2,017.46.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share for the quarter, topping the consensus estimate of $43.31 by $1.55. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. The business had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.20 billion. During the same quarter last year, the company posted $37.79 EPS. On average, research analysts expect that First Citizens BancShares, Inc. will post 177.18 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on FCNCA. Deutsche Bank Aktiengesellschaft cut First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,154.00 price target on the stock. in a report on Wednesday, April 8th. Piper Sandler set a $2,050.00 price objective on First Citizens BancShares in a report on Friday, April 24th. Citigroup cut First Citizens BancShares from a “neutral” rating to a “market perform” rating in a research report on Thursday, July 9th. Zacks Research raised First Citizens BancShares from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. Finally, Fundamental Research set a $2,350.00 target price on First Citizens BancShares in a research report on Wednesday, July 1st. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $2,247.08.

Insider Buying and Selling

In related news, CEO Frank B. Holding, Jr. bought 5,940 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The shares were bought at an average cost of $1,726.82 per share, with a total value of $10,257,310.80. Following the acquisition, the chief executive officer owned 38,111 shares in the company, valued at $65,810,837.02. This trade represents a 18.46% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last quarter, insiders acquired 7,190 shares of company stock valued at $12,573,868. 14.63% of the stock is currently owned by company insiders.

First Citizens BancShares Profile

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.