State of New Jersey Common Pension Fund D Has $6.01 Million Stake in First Citizens BancShares, Inc. $FCNCA

State of New Jersey Common Pension Fund D decreased its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 2.8% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 3,072 shares of the bank’s stock after selling 88 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in First Citizens BancShares were worth $6,010,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its stake in shares of First Citizens BancShares by 2.3% during the first quarter. JPMorgan Chase & Co. now owns 401,167 shares of the bank’s stock valued at $743,815,000 after acquiring an additional 9,070 shares during the period. Egerton Capital UK LLP boosted its holdings in First Citizens BancShares by 21.7% in 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 during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in First Citizens BancShares by 13.1% during 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 purchasing an additional 14,060 shares during the period. Nuveen LLC acquired a new position in First Citizens BancShares during the 1st quarter valued at about $149,963,000. Finally, First Citizens Bank & Trust Co. lifted its position in First Citizens BancShares by 0.3% during the 2nd quarter. First Citizens Bank & Trust Co. now owns 79,132 shares of the bank’s stock valued at $154,819,000 after purchasing an additional 258 shares during the period. Institutional investors and hedge funds own 78.01% of the company’s stock.

First Citizens BancShares Trading Up 1.4%

NASDAQ FCNCA opened at $1,775.21 on Monday. The firm has a market cap of $22.94 billion, a P/E ratio of 10.50 and a beta of 0.60. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.04 and a quick ratio of 1.04. The stock’s 50-day moving average is $1,860.19 and its 200-day moving average is $1,884.37. First Citizens BancShares, Inc. has a one year low of $1,473.62 and a one year high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings results on Thursday, October 23rd. The bank reported $44.62 EPS for the quarter, topping analysts’ consensus estimates of $41.51 by $3.11. The company had revenue of $2.25 billion for the quarter, compared to analyst estimates of $2.21 billion. First Citizens BancShares had a return on equity of 11.06% and a net margin of 15.99%. Sell-side analysts anticipate that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Friday, November 28th will be paid a $2.10 dividend. The ex-dividend date of this dividend is Friday, November 28th. This represents a $8.40 annualized dividend and a dividend yield of 0.5%. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.95. First Citizens BancShares’s dividend payout ratio (DPR) is 4.61%.

Insider Buying and Selling at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. bought 600 shares of the company’s stock in a transaction that occurred on Thursday, August 7th. The shares were acquired at an average price of $1,698.75 per share, with a total value of $1,019,250.00. Following the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Olivia Britton Holding acquired 409 shares of the stock in a transaction dated Thursday, August 7th. The stock was acquired at an average price of $1,630.00 per share, for a total transaction of $666,670.00. Following the completion of the acquisition, the insider directly owned 1,764 shares of the company’s stock, valued at $2,875,320. The trade was a 30.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 1,494 shares of company stock valued at $2,485,986 in the last 90 days. 13.19% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

FCNCA has been the topic of several analyst reports. Weiss Ratings lowered shares of First Citizens BancShares from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday. The Goldman Sachs Group cut their price target on First Citizens BancShares from $2,250.00 to $1,950.00 and set a “buy” rating on the stock in a research note on Monday, October 6th. Wall Street Zen downgraded First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Sunday, September 28th. JPMorgan Chase & Co. increased their price target on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an “overweight” rating in a research note on Tuesday, July 1st. Finally, UBS Group reissued a “buy” rating and issued a $2,410.00 target price on shares of First Citizens BancShares in a research note on Wednesday, July 9th. Eight investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, First Citizens BancShares currently has a consensus rating of “Moderate Buy” and a consensus price target of $2,170.83.

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.