Maryland State Retirement & Pension System Boosts Stock Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Maryland State Retirement & Pension System raised its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 12.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 933 shares of the bank’s stock after purchasing an additional 105 shares during the period. Maryland State Retirement & Pension System’s holdings in First Citizens BancShares were worth $1,571,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also modified their holdings of FCNCA. Nordea Investment Management AB lifted its holdings in First Citizens BancShares by 21.6% in the first quarter. Nordea Investment Management AB now owns 29,077 shares of the bank’s stock valued at $47,866,000 after acquiring an additional 5,172 shares during the period. Norges Bank purchased a new stake in shares of First Citizens BancShares during the fourth quarter worth approximately $180,039,000. BNP Paribas Financial Markets grew its holdings in First Citizens BancShares by 19.4% in the 1st quarter. BNP Paribas Financial Markets now owns 3,492 shares of the bank’s stock valued at $5,709,000 after buying an additional 568 shares in the last quarter. Bessemer Group Inc. grew its holdings in First Citizens BancShares by 2,583.3% in the 1st quarter. Bessemer Group Inc. now owns 805 shares of the bank’s stock valued at $1,316,000 after buying an additional 775 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in First Citizens BancShares by 0.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 186,822 shares of the bank’s stock valued at $265,120,000 after buying an additional 534 shares in the last quarter. Hedge funds and other institutional investors own 61.18% of the company’s stock.

Wall Street Analyst Weigh In

FCNCA has been the topic of several research reports. Raymond James raised First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 target price on the stock in a research note on Tuesday, July 2nd. Keefe, Bruyette & Woods lifted their price objective on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Piper Sandler boosted their price target on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a report on Friday, July 26th. Jefferies Financial Group initiated coverage on First Citizens BancShares in a research report on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 price objective for the company. Finally, Barclays boosted their price target on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,920.82.

First Citizens BancShares Stock Performance

Shares of NASDAQ:FCNCA traded up $40.34 during trading on Friday, hitting $2,030.70. 73,304 shares of the company traded hands, compared to its average volume of 85,518. The stock has a market capitalization of $29.51 billion, a price-to-earnings ratio of 11.27 and a beta of 0.83. The business’s fifty day moving average is $1,885.79 and its 200-day moving average is $1,720.92. First Citizens BancShares, Inc. has a one year low of $1,274.91 and a one year high of $2,174.80. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 1.77.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings data on Thursday, July 25th. The bank reported $50.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $44.91 by $5.96. The business had revenue of $3.77 billion during the quarter, compared to analyst estimates of $2.30 billion. First Citizens BancShares had a return on equity of 15.09% and a net margin of 18.19%. During the same period in the prior year, the company posted $52.60 EPS. As a group, equities analysts predict that First Citizens BancShares, Inc. will post 195.31 earnings per share 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. Stockholders of record on Friday, August 30th will be given a dividend of $1.64 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 0.32%. First Citizens BancShares’s dividend payout ratio (DPR) is presently 3.64%.

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.