Teachers Retirement System of The State of Kentucky Takes $6.35 Million Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Teachers Retirement System of The State of Kentucky bought a new stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA – Get Rating) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 7,962 shares of the bank’s stock, valued at approximately $6,349,000.

Other hedge funds have also modified their holdings of the company. Washington Trust Advisors Inc. raised its position in shares of First Citizens BancShares by 875.0% in the third quarter. Washington Trust Advisors Inc. now owns 39 shares of the bank’s stock valued at $31,000 after buying an additional 35 shares during the last quarter. Ronald Blue Trust Inc. acquired a new stake in First Citizens BancShares during the second quarter worth about $29,000. Wipfli Financial Advisors LLC acquired a new stake in First Citizens BancShares during the third quarter worth about $57,000. Bessemer Group Inc. acquired a new stake in First Citizens BancShares during the third quarter worth about $62,000. Finally, Quadrant Capital Group LLC increased its position in First Citizens BancShares by 17.2% during the second quarter. Quadrant Capital Group LLC now owns 102 shares of the bank’s stock worth $67,000 after purchasing an additional 15 shares during the last quarter. 66.53% of the stock is currently owned by institutional investors and hedge funds.

First Citizens BancShares Price Performance

Shares of FCNCA opened at $509.06 on Friday. First Citizens BancShares, Inc. has a 1-year low of $505.84 and a 1-year high of $885.38. The stock has a market cap of $7.39 billion, a PE ratio of 7.54 and a beta of 0.94. The firm has a 50-day simple moving average of $740.29 and a two-hundred day simple moving average of $783.72. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.82 and a quick ratio of 0.82.

First Citizens BancShares (NASDAQ:FCNCA – Get Rating) last announced its quarterly earnings results on Thursday, January 26th. The bank reported $20.94 earnings per share for the quarter, missing analysts’ consensus estimates of $23.34 by ($2.40). First Citizens BancShares had a net margin of 19.79% and a return on equity of 13.07%. The company had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.10 billion. As a group, analysts forecast that First Citizens BancShares, Inc. will post 89.53 EPS for the current year.

First Citizens BancShares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 15th. Shareholders of record on Tuesday, February 28th were given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 0.59%. The ex-dividend date was Monday, February 27th. First Citizens BancShares’s dividend payout ratio is presently 4.45%.

Insider Buying and Selling at First Citizens BancShares

In related news, CFO Craig L. Nix purchased 70 shares of the company’s stock in a transaction on Thursday, March 2nd. The stock was acquired at an average cost of $710.04 per share, for a total transaction of $49,702.80. Following the completion of the transaction, the chief financial officer now directly owns 1,046 shares in the company, valued at $742,701.84. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other First Citizens BancShares news, CEO Frank B. Holding, Jr. acquired 1,020 shares of the stock in a transaction dated Friday, February 3rd. The stock was acquired at an average price of $722.51 per share, with a total value of $736,960.20. Following the completion of the purchase, the chief executive officer now owns 93,232 shares in the company, valued at approximately $67,361,052.32. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Craig L. Nix acquired 70 shares of the stock in a transaction dated Thursday, March 2nd. The stock was acquired at an average cost of $710.04 per share, with a total value of $49,702.80. Following the purchase, the chief financial officer now owns 1,046 shares of the company’s stock, valued at approximately $742,701.84. The disclosure for this purchase can be found here. Insiders purchased a total of 1,583 shares of company stock worth $1,110,798 over the last three months. Insiders own 13.40% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. StockNews.com assumed coverage on shares of First Citizens BancShares in a research report on Thursday. They set a “hold” rating for the company. UBS Group assumed coverage on shares of First Citizens BancShares in a research report on Wednesday. They set a “sell” rating and a $538.00 price objective for the company.

About First Citizens BancShares

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First Citizens BancShares, Inc is a bank holding company, which provides retail and commercial banking services through its subsidiaries. The company operates under the following segments: General Banking, Commercial Banking, Rail, and Corporate. The General Banking delivers services to individuals through branch networks.