Teachers Retirement System of The State of Kentucky Makes New Investment in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Teachers Retirement System of The State of Kentucky bought a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,400 shares of the bank's stock, valued at approximately $6,259,000.

Other hedge funds have also recently bought and sold shares of the company. M&T Bank Corp boosted its stake in shares of First Citizens BancShares by 0.8% in the third quarter. M&T Bank Corp now owns 607 shares of the bank's stock valued at $1,117,000 after purchasing an additional 5 shares during the period. Wedbush Securities Inc. raised its position in shares of First Citizens BancShares by 0.5% during the 2nd quarter. Wedbush Securities Inc. now owns 1,199 shares of the bank's stock worth $2,019,000 after buying an additional 6 shares in the last quarter. Metis Global Partners LLC lifted its position in First Citizens BancShares by 4.9% in the third quarter. Metis Global Partners LLC now owns 129 shares of the bank's stock worth $237,000 after purchasing an additional 6 shares during the period. HB Wealth Management LLC boosted its stake in First Citizens BancShares by 3.9% during the 2nd quarter. HB Wealth Management LLC now owns 187 shares of the bank's stock valued at $315,000 after purchasing an additional 7 shares in the last quarter. Finally, Tandem Capital Management Corp ADV increased its position in shares of First Citizens BancShares by 1.8% during the 3rd quarter. Tandem Capital Management Corp ADV now owns 459 shares of the bank's stock valued at $845,000 after purchasing an additional 8 shares during the period. 78.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. cut their target price on First Citizens BancShares from $2,550.00 to $2,300.00 and set an "overweight" rating on the stock in a research report on Friday, October 25th. Wedbush cut their price objective on First Citizens BancShares from $2,150.00 to $2,000.00 and set a "neutral" rating on the stock in a report on Friday, October 25th. Citigroup raised shares of First Citizens BancShares from a "hold" rating to a "strong-buy" rating in a research note on Monday. Keefe, Bruyette & Woods downgraded shares of First Citizens BancShares from an "outperform" rating to a "market perform" rating and lifted their target price for the stock from $2,100.00 to $2,500.00 in a research report on Wednesday, December 4th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of First Citizens BancShares in a research note on Monday. They issued a "buy" rating and a $2,600.00 price objective for the company. Six investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $2,157.64.

First Citizens BancShares Price Performance

NASDAQ:FCNCA traded up $12.03 during mid-day trading on Friday, hitting $2,086.91. The company's stock had a trading volume of 56,071 shares, compared to its average volume of 87,579. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68. The stock has a fifty day moving average of $2,113.46 and a 200-day moving average of $1,938.59. The company has a market capitalization of $29.20 billion, a price-to-earnings ratio of 11.96 and a beta of 0.83. First Citizens BancShares, Inc. has a fifty-two week low of $1,363.97 and a fifty-two week high of $2,388.78.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share for the quarter, missing the consensus estimate of $47.40 by ($1.53). The firm had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.36 billion. First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. During the same period in the previous year, the company posted $55.92 EPS. As a group, equities analysts forecast that First Citizens BancShares, Inc. will post 187.88 EPS for the current fiscal year.

First Citizens BancShares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a $1.95 dividend. This is a positive change from First Citizens BancShares's previous quarterly dividend of $1.64. This represents a $7.80 annualized dividend and a yield of 0.37%. The ex-dividend date of this dividend is Friday, November 29th. First Citizens BancShares's dividend payout ratio is currently 4.47%.

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.