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Arizona State Retirement System Raises Stock Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

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Arizona State Retirement System increased its position in First Citizens BancShares, Inc. (NASDAQ:FCNCAGet Rating) by 116.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,331 shares of the bank’s stock after acquiring an additional 1,790 shares during the period. Arizona State Retirement System’s holdings in First Citizens BancShares were worth $2,217,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FCNCA. CWM LLC purchased a new position in First Citizens BancShares in the 1st quarter worth $28,000. TCI Wealth Advisors Inc. raised its stake in shares of First Citizens BancShares by 880.0% during the 1st quarter. TCI Wealth Advisors Inc. now owns 49 shares of the bank’s stock valued at $33,000 after buying an additional 44 shares during the last quarter. Point72 Hong Kong Ltd purchased a new position in shares of First Citizens BancShares during the 4th quarter valued at about $37,000. Sugarloaf Wealth Management LLC purchased a new position in shares of First Citizens BancShares during the 1st quarter valued at about $37,000. Finally, Fifth Third Bancorp purchased a new position in shares of First Citizens BancShares during the 1st quarter valued at about $43,000. Hedge funds and other institutional investors own 39.07% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Thursday, April 28th.

Insider Activity

In other news, CEO Frank B. Holding, Jr. acquired 254 shares of the stock in a transaction that occurred on Friday, June 10th. The shares were bought at an average cost of $630.00 per share, for a total transaction of $160,020.00. Following the acquisition, the chief executive officer now owns 92,212 shares in the company, valued at approximately $58,093,560. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Frank B. Holding, Jr. acquired 254 shares of the stock in a transaction that occurred on Friday, June 10th. The shares were bought at an average cost of $630.00 per share, for a total transaction of $160,020.00. Following the acquisition, the chief executive officer now owns 92,212 shares in the company, valued at approximately $58,093,560. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert T. Newcomb acquired 750 shares of the stock in a transaction that occurred on Thursday, May 5th. The stock was purchased at an average price of $669.55 per share, for a total transaction of $502,162.50. Following the completion of the acquisition, the director now owns 1,000 shares in the company, valued at approximately $669,550. The disclosure for this purchase can be found here. Insiders have acquired 1,018 shares of company stock worth $671,110 in the last ninety days. Company insiders own 13.40% of the company’s stock.

First Citizens BancShares Price Performance

NASDAQ:FCNCA opened at $756.68 on Monday. First Citizens BancShares, Inc. has a 52 week low of $598.01 and a 52 week high of $947.71. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $12.11 billion, a PE ratio of 13.50 and a beta of 1.04. The stock’s 50-day moving average price is $674.42 and its 200-day moving average price is $701.80.

First Citizens BancShares (NASDAQ:FCNCAGet Rating) last posted its earnings results on Thursday, July 28th. The bank reported $16.86 EPS for the quarter, beating analysts’ consensus estimates of $13.77 by $3.09. First Citizens BancShares had a return on equity of 11.95% and a net margin of 22.17%. During the same quarter in the previous year, the firm posted $15.09 EPS. As a group, equities analysts expect that First Citizens BancShares, Inc. will post 63.85 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st will be given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 0.25%. The ex-dividend date is Tuesday, August 30th. First Citizens BancShares’s dividend payout ratio (DPR) is presently 3.35%.

First Citizens BancShares Company Profile

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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.

Further Reading

Want to see what other hedge funds are holding FCNCA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Citizens BancShares, Inc. (NASDAQ:FCNCAGet Rating).

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