California State Teachers Retirement System Sells 1,826 Shares of First Citizens BancShares, Inc. (FCNCA)

California State Teachers Retirement System lowered its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 12.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,186 shares of the bank’s stock after selling 1,826 shares during the quarter. California State Teachers Retirement System owned about 0.11% of First Citizens BancShares worth $4,914,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Captrust Financial Advisors bought a new position in shares of First Citizens BancShares during the 2nd quarter valued at $104,000. Teacher Retirement System of Texas bought a new position in shares of First Citizens BancShares during the 2nd quarter valued at $214,000. BNP Paribas Arbitrage SA raised its holdings in shares of First Citizens BancShares by 244.7% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 1,034 shares of the bank’s stock valued at $385,000 after purchasing an additional 734 shares in the last quarter. Pacer Advisors Inc. raised its holdings in shares of First Citizens BancShares by 17.3% during the 2nd quarter. Pacer Advisors Inc. now owns 1,126 shares of the bank’s stock valued at $420,000 after purchasing an additional 166 shares in the last quarter. Finally, Cannell Peter B & Co. Inc. raised its holdings in shares of First Citizens BancShares by 69.2% during the 2nd quarter. Cannell Peter B & Co. Inc. now owns 1,650 shares of the bank’s stock valued at $615,000 after purchasing an additional 675 shares in the last quarter. Institutional investors and hedge funds own 44.87% of the company’s stock.

In other First Citizens BancShares news, Vice Chairman Hope Holding Bryant sold 2,500 shares of the company’s stock in a transaction on Monday, August 21st. The shares were sold at an average price of $340.00, for a total transaction of $850,000.00. Following the sale, the insider now directly owns 272,572 shares of the company’s stock, valued at $92,674,480. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Olivia Britton Holding sold 245 shares of the company’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $362.06, for a total transaction of $88,704.70. Following the sale, the insider now directly owns 343,898 shares in the company, valued at $124,511,709.88. The disclosure for this sale can be found here. Insiders have sold 12,500 shares of company stock worth $4,398,866 over the last ninety days. Insiders own 19.38% of the company’s stock.

First Citizens BancShares (NASDAQ:FCNCA) last announced its earnings results on Wednesday, October 25th. The bank reported $5.58 EPS for the quarter. First Citizens BancShares had a net margin of 20.60% and a return on equity of 10.33%. The business had revenue of $398.56 million during the quarter.

First Citizens BancShares announced that its board has initiated a stock buyback program on Wednesday, October 25th that permits the company to buyback 800,000 outstanding shares. This buyback authorization permits the bank to repurchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its stock is undervalued.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Monday, December 18th will be given a dividend of $0.35 per share. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $0.30. This represents a $1.40 annualized dividend and a yield of 0.35%. The ex-dividend date of this dividend is Friday, December 15th. First Citizens BancShares’s dividend payout ratio is 4.48%.

Several brokerages recently commented on FCNCA. BidaskClub downgraded shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Monday, July 31st. ValuEngine downgraded shares of First Citizens BancShares from a “buy” rating to a “hold” rating in a report on Friday, August 18th.

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First Citizens BancShares Profile

First Citizens BancShares, Inc (BancShares) is a holding company of First-Citizens Bank & Trust Company (FCB). As of December 31, 2016, BancShares operated in 21 states providing a range of financial services to individuals, businesses and professionals. FCB offers a range of retail and commercial banking services.

Institutional Ownership by Quarter for First Citizens BancShares (NASDAQ:FCNCA)

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