First Citizens BancShares, Inc. (NASDAQ:FCNCA) Stock Holdings Cut by Magnetar Financial LLC

Magnetar Financial LLC reduced its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 74.4% in the second quarter, HoldingsChannel.com reports. The firm owned 612 shares of the bank’s stock after selling 1,782 shares during the period. Magnetar Financial LLC’s holdings in First Citizens BancShares were worth $1,030,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Fidelis Capital Partners LLC bought a new position in First Citizens BancShares during the 2nd quarter valued at $224,000. Ensign Peak Advisors Inc boosted its stake in shares of First Citizens BancShares by 1.6% during the 2nd quarter. Ensign Peak Advisors Inc now owns 6,486 shares of the bank’s stock worth $10,920,000 after acquiring an additional 100 shares in the last quarter. Summit Trail Advisors LLC bought a new stake in shares of First Citizens BancShares during the 2nd quarter worth $312,000. Thrivent Financial for Lutherans boosted its stake in shares of First Citizens BancShares by 6,773.9% during the 2nd quarter. Thrivent Financial for Lutherans now owns 23,921 shares of the bank’s stock worth $40,274,000 after acquiring an additional 23,573 shares in the last quarter. Finally, XTX Topco Ltd bought a new stake in shares of First Citizens BancShares during the 2nd quarter worth $1,365,000. 61.18% of the stock is owned by institutional investors.

First Citizens BancShares Stock Performance

Shares of First Citizens BancShares stock opened at $1,856.96 on Wednesday. The stock has a market cap of $26.98 billion, a PE ratio of 10.31 and a beta of 0.82. The business has a fifty day simple moving average of $1,953.43 and a 200-day simple moving average of $1,767.15. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.72. First Citizens BancShares, Inc. has a 12 month low of $1,274.91 and a 12 month high of $2,174.80.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Thursday, July 25th. The bank reported $50.87 EPS for the quarter, topping the consensus estimate of $44.91 by $5.96. The business had revenue of $3.77 billion during the quarter, compared to analysts’ expectations of $2.30 billion. First Citizens BancShares had a return on equity of 14.84% and a net margin of 18.19%. During the same quarter last year, the firm posted $52.60 earnings per share. On average, sell-side analysts anticipate that First Citizens BancShares, Inc. will post 200.92 EPS for the current fiscal year.

First Citizens BancShares announced that its Board of Directors has initiated a stock buyback program on Thursday, July 25th that permits the company to buyback $3.50 billion in shares. This buyback authorization permits the bank to purchase up to 12.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

First Citizens BancShares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were issued a dividend of $1.64 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $6.56 annualized dividend and a dividend yield of 0.35%. First Citizens BancShares’s dividend payout ratio is 3.64%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on FCNCA shares. Barclays raised their price objective on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Jefferies Financial Group started coverage on First Citizens BancShares in a research note on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 price objective for the company. Keefe, Bruyette & Woods raised their price objective on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Wedbush lowered First Citizens BancShares from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $2,450.00 to $2,150.00 in a research note on Tuesday. Finally, Piper Sandler raised their price objective on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, First Citizens BancShares presently has an average rating of “Hold” and an average price target of $1,962.90.

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.