Dark Forest Capital Management LP Has $913,000 Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Dark Forest Capital Management LP grew its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 211.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 542 shares of the bank’s stock after buying an additional 368 shares during the period. Dark Forest Capital Management LP’s holdings in First Citizens BancShares were worth $913,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. ORG Partners LLC acquired a new stake in shares of First Citizens BancShares in the first quarter worth about $29,000. Mather Group LLC. acquired a new stake in shares of First Citizens BancShares in the first quarter worth about $31,000. LRI Investments LLC bought a new position in shares of First Citizens BancShares in the first quarter worth about $33,000. V Square Quantitative Management LLC bought a new position in shares of First Citizens BancShares in the second quarter worth about $35,000. Finally, Riverview Trust Co bought a new position in shares of First Citizens BancShares in the first quarter worth about $49,000. Institutional investors and hedge funds own 61.18% of the company’s stock.

First Citizens BancShares Trading Up 2.1 %

Shares of FCNCA opened at $1,876.68 on Friday. First Citizens BancShares, Inc. has a 12-month low of $1,274.91 and a 12-month high of $2,174.80. The firm has a market capitalization of $27.27 billion, a price-to-earnings ratio of 10.42 and a beta of 0.82. The stock’s 50-day moving average price is $1,954.37 and its 200 day moving average price is $1,768.40. 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 (NASDAQ:FCNCA) last issued its earnings results on Thursday, July 25th. The bank reported $50.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $44.91 by $5.96. First Citizens BancShares had a return on equity of 14.84% and a net margin of 18.19%. The business had revenue of $3.77 billion during the quarter, compared to analysts’ expectations of $2.30 billion. During the same period in the prior year, the firm posted $52.60 EPS. As a group, research analysts predict that First Citizens BancShares, Inc. will post 200.92 earnings per share for the current year.

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

First Citizens BancShares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were issued a $1.64 dividend. The ex-dividend date was Friday, August 30th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 0.35%. First Citizens BancShares’s payout ratio is presently 3.64%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Wedbush lowered First Citizens BancShares from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $2,450.00 to $2,150.00 in a research note on Tuesday. Piper Sandler lifted 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. Raymond James upgraded First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price objective on the stock in a research note on Tuesday, July 2nd. Keefe, Bruyette & Woods lifted 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. Finally, Barclays lifted 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. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price 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.