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

Magnetar Financial LLC lowered its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 74.4% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund 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.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. ORG Partners LLC purchased a new position in First Citizens BancShares in the first quarter valued at about $29,000. Mather Group LLC. purchased a new position in First Citizens BancShares in the first quarter valued at about $31,000. LRI Investments LLC purchased a new position in First Citizens BancShares in the first quarter valued at about $33,000. V Square Quantitative Management LLC acquired a new stake in First Citizens BancShares during the second quarter valued at approximately $35,000. Finally, Riverview Trust Co acquired a new stake in First Citizens BancShares during the first quarter valued at approximately $49,000. Hedge funds and other institutional investors own 61.18% of the company’s stock.

First Citizens BancShares Stock Down 5.1 %

Shares of First Citizens BancShares stock opened at $1,856.96 on Wednesday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.72. The business’s 50 day simple moving average is $1,953.43 and its 200-day simple moving average is $1,767.15. The stock has a market capitalization of $26.98 billion, a price-to-earnings ratio of 10.31 and a beta of 0.82. First Citizens BancShares, Inc. has a twelve month low of $1,274.91 and a twelve month high of $2,174.80.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Thursday, July 25th. The bank reported $50.87 earnings per share 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 for the quarter, compared to analysts’ expectations of $2.30 billion. During the same period in the prior year, the firm earned $52.60 EPS. Equities research analysts forecast that First Citizens BancShares, Inc. will post 200.92 earnings per share for the current year.

First Citizens BancShares announced that its board has approved a stock repurchase plan on Thursday, July 25th that allows the company to repurchase $3.50 billion in outstanding shares. This repurchase authorization allows the bank to repurchase up to 12.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

First Citizens BancShares Announces Dividend

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

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. 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. Barclays upped their price objective on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods upped their price objective on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Wedbush cut First Citizens BancShares from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $2,450.00 to $2,150.00 in a research note on Tuesday. Finally, Piper Sandler upped their price objective on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus 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.