First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Acquired by Dark Forest Capital Management LP

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

Other large investors have also modified their holdings of the company. Nordea Investment Management AB grew its stake in First Citizens BancShares by 21.6% during the 1st quarter. Nordea Investment Management AB now owns 29,077 shares of the bank’s stock valued at $47,866,000 after purchasing an additional 5,172 shares in the last quarter. BNP Paribas Financial Markets grew its stake in First Citizens BancShares by 19.4% during the 1st quarter. BNP Paribas Financial Markets now owns 3,492 shares of the bank’s stock valued at $5,709,000 after purchasing an additional 568 shares in the last quarter. Bessemer Group Inc. grew its stake in First Citizens BancShares by 2,583.3% during the 1st quarter. Bessemer Group Inc. now owns 805 shares of the bank’s stock valued at $1,316,000 after purchasing an additional 775 shares in the last quarter. Virtu Financial LLC acquired a new stake in First Citizens BancShares during the 4th quarter valued at approximately $2,376,000. Finally, Sei Investments Co. grew its stake in First Citizens BancShares by 67.5% during the 1st quarter. Sei Investments Co. now owns 6,067 shares of the bank’s stock valued at $9,921,000 after purchasing an additional 2,444 shares in the last quarter. Institutional investors and hedge funds own 61.18% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on FCNCA shares. Raymond James raised First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 target price on the stock in a report on Tuesday, July 2nd. Barclays increased their target price on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods increased their target price on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Wedbush downgraded First Citizens BancShares from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $2,450.00 to $2,150.00 in a report on Tuesday. Finally, Piper Sandler increased their target price on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a report on Friday, July 26th. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $1,962.90.

First Citizens BancShares Stock Up 2.1 %

Shares of FCNCA stock opened at $1,876.68 on Friday. First Citizens BancShares, Inc. has a 1 year low of $1,274.91 and a 1 year high of $2,174.80. The stock has a market cap of $27.27 billion, a PE ratio of 10.42 and a beta of 0.82. The business’s fifty day moving average is $1,954.37 and its 200-day moving average is $1,768.40. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.08 and a current ratio of 1.08.

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. The business had revenue of $3.77 billion for 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 period in the previous year, the firm posted $52.60 EPS. Equities analysts expect that First Citizens BancShares, Inc. will post 200.92 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders 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 dividend on an annualized basis and a dividend yield of 0.35%. First Citizens BancShares’s dividend payout ratio is 3.64%.

First Citizens BancShares announced that its board has initiated a share repurchase plan on Thursday, July 25th that permits the company to buyback $3.50 billion in shares. This buyback authorization permits the bank to reacquire up to 12.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

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.