Magnetar Financial LLC Makes New Investment in First Citizens BancShares, Inc. $FCNCA

Magnetar Financial LLC acquired a new stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the third quarter, HoldingsChannel.com reports. The firm acquired 1,489 shares of the bank’s stock, valued at approximately $2,664,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Citigroup Inc. grew its holdings in First Citizens BancShares by 23.4% in the 3rd quarter. Citigroup Inc. now owns 16,938 shares of the bank’s stock valued at $30,305,000 after buying an additional 3,215 shares during the period. AlphaQuest LLC lifted its holdings in shares of First Citizens BancShares by 577.7% during the 3rd quarter. AlphaQuest LLC now owns 759 shares of the bank’s stock worth $1,358,000 after acquiring an additional 647 shares during the period. Founders Financial Alliance LLC boosted its position in shares of First Citizens BancShares by 484.7% in the third quarter. Founders Financial Alliance LLC now owns 1,532 shares of the bank’s stock worth $2,742,000 after acquiring an additional 1,270 shares during the last quarter. AdvisorShares Investments LLC acquired a new stake in shares of First Citizens BancShares in the third quarter worth approximately $415,000. Finally, Thrivent Financial for Lutherans grew its holdings in First Citizens BancShares by 8.9% in the third quarter. Thrivent Financial for Lutherans now owns 43,787 shares of the bank’s stock valued at $78,341,000 after purchasing an additional 3,587 shares during the period. 78.01% of the stock is currently owned by institutional investors and hedge funds.

First Citizens BancShares Trading Down 1.9%

NASDAQ:FCNCA opened at $1,822.91 on Friday. The business’s 50-day moving average is $2,056.27 and its two-hundred day moving average is $1,955.71. The firm has a market capitalization of $21.77 billion, a PE ratio of 11.00 and a beta of 0.68. First Citizens BancShares, Inc. has a 12 month low of $1,473.62 and a 12 month high of $2,232.21. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.03 and a quick ratio of 1.03.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Friday, January 23rd. The bank reported $51.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $44.24 by $7.03. The business had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.24 billion. First Citizens BancShares had a return on equity of 11.18% and a net margin of 15.21%. Research analysts predict that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Friday, February 27th will be given a $2.10 dividend. The ex-dividend date of this dividend is Friday, February 27th. This represents a $8.40 annualized dividend and a yield of 0.5%. First Citizens BancShares’s dividend payout ratio (DPR) is 5.07%.

Analyst Ratings Changes

FCNCA has been the topic of a number of recent analyst reports. Citigroup reaffirmed a “buy” rating on shares of First Citizens BancShares in a research note on Monday, January 26th. TD Cowen dropped their price objective on First Citizens BancShares from $2,600.00 to $2,500.00 and set a “buy” rating for the company in a report on Monday, January 26th. Barclays reduced their target price on First Citizens BancShares from $2,456.00 to $2,346.00 and set an “equal weight” rating on the stock in a report on Monday, January 26th. Piper Sandler boosted their price target on First Citizens BancShares from $2,000.00 to $2,100.00 and gave the company a “neutral” rating in a research report on Thursday, January 29th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of First Citizens BancShares in a report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, First Citizens BancShares presently has a consensus rating of “Moderate Buy” and an average target price of $2,238.27.

First Citizens BancShares Profile

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.