Shares of First Citizens BancShares, Inc. (NASDAQ:FNCCA) was cut by Magnetar Financial LLC

Magnetar Financial LLC reduced its position in shares of First Citizens BancShares, Inc. (NASDAQ:FNCCA – Free Report) 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 in the second quarter valued at $224,000. Ensign Peak Advisors Inc raised its stake in shares of First Citizens BancShares by 1.6% during the second 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 in the second quarter valued at $312,000. Thrivent Financial for Lutherans boosted its holdings in shares of First Citizens BancShares by 6,773.9% during the second 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 second quarter valued at $1,365,000. 61.18% of shares are 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 company 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:FNCCA – Get Free Report ) last posted 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%. In the same quarter last year, the firm posted earnings of $52.60 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 repurchase $3.50 billion in shares. This repurchase authorization allows the bank to buy up to 12.3% of its shares through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is 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 30. This represents an annualized dividend of $6.56 and a dividend yield of 0.35%. First Citizens BancShares’ dividend payout ratio is 3.64%.

Changes in Analyst Ratings

Several equities research analysts 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 began 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 cut 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. First Citizens BancShares currently has an average rating of “Hold” and an average price target of $1,962.90, according to MarketBeat .

Read our latest research report on FCNCA

First Citizens BancShares Company Profile

(Free Report)

First Citizens BancShares, Inc operates as the holding company for First-Citizens Bank & Trust Company, which provides commercial and retail banking services to individuals, businesses and professionals. The company’s deposit products include checking, savings, money market and time deposit accounts.

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