1,489 Shares in First Citizens BancShares, Inc. $FCNCA Bought by Magnetar Financial LLC

Key Points

• Magnetar Financial LLC bought a new stake of 1,489 shares in First Citizens BancShares (NASDAQ:FCNCA) during the third quarter, valued at about $2.664 million.
• Several large institutions also moved into FCNCA — including Norges Bank (~$177.6M new position) and JPMorgan (435,278 shares worth ~$778.8M) — leaving 78.01% of the stock owned by institutional investors.
• First Citizens recently beat quarterly expectations with EPS of $51.27 vs. $44.24 and revenue of $2.44B, and analysts hold a consensus rating of "Moderate Buy" with an average target of $2,238.27.

Magnetar Financial LLC bought a new stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 1,489 shares of the bank's stock, valued at approximately $2,664,000.

Several other institutional investors also recently made changes to their positions in FCNCA. Norges Bank purchased a new position in shares of First Citizens BancShares in the 2nd quarter valued at about $177,604,000. Orion Porfolio Solutions LLC grew its position in First Citizens BancShares by 2,057.4% during the second quarter. Orion Porfolio Solutions LLC now owns 47,506 shares of the bank's stock worth $92,944,000 after buying an additional 45,304 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in First Citizens BancShares by 390.2% in the third quarter. Allspring Global Investments Holdings LLC now owns 48,299 shares of the bank's stock valued at $84,995,000 after buying an additional 38,446 shares in the last quarter. Rakuten Investment Management Inc. purchased a new position in First Citizens BancShares in the third quarter valued at about $46,540,000. Finally, JPMorgan Chase & Co. lifted its position in shares of First Citizens BancShares by 4.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 435,278 shares of the bank's stock valued at $778,785,000 after acquiring an additional 18,190 shares during the period. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on FCNCA shares. Wall Street Zen raised First Citizens BancShares from a "sell" rating to a "hold" rating in a research note on Saturday, February 28th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of First Citizens BancShares in a report on Monday, December 29th. TD Cowen decreased their target price on First Citizens BancShares from $2,600.00 to $2,500.00 and set a "buy" rating on the stock in a research report on Monday, January 26th. Truist Financial raised their price target on First Citizens BancShares from $2,050.00 to $2,150.00 and gave the company a "hold" rating in a research report on Monday, January 26th. Finally, Barclays decreased their price objective on shares of First Citizens BancShares from $2,456.00 to $2,346.00 and set an "equal weight" rating on the stock in a research report on Monday, January 26th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $2,238.27.

First Citizens BancShares Stock Performance

NASDAQ FCNCA opened at $1,822.91 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.72. First Citizens BancShares, Inc. has a fifty-two week low of $1,473.62 and a fifty-two week high of $2,232.21. The business has a fifty day moving average of $2,056.27 and a 200-day moving average of $1,955.71. The stock has a market cap of $21.77 billion, a price-to-earnings ratio of 11.00 and a beta of 0.68.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings data on Friday, January 23rd. The bank reported $51.27 EPS for the quarter, topping analysts' consensus estimates of $44.24 by $7.03. First Citizens BancShares had a return on equity of 11.18% and a net margin of 15.21%.The firm had revenue of $2.44 billion during the quarter, compared to analysts' expectations of $2.24 billion. As a group, 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. Investors of record on Friday, February 27th will be paid a dividend of $2.10 per share. The ex-dividend date of this dividend is Friday, February 27th. This represents a $8.40 annualized dividend and a dividend yield of 0.5%. First Citizens BancShares's dividend payout ratio is presently 5.07%.

About First Citizens BancShares

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.

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