Gator Capital Management LLC Has $16.99 Million Stock Position in First Citizens BancShares, Inc. $FCNCA

Key Points

• Gator Capital Management LLC increased its stake in First Citizens BancShares by 8.5% to 9,495 shares, a holding worth about $16.99 million that represents 0.07% of the company and is the firm's third-largest position (4.3% of its portfolio).
• First Citizens beat expectations for the quarter, reporting $51.27 EPS versus a consensus $44.24 and revenue of $2.44 billion (consensus $2.24B), with a net margin of 15.21% and return on equity of 11.18%.
• The bank declared a quarterly dividend of $2.10 per share (annualized $8.40), payable March 16, implying a 0.5% yield and a dividend payout ratio of 5.07%.

Gator Capital Management LLC boosted its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 8.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,495 shares of the bank's stock after buying an additional 746 shares during the period. First Citizens BancShares makes up 4.3% of Gator Capital Management LLC's holdings, making the stock its 3rd biggest holding. Gator Capital Management LLC owned about 0.07% of First Citizens BancShares worth $16,988,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. SBI Securities Co. Ltd. acquired a new position in shares of First Citizens BancShares in the 3rd quarter valued at about $27,000. UMB Bank n.a. grew its stake in First Citizens BancShares by 100.0% during the third quarter. UMB Bank n.a. now owns 16 shares of the bank's stock worth $29,000 after purchasing an additional 8 shares during the period. Steph & Co. bought a new stake in First Citizens BancShares in the third quarter worth approximately $32,000. Root Financial Partners LLC bought a new stake in First Citizens BancShares in the third quarter worth approximately $32,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in First Citizens BancShares by 280.0% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 19 shares of the bank's stock valued at $34,000 after buying an additional 14 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%

Shares of First Citizens BancShares stock opened at $1,822.91 on Friday. The company has a market capitalization of $21.77 billion, a P/E ratio of 11.00 and a beta of 0.68. The stock has a fifty day simple moving average of $2,056.27 and a 200 day simple moving average of $1,955.71. 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 current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.72.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its earnings results on Friday, January 23rd. The bank reported $51.27 EPS for the quarter, beating the consensus estimate of $44.24 by $7.03. First Citizens BancShares had a net margin of 15.21% and a return on equity of 11.18%. The company had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.24 billion. On average, sell-side analysts anticipate 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 announced a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Friday, February 27th will be given 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 (DPR) is currently 5.07%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on FCNCA shares. TD Cowen cut their price target on First Citizens BancShares from $2,600.00 to $2,500.00 and set a "buy" rating on the stock in a report on Monday, January 26th. Citigroup reiterated a "buy" rating on shares of First Citizens BancShares in a research note on Monday, January 26th. Weiss Ratings reissued a "buy (b-)" rating on shares of First Citizens BancShares in a research note on Monday, December 29th. The Goldman Sachs Group cut shares of First Citizens BancShares from a "buy" rating to a "hold" rating and set a $2,300.00 price target for the company. in a report on Tuesday, January 6th. Finally, Piper Sandler lifted their price target on shares of First Citizens BancShares from $2,000.00 to $2,100.00 and gave the company a "neutral" rating in a research note on Thursday, January 29th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average 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.

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