Gator Capital Management LLC Has $19.72 Million Holdings in First Citizens BancShares, Inc. $FCNCA

Gator Capital Management LLC lowered its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 3.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,189 shares of the bank’s stock after selling 306 shares during the period. First Citizens BancShares makes up approximately 4.0% of Gator Capital Management LLC’s investment portfolio, making the stock its 3rd biggest holding. Gator Capital Management LLC’s holdings in First Citizens BancShares were worth $19,721,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in FCNCA. Wealthspire Advisors LLC raised its holdings in shares of First Citizens BancShares by 521.9% in the 4th quarter. Wealthspire Advisors LLC now owns 199 shares of the bank’s stock valued at $427,000 after purchasing an additional 167 shares in the last quarter. CI Investments Inc. raised its holdings in shares of First Citizens BancShares by 896.2% in the 4th quarter. CI Investments Inc. now owns 518 shares of the bank’s stock valued at $1,112,000 after purchasing an additional 466 shares in the last quarter. DRW Securities LLC bought a new stake in shares of First Citizens BancShares in the 4th quarter valued at about $227,000. Cibc World Markets Corp bought a new stake in shares of First Citizens BancShares in the 4th quarter valued at about $665,000. Finally, Fortress Private Ledger LLC bought a new stake in shares of First Citizens BancShares in the 4th quarter valued at about $236,000. 78.01% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on FCNCA. Piper Sandler set a $2,050.00 price target on shares of First Citizens BancShares in a report on Friday, April 24th. TD Cowen lowered their price target on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating on the stock in a report on Monday, April 27th. Keefe, Bruyette & Woods cut their price objective on shares of First Citizens BancShares from $2,375.00 to $2,300.00 and set an “outperform” rating on the stock in a report on Thursday, April 9th. JPMorgan Chase & Co. cut their price objective on shares of First Citizens BancShares from $2,200.00 to $2,150.00 and set a “neutral” rating on the stock in a report on Friday, April 24th. Finally, Weiss Ratings downgraded shares of First Citizens BancShares from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $2,215.91.

First Citizens BancShares Stock Performance

FCNCA opened at $2,108.61 on Friday. The stock has a market cap of $24.44 billion, a P/E ratio of 12.13, a P/E/G ratio of 1.61 and a beta of 0.62. First Citizens BancShares, Inc. has a 1 year low of $1,623.76 and a 1 year high of $2,232.21. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a fifty day moving average price of $1,988.48 and a 200 day moving average price of $2,008.21.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share for the quarter, topping analysts’ consensus estimates of $43.31 by $1.55. The company had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.20 billion. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.During the same quarter in the prior year, the firm posted $37.79 EPS. Equities research analysts anticipate that First Citizens BancShares, Inc. will post 177.84 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Friday, May 29th will be issued a $2.10 dividend. This represents a $8.40 annualized dividend and a yield of 0.4%. The ex-dividend date is Friday, May 29th. First Citizens BancShares’s payout ratio is presently 4.83%.

Insider Transactions at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. acquired 528 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were bought at an average cost of $1,813.37 per share, for a total transaction of $957,459.36. Following the acquisition, the chief executive officer owned 64,100 shares in the company, valued at approximately $116,237,017. This represents a 0.83% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last 90 days, insiders bought 7,288 shares of company stock valued at $12,725,768. Insiders own 14.63% of the company’s stock.

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.