Soros Fund Management LLC Buys 1,111 Shares of First Citizens BancShares, Inc. $FCNCA

Soros Fund Management LLC grew its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 20.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,555 shares of the bank’s stock after acquiring an additional 1,111 shares during the quarter. Soros Fund Management LLC’s holdings in First Citizens BancShares were worth $12,825,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Royal Bank of Canada lifted its position in First Citizens BancShares by 14.2% in the 1st quarter. Royal Bank of Canada now owns 5,465 shares of the bank’s stock valued at $10,134,000 after acquiring an additional 680 shares in the last quarter. Generate Investment Management Ltd acquired a new position in shares of First Citizens BancShares during the second quarter worth about $6,584,000. National Bank of Canada FI boosted its position in shares of First Citizens BancShares by 59.5% during the first quarter. National Bank of Canada FI now owns 2,463 shares of the bank’s stock worth $4,566,000 after buying an additional 919 shares during the period. Sculptor Capital LP raised its position in First Citizens BancShares by 16.0% in the 1st quarter. Sculptor Capital LP now owns 41,463 shares of the bank’s stock valued at $76,877,000 after buying an additional 5,730 shares during the last quarter. Finally, Strs Ohio bought a new stake in First Citizens BancShares in the 1st quarter valued at approximately $1,074,000. Institutional investors own 78.01% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on FCNCA shares. Citigroup reduced their target price on shares of First Citizens BancShares from $2,250.00 to $2,000.00 and set a “neutral” rating for the company in a report on Monday, October 27th. Wall Street Zen cut First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Sunday, September 28th. Raymond James Financial upgraded shares of First Citizens BancShares from an “outperform” rating to a “strong-buy” rating and boosted their target price for the stock from $2,100.00 to $2,200.00 in a report on Thursday, November 20th. UBS Group increased their price target on shares of First Citizens BancShares from $2,200.00 to $2,250.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th. Finally, Barclays decreased their price objective on shares of First Citizens BancShares from $2,400.00 to $2,190.00 and set an “equal weight” rating for the company in a research report on Friday, October 24th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, First Citizens BancShares currently has a consensus rating of “Moderate Buy” and an average price target of $2,126.36.

First Citizens BancShares Trading Up 1.2%

Shares of FCNCA stock opened at $2,082.09 on Friday. First Citizens BancShares, Inc. has a 12-month low of $1,473.62 and a 12-month high of $2,412.93. The firm has a 50 day moving average price of $1,825.46 and a two-hundred day moving average price of $1,898.34. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.81. The company has a market capitalization of $25.90 billion, a PE ratio of 12.31 and a beta of 0.71.

First Citizens BancShares (NASDAQ:FCNCA) last announced its earnings results on Thursday, October 23rd. The bank reported $44.62 earnings per share for the quarter, topping analysts’ consensus estimates of $41.51 by $3.11. The company had revenue of $2.25 billion for the quarter, compared to analyst estimates of $2.21 billion. First Citizens BancShares had a return on equity of 11.09% and a net margin of 15.99%. As a group, analysts predict that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Friday, November 28th will be paid a $2.10 dividend. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.95. The ex-dividend date is Friday, November 28th. This represents a $8.40 annualized dividend and a yield of 0.4%. First Citizens BancShares’s dividend payout ratio is presently 4.97%.

Insider Transactions at First Citizens BancShares

In other First Citizens BancShares news, Director Ellen R. Alemany acquired 300 shares of the business’s stock in a transaction on Thursday, November 13th. The stock was purchased at an average price of $1,000.00 per share, with a total value of $300,000.00. Following the acquisition, the director directly owned 300 shares of the company’s stock, valued at approximately $300,000. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Frank B. Holding, Jr. bought 135 shares of the stock in a transaction dated Wednesday, November 26th. The shares were acquired at an average cost of $1,629.67 per share, for a total transaction of $220,005.45. Following the completion of the acquisition, the chief executive officer directly owned 2,527 shares of the company’s stock, valued at approximately $4,118,176.09. This trade represents a 5.64% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 13.40% of the company’s stock.

About First Citizens BancShares

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