HighVista Strategies LLC Invests $920,000 in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

HighVista Strategies LLC purchased a new position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 500 shares of the bank’s stock, valued at approximately $920,000.

Several other hedge funds have also recently bought and sold shares of the company. V Square Quantitative Management LLC purchased a new stake in shares of First Citizens BancShares in the second quarter valued at about $35,000. Brooklyn Investment Group acquired a new position in shares of First Citizens BancShares during the 3rd quarter worth approximately $39,000. Gradient Investments LLC purchased a new stake in First Citizens BancShares in the 2nd quarter valued at approximately $52,000. GAMMA Investing LLC grew its holdings in First Citizens BancShares by 129.6% during the 3rd quarter. GAMMA Investing LLC now owns 62 shares of the bank’s stock valued at $114,000 after buying an additional 35 shares during the last quarter. Finally, Blue Trust Inc. increased its position in First Citizens BancShares by 120.0% during the second quarter. Blue Trust Inc. now owns 66 shares of the bank’s stock worth $108,000 after buying an additional 36 shares in the last quarter. 61.18% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on FCNCA. Wedbush reduced their price objective on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a research report on Friday, October 25th. JPMorgan Chase & Co. reduced their target price on shares of First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. The Goldman Sachs Group lifted their price target on shares of First Citizens BancShares from $2,025.00 to $2,625.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Finally, StockNews.com raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Thursday, November 14th. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, First Citizens BancShares has a consensus rating of “Moderate Buy” and a consensus price target of $2,093.40.

First Citizens BancShares Stock Performance

Shares of FCNCA stock opened at $2,223.21 on Tuesday. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. The firm has a market capitalization of $31.10 billion, a price-to-earnings ratio of 12.74 and a beta of 0.83. First Citizens BancShares, Inc. has a one year low of $1,363.97 and a one year high of $2,388.78. The company has a 50 day moving average price of $2,061.12 and a 200 day moving average price of $1,917.06.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings data on Thursday, October 24th. The bank reported $45.87 EPS for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53). First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. The firm had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same quarter in the previous year, the company earned $55.92 earnings per share. Sell-side analysts anticipate that First Citizens BancShares, Inc. will post 187.88 EPS for the current year.

First Citizens BancShares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be issued a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.35%. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.64. The ex-dividend date is Friday, November 29th. First Citizens BancShares’s dividend payout ratio (DPR) is 4.47%.

First Citizens BancShares Company Profile

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.