Bronte Capital Management Pty Ltd. Has $47,000 Position in First Citizens BancShares, Inc. $FCNCA

Bronte Capital Management Pty Ltd. grew its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 13.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 24,198 shares of the bank’s stock after purchasing an additional 2,887 shares during the period. First Citizens BancShares makes up approximately 0.0% of Bronte Capital Management Pty Ltd.’s holdings, making the stock its 18th largest holding. Bronte Capital Management Pty Ltd. owned approximately 0.18% of First Citizens BancShares worth $47,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. SVB Wealth LLC acquired a new stake in shares of First Citizens BancShares during the 1st quarter worth about $35,000. Creekmur Asset Management LLC bought a new stake in First Citizens BancShares during the second quarter worth about $39,000. Allworth Financial LP increased its holdings in shares of First Citizens BancShares by 35.3% during the second quarter. Allworth Financial LP now owns 23 shares of the bank’s stock worth $45,000 after buying an additional 6 shares in the last quarter. Brooklyn Investment Group raised its stake in shares of First Citizens BancShares by 32.1% in the first quarter. Brooklyn Investment Group now owns 37 shares of the bank’s stock valued at $67,000 after acquiring an additional 9 shares during the last quarter. Finally, Toth Financial Advisory Corp raised its stake in shares of First Citizens BancShares by 32.5% in the second quarter. Toth Financial Advisory Corp now owns 53 shares of the bank’s stock valued at $104,000 after acquiring an additional 13 shares during the last quarter. 78.01% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Keefe, Bruyette & Woods reduced their price target on shares of First Citizens BancShares from $2,100.00 to $2,050.00 and set an “outperform” rating on the stock in a research report on Friday, October 24th. UBS Group boosted their target price on First Citizens BancShares from $2,200.00 to $2,250.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. Raymond James Financial set a $2,100.00 price target on First Citizens BancShares in a report on Tuesday, October 7th. Cowen reissued a “buy” rating on shares of First Citizens BancShares in a report on Monday, July 28th. Finally, Citigroup cut their target price on shares of First Citizens BancShares from $2,250.00 to $2,000.00 and set a “neutral” rating on the stock in a research report on Monday, October 27th. Seven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $2,157.50.

First Citizens BancShares Price Performance

Shares of FCNCA opened at $1,829.88 on Thursday. The stock has a market cap of $22.76 billion, a P/E ratio of 10.82 and a beta of 0.75. First Citizens BancShares, Inc. has a 1 year low of $1,473.62 and a 1 year high of $2,412.93. The stock’s 50-day moving average price is $1,802.68 and its two-hundred day moving average price is $1,893.35. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.76.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Thursday, October 23rd. The bank reported $44.62 EPS for the quarter, beating analysts’ consensus estimates of $41.51 by $3.11. The company had revenue of $2.25 billion during the quarter, compared to analysts’ expectations of $2.21 billion. First Citizens BancShares had a return on equity of 11.06% and a net margin of 15.99%. On average, equities analysts predict that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Friday, November 28th will be given a $2.10 dividend. The ex-dividend date is Friday, November 28th. This represents a $8.40 dividend on an annualized basis and a dividend yield of 0.5%. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.95. First Citizens BancShares’s dividend payout ratio is currently 4.97%.

Insider Buying and Selling

In other First Citizens BancShares news, Director Ellen R. Alemany bought 300 shares of First Citizens BancShares stock in a transaction on Thursday, November 13th. The shares were purchased at an average cost of $1,000.00 per share, for a total transaction of $300,000.00. Following the completion of the acquisition, the director owned 300 shares in the company, valued at approximately $300,000. The trade was a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 13.40% of the company’s stock.

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.