First Citizens BancShares’ (FCNCA) Neutral Rating Reaffirmed at DA Davidson

DA Davidson reiterated their neutral rating on shares of First Citizens BancShares (NASDAQ:FCNCA) in a report published on Monday morning, Benzinga reports. DA Davidson currently has a $1,650.00 price target on the bank’s stock, up from their prior price target of $1,600.00. DA Davidson also issued estimates for First Citizens BancShares’ Q1 2024 earnings at $42.92 EPS and FY2024 earnings at $180.00 EPS.

FCNCA has been the subject of several other research reports. StockNews.com cut First Citizens BancShares from a hold rating to a sell rating in a research note on Wednesday, April 3rd. Barclays assumed coverage on First Citizens BancShares in a research report on Thursday, April 11th. They issued an equal weight rating and a $1,850.00 price target for the company. UBS Group increased their price target on First Citizens BancShares from $1,644.00 to $1,754.00 and gave the company a buy rating in a research report on Tuesday, January 30th. The Goldman Sachs Group assumed coverage on First Citizens BancShares in a research report on Thursday, March 21st. They issued a buy rating and a $1,950.00 price target for the company. Finally, Wedbush reiterated an outperform rating and issued a $1,800.00 price target on shares of First Citizens BancShares in a research report on Monday, January 29th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Hold and a consensus target price of $1,768.63.

First Citizens BancShares Price Performance

Shares of FCNCA opened at $1,551.91 on Monday. The firm has a market capitalization of $22.53 billion, a price-to-earnings ratio of 1.98 and a beta of 0.89. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.14 and a current ratio of 1.14. First Citizens BancShares has a one year low of $945.32 and a one year high of $1,651.73. The stock’s fifty day moving average is $1,562.91 and its 200-day moving average is $1,466.44.

First Citizens BancShares (NASDAQ:FCNCA) last announced its earnings results on Friday, January 26th. The bank reported $46.58 earnings per share for the quarter, missing the consensus estimate of $48.49 by ($1.91). First Citizens BancShares had a net margin of 51.04% and a return on equity of 13.52%. The firm had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.36 billion. Equities analysts anticipate that First Citizens BancShares will post 178.72 EPS for the current year.

First Citizens BancShares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Thursday, February 29th were given a dividend of $1.64 per share. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $6.56 dividend on an annualized basis and a yield of 0.42%. First Citizens BancShares’s payout ratio is presently 0.84%.

Insiders Place Their Bets

In other First Citizens BancShares news, insider Hope Holding Bryant acquired 300 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was purchased at an average cost of $1,315.00 per share, for a total transaction of $394,500.00. Following the transaction, the insider now owns 1,978 shares of the company’s stock, valued at approximately $2,601,070. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, Director Ellen R. Alemany sold 600 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $1,559.09, for a total transaction of $935,454.00. Following the completion of the sale, the director now directly owns 4,842 shares of the company’s stock, valued at approximately $7,549,113.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Hope Holding Bryant purchased 300 shares of the business’s stock in a transaction dated Wednesday, February 21st. The shares were purchased at an average cost of $1,315.00 per share, with a total value of $394,500.00. Following the completion of the purchase, the insider now directly owns 1,978 shares in the company, valued at $2,601,070. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 1,388 shares of company stock worth $1,825,220. 13.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First Citizens BancShares

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Raymond James Financial Services Advisors Inc. raised its stake in shares of First Citizens BancShares by 145.4% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 1,406 shares of the bank’s stock valued at $1,995,000 after acquiring an additional 833 shares in the last quarter. Nordea Investment Management AB raised its stake in shares of First Citizens BancShares by 3,091.6% in the 4th quarter. Nordea Investment Management AB now owns 23,905 shares of the bank’s stock valued at $34,203,000 after acquiring an additional 23,156 shares in the last quarter. Reinhart Partners LLC. raised its stake in shares of First Citizens BancShares by 11.7% in the 4th quarter. Reinhart Partners LLC. now owns 56,803 shares of the bank’s stock valued at $80,602,000 after acquiring an additional 5,952 shares in the last quarter. Legal & General Group Plc grew its holdings in First Citizens BancShares by 49.1% in the 3rd quarter. Legal & General Group Plc now owns 47,287 shares of the bank’s stock valued at $65,261,000 after buying an additional 15,579 shares during the last quarter. Finally, Hsbc Holdings PLC grew its holdings in First Citizens BancShares by 90.9% in the 3rd quarter. Hsbc Holdings PLC now owns 3,132 shares of the bank’s stock valued at $4,326,000 after buying an additional 1,491 shares during the last quarter. 61.18% of the stock is owned by hedge funds and other institutional investors.

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.