First Citizens BancShares (NASDAQ:FCNCA) Downgraded by Piper Sandler to Neutral

Piper Sandler downgraded shares of First Citizens BancShares (NASDAQ:FCNCA) from an overweight rating to a neutral rating in a research report released on Friday morning, MarketBeat reports. The firm currently has $1,950.00 price target on the bank’s stock, up from their previous price target of $1,850.00.

A number of other research analysts have also commented on the company. UBS Group upped their price objective on First Citizens BancShares from $1,644.00 to $1,754.00 and gave the company a buy rating in a report on Tuesday, January 30th. Wedbush reaffirmed an outperform rating and issued a $1,800.00 price objective on shares of First Citizens BancShares in a report on Monday, January 29th. The Goldman Sachs Group started coverage on First Citizens BancShares in a report on Thursday, March 21st. They issued a buy rating and a $1,950.00 price objective on the stock. Barclays started coverage on First Citizens BancShares in a report on Thursday, April 11th. They set an equal weight rating and a $1,850.00 target price on the stock. Finally, DA Davidson reissued a neutral rating and set a $1,650.00 target price (up from $1,600.00) on shares of First Citizens BancShares in a report on Monday, April 15th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $1,829.90.

First Citizens BancShares Stock Down 2.7 %

FCNCA stock opened at $1,707.48 on Friday. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.82. The firm has a market capitalization of $24.79 billion, a PE ratio of 9.48 and a beta of 0.89. First Citizens BancShares has a 1-year low of $945.32 and a 1-year high of $1,810.03. The business’s 50 day simple moving average is $1,586.73 and its 200 day simple moving average is $1,484.07.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings data on Friday, January 26th. The bank reported $46.58 EPS for the quarter, missing analysts’ consensus estimates of $48.49 by ($1.91). First Citizens BancShares had a net margin of 18.22% and a return on equity of 15.75%. The firm had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.36 billion. As a group, research analysts anticipate that First Citizens BancShares will post 179.92 EPS for the current year.

First Citizens BancShares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Friday, May 31st will be given a dividend of $1.64 per share. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 0.38%. First Citizens BancShares’s dividend payout ratio (DPR) is 3.64%.

Insider Buying and Selling

In related news, Director Ellen R. Alemany sold 600 shares of the firm’s stock in a transaction that occurred on 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 owns 4,842 shares of the company’s stock, valued at $7,549,113.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, major shareholder Olivia Britton Holding acquired 466 shares of First Citizens BancShares stock in a transaction on Tuesday, February 20th. The stock was purchased at an average price of $1,315.00 per share, with a total value of $612,790.00. Following the completion of the purchase, the insider now owns 121,694 shares of the company’s stock, valued at approximately $160,027,610. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Ellen R. Alemany sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $1,559.09, for a total value 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 disclosure for this sale can be found here. Insiders acquired 1,388 shares of company stock valued at $1,825,220 over the last 90 days. Company insiders own 12.85% of the company’s stock.

Institutional Investors Weigh In On First Citizens BancShares

Institutional investors have recently bought and sold shares of the stock. Mather Group LLC. bought a new stake in First Citizens BancShares during the first quarter worth $31,000. Blue Trust Inc. boosted its position in First Citizens BancShares by 100.0% in the fourth quarter. Blue Trust Inc. now owns 20 shares of the bank’s stock worth $27,000 after purchasing an additional 10 shares during the last quarter. GAMMA Investing LLC purchased a new position in First Citizens BancShares in the fourth quarter worth $30,000. Lindbrook Capital LLC boosted its position in First Citizens BancShares by 53.3% in the third quarter. Lindbrook Capital LLC now owns 23 shares of the bank’s stock worth $32,000 after purchasing an additional 8 shares during the last quarter. Finally, Principal Securities Inc. purchased a new position in First Citizens BancShares in the fourth quarter worth $43,000. Institutional investors own 61.18% 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.