First Citizens BancShares, Inc. (NASDAQ:FCNCA) Receives $2,171.82 Consensus PT from Analysts

Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) have earned an average rating of “Moderate Buy” from the thirteen brokerages that are currently covering the stock, MarketBeat.com reports. Six research analysts have rated the stock with a hold recommendation, six have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $2,250.5455.

Several analysts recently weighed in on the company. Wall Street Zen cut First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Sunday, September 28th. Barclays raised their price target on shares of First Citizens BancShares from $2,190.00 to $2,456.00 and gave the stock an “equal weight” rating in a research report on Monday. Weiss Ratings reissued a “buy (b-)” rating on shares of First Citizens BancShares in a report on Monday, December 29th. JPMorgan Chase & Co. increased their target price on shares of First Citizens BancShares from $2,300.00 to $2,500.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 16th. Finally, Piper Sandler dropped their price target on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a research report on Friday, October 24th.

Insider Buying and Selling at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. purchased 135 shares of the firm’s stock in a transaction that occurred on Wednesday, November 26th. The shares were bought at an average price of $1,629.67 per share, for a total transaction of $220,005.45. Following the completion of the transaction, the chief executive officer 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 ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Ellen R. Alemany purchased 300 shares of the company’s stock in a transaction that occurred on Thursday, November 13th. The stock was bought at an average cost of $1,000.00 per share, with a total value of $300,000.00. Following the purchase, the director owned 300 shares of the company’s stock, valued at $300,000. This represents a ? increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 13.40% of the company’s stock.

Institutional Investors Weigh In On First Citizens BancShares

A number of hedge funds and other institutional investors have recently bought and sold shares of FCNCA. Norges Bank bought a new stake in shares of First Citizens BancShares in the 2nd quarter valued at $177,604,000. Orion Porfolio Solutions LLC raised its stake in First Citizens BancShares by 2,057.4% during the second quarter. Orion Porfolio Solutions LLC now owns 47,506 shares of the bank’s stock worth $92,944,000 after buying an additional 45,304 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in First Citizens BancShares by 390.2% in the third quarter. Allspring Global Investments Holdings LLC now owns 48,299 shares of the bank’s stock valued at $84,995,000 after buying an additional 38,446 shares during the period. Marshall Wace LLP boosted its position in First Citizens BancShares by 824.0% during the third quarter. Marshall Wace LLP now owns 29,310 shares of the bank’s stock valued at $52,440,000 after acquiring an additional 26,138 shares during the last quarter. Finally, Rakuten Investment Management Inc. bought a new stake in First Citizens BancShares during the third quarter valued at $46,540,000. Institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Price Performance

NASDAQ:FCNCA opened at $2,166.03 on Thursday. The company has a market cap of $26.95 billion, a P/E ratio of 12.81 and a beta of 0.69. The firm’s fifty day moving average price is $1,977.14 and its two-hundred day moving average price is $1,940.07. First Citizens BancShares has a one year low of $1,473.62 and a one year high of $2,412.93. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.03 and a quick ratio of 1.03.

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. First Citizens BancShares had a net margin of 15.99% and a return on equity of 11.09%. The business had revenue of $2.25 billion for the quarter, compared to analyst estimates of $2.21 billion. Equities analysts expect that First Citizens BancShares will post 167.59 earnings per share for the current year.

First Citizens BancShares Increases Dividend

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

About First Citizens BancShares

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full?service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.