TD Cowen Cuts First Citizens BancShares (NASDAQ:FCNCA) Price Target to $2,500.00

First Citizens BancShares (NASDAQ:FCNCA) had its price objective reduced by TD Cowen from $2,600.00 to $2,500.00 in a research report sent to investors on Monday,Benzinga reports. They currently have a buy rating on the bank’s stock.

Several other equities analysts have also weighed in on the stock. Truist Financial upped their price objective on shares of First Citizens BancShares from $2,000.00 to $2,050.00 and gave the company a “hold” rating in a report on Tuesday, October 28th. The Goldman Sachs Group lowered First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,300.00 target price for the company. in a research report on Tuesday, January 6th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of First Citizens BancShares in a research note on Monday, December 29th. Raymond James Financial raised First Citizens BancShares from an “outperform” rating to a “strong-buy” rating and raised their price objective for the company from $2,100.00 to $2,200.00 in a research note on Thursday, November 20th. Finally, UBS Group restated a “buy” rating and set a $2,500.00 price objective on shares of First Citizens BancShares in a report on Tuesday, January 6th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $2,245.09.

First Citizens BancShares Price Performance

First Citizens BancShares stock opened at $1,980.05 on Monday. The stock has a market capitalization of $24.63 billion, a price-to-earnings ratio of 11.95 and a beta of 0.69. First Citizens BancShares has a 52-week low of $1,473.62 and a 52-week high of $2,245.33. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.03 and a current ratio of 1.03. The stock’s 50 day moving average price is $2,070.25 and its two-hundred day moving average price is $1,950.42.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings data on Friday, January 23rd. The bank reported $51.27 earnings per share for the quarter, beating the consensus estimate of $44.24 by $7.03. The company had revenue of $2.25 billion during the quarter, compared to analyst estimates of $2.24 billion. First Citizens BancShares had a net margin of 15.21% and a return on equity of 11.12%. On average, equities analysts predict that First Citizens BancShares will post 167.59 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Friday, February 27th will be paid a $2.10 dividend. The ex-dividend date of this dividend is Friday, February 27th. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. First Citizens BancShares’s dividend payout ratio is 5.07%.

Insider Activity at First Citizens BancShares

In related news, Director Ellen R. Alemany acquired 300 shares of the company’s stock in a transaction on Thursday, November 13th. The shares were acquired at an average cost of $1,000.00 per share, for a total transaction of $300,000.00. Following the purchase, the director owned 300 shares in the company, valued at approximately $300,000. The trade was a ? increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Frank B. Holding, Jr. acquired 135 shares of the business’s stock in a transaction on Wednesday, November 26th. The shares were purchased at an average cost of $1,629.67 per share, for a total transaction of $220,005.45. Following the completion of the acquisition, the chief executive officer directly owned 2,527 shares in the company, valued at approximately $4,118,176.09. The trade was a 5.64% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 13.19% of the stock is owned by insiders.

Institutional Trading of First Citizens BancShares

Hedge funds have recently bought and sold shares of the business. KLP Kapitalforvaltning AS increased its stake in First Citizens BancShares by 23.9% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 8,800 shares of the bank’s stock worth $17,217,000 after acquiring an additional 1,700 shares during the last quarter. Generate Investment Management Ltd purchased a new position in shares of First Citizens BancShares during the second quarter worth about $6,584,000. Thrivent Financial for Lutherans grew its holdings in shares of First Citizens BancShares by 11.9% during the second quarter. Thrivent Financial for Lutherans now owns 40,200 shares of the bank’s stock worth $78,650,000 after purchasing an additional 4,264 shares in the last quarter. Live Oak Private Wealth LLC increased its position in shares of First Citizens BancShares by 58.1% in the third quarter. Live Oak Private Wealth LLC now owns 3,297 shares of the bank’s stock worth $5,899,000 after purchasing an additional 1,211 shares during the last quarter. Finally, Alberta Investment Management Corp lifted its position in First Citizens BancShares by 0.7% during the second quarter. Alberta Investment Management Corp now owns 28,376 shares of the bank’s stock valued at $55,517,000 after purchasing an additional 200 shares during the last quarter. 78.01% of the stock is currently owned by institutional investors.

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.