First Citizens BancShares (NASDAQ:FCNCA) Rating Increased to Strong-Buy at TD Cowen

TD Cowen upgraded shares of First Citizens BancShares (NASDAQ:FCNCA) to a strong-buy rating in a report issued on Monday,Zacks.com reports.

A number of other research firms have also recently issued reports on FCNCA. Barclays lowered their price objective on shares of First Citizens BancShares from $2,456.00 to $2,346.00 and set an “equal weight” rating for the company in a research report on Monday, January 26th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $2,200.00 price objective (down from $2,450.00) on shares of First Citizens BancShares in a research report on Wednesday, April 1st. Zacks Research upgraded shares of First Citizens BancShares from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. Deutsche Bank Aktiengesellschaft cut shares of First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,154.00 price objective for the company. in a research report on Wednesday, April 8th. Finally, Piper Sandler upped their price objective on shares of First Citizens BancShares from $2,000.00 to $2,100.00 and gave the stock a “neutral” rating in a research report on Thursday, January 29th. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $2,227.08.

First Citizens BancShares Stock Performance

Shares of First Citizens BancShares stock opened at $1,990.98 on Monday. The company has a 50 day moving average of $1,945.67 and a 200-day moving average of $1,947.62. First Citizens BancShares has a 1-year low of $1,623.76 and a 1-year high of $2,232.21. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.72. The company has a market cap of $23.77 billion, a PE ratio of 12.01, a price-to-earnings-growth ratio of 1.49 and a beta of 0.65.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results on Friday, January 23rd. The bank reported $51.27 earnings per share for the quarter, topping analysts’ consensus estimates of $44.24 by $7.03. The company had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.24 billion. First Citizens BancShares had a net margin of 15.21% and a return on equity of 11.18%. As a group, equities research analysts forecast that First Citizens BancShares will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Friday, February 27th were given a $2.10 dividend. This represents a $8.40 annualized dividend and a yield of 0.4%. The ex-dividend date was Friday, February 27th. First Citizens BancShares’s dividend payout ratio is 5.07%.

Insider Transactions at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 134 shares of the firm’s stock in a transaction on Friday, March 13th. The stock was purchased at an average cost of $1,550.00 per share, for a total transaction of $207,700.00. Following the transaction, the chief executive officer owned 2,749 shares in the company, valued at $4,260,950. The trade was a 5.12% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last ninety days, insiders have purchased 258 shares of company stock valued at $404,236. Corporate insiders own 14.63% of the company’s stock.

Hedge Funds Weigh In On First Citizens BancShares

Several institutional investors and hedge funds have recently added to or reduced their stakes in FCNCA. Allworth Financial LP boosted its stake in shares of First Citizens BancShares by 21.7% in the 3rd quarter. Allworth Financial LP now owns 28 shares of the bank’s stock valued at $51,000 after purchasing an additional 5 shares during the last quarter. MBL Wealth LLC boosted its stake in shares of First Citizens BancShares by 0.8% in the 4th quarter. MBL Wealth LLC now owns 622 shares of the bank’s stock valued at $1,335,000 after purchasing an additional 5 shares during the last quarter. Alteri Wealth LLC boosted its stake in shares of First Citizens BancShares by 4.1% in the 3rd quarter. Alteri Wealth LLC now owns 154 shares of the bank’s stock valued at $276,000 after purchasing an additional 6 shares during the last quarter. Fifth Third Bancorp boosted its stake in shares of First Citizens BancShares by 40.0% in the 3rd quarter. Fifth Third Bancorp now owns 21 shares of the bank’s stock valued at $38,000 after purchasing an additional 6 shares during the last quarter. Finally, Corient Private Wealth LLC boosted its stake in shares of First Citizens BancShares by 0.6% in the 2nd quarter. Corient Private Wealth LLC now owns 1,049 shares of the bank’s stock valued at $2,051,000 after purchasing an additional 6 shares during the last quarter. 78.01% of the stock is currently owned by institutional investors and hedge funds.

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.