Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA – Get Free Report) have received an average recommendation of “Hold” from the fourteen research firms that are covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, nine have assigned a hold recommendation, three have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $2,243.75.
A number of analysts recently commented on the company. JPMorgan Chase & Co. boosted their target price on First Citizens BancShares from $2,150.00 to $2,350.00 and gave the company a “neutral” rating in a research report on Wednesday. TD Cowen cut their price target on First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating on the stock in a report on Monday, April 27th. Keefe, Bruyette & Woods reduced their price objective on First Citizens BancShares from $2,375.00 to $2,300.00 and set an “outperform” rating for the company in a research note on Thursday, April 9th. Weiss Ratings downgraded First Citizens BancShares from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 22nd. Finally, Deutsche Bank Aktiengesellschaft lowered First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,154.00 target price on the stock. in a research report on Wednesday, April 8th.
Check Out Our Latest Analysis on FCNCA
First Citizens BancShares Stock Up 2.0%
First Citizens BancShares (NASDAQ:FCNCA – Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share for the quarter, beating the consensus estimate of $43.31 by $1.55. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. The firm had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.20 billion. During the same period in the previous year, the firm posted $37.79 earnings per share. As a group, sell-side analysts forecast that First Citizens BancShares will post 175.42 earnings per share for the current fiscal year.
First Citizens BancShares Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, May 29th were paid a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Friday, May 29th. First Citizens BancShares’s payout ratio is 4.83%.
Insiders Place Their Bets
In other First Citizens BancShares news, CEO Frank B. Holding, Jr. acquired 5,940 shares of the company’s stock in a transaction on Tuesday, May 12th. The shares were purchased at an average cost of $1,726.82 per share, with a total value of $10,257,310.80. Following the completion of the purchase, the chief executive officer owned 38,111 shares of the company’s stock, valued at approximately $65,810,837.02. This represents a 18.46% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have acquired a total of 7,190 shares of company stock worth $12,573,868 in the last 90 days. Corporate insiders own 14.63% of the company’s stock.
Institutional Investors Weigh In On First Citizens BancShares
A number of institutional investors and hedge funds have recently made changes to their positions in FCNCA. Hiddenite Capital Partners LP purchased a new position in shares of First Citizens BancShares during the fourth quarter valued at approximately $6,868,000. Citigroup Inc. raised its position in First Citizens BancShares by 23.4% in the 3rd quarter. Citigroup Inc. now owns 16,938 shares of the bank’s stock valued at $30,305,000 after buying an additional 3,215 shares during the last quarter. Check Capital Management Inc. CA raised its position in First Citizens BancShares by 21.0% in the 4th quarter. Check Capital Management Inc. CA now owns 42,788 shares of the bank’s stock valued at $91,831,000 after buying an additional 7,424 shares during the last quarter. Barr E S & Co. lifted its stake in First Citizens BancShares by 33.2% during the 4th quarter. Barr E S & Co. now owns 5,995 shares of the bank’s stock valued at $12,866,000 after acquiring an additional 1,495 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in First Citizens BancShares by 122.2% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,440 shares of the bank’s stock valued at $5,237,000 after acquiring an additional 1,342 shares in the last quarter. Institutional investors and hedge funds own 78.01% of the company’s stock.
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.
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