First Citizens BancShares, Inc. (NASDAQ:FCNCA – Get Free Report) has earned a consensus rating of “Hold” from the fourteen analysts that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, ten have issued a hold recommendation, two have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $2,355.31.
Several brokerages have recently issued reports on FCNCA. Keefe, Bruyette & Woods cut First Citizens BancShares from an “outperform” rating to a “market perform” rating and set a $2,300.00 price objective on the stock. in a report on Thursday, July 9th. Piper Sandler raised their price target on shares of First Citizens BancShares from $2,050.00 to $2,100.00 and gave the company a “neutral” rating in a report on Monday, July 27th. The Goldman Sachs Group upped their price target on shares of First Citizens BancShares from $2,100.00 to $2,340.00 and gave the company a “neutral” rating in a research note on Tuesday, July 7th. JPMorgan Chase & Co. lowered shares of First Citizens BancShares from a “neutral” rating to an “underweight” rating and reduced their price target for the stock from $2,300.00 to $2,200.00 in a research report on Monday, October 26th. Finally, Citigroup reaffirmed a “neutral” rating on shares of First Citizens BancShares in a report on Thursday, October 1st.
Check Out Our Latest Stock Analysis on FCNCA
Insider Buying and Selling
In related news, major shareholder Olivia Britton Holding sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $19.53, for a total value of $136,710.00. Following the sale, the insider owned 15,000 shares of the company’s stock, valued at $292,950. This trade represents a 31.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Diane Morais bought 50 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The shares were acquired at an average price of $2,168.11 per share, with a total value of $108,405.50. Following the purchase, the director owned 100 shares of the company’s stock, valued at $216,811. The trade was a 100.00% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 14.63% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On First Citizens BancShares
Several large investors have recently made changes to their positions in FCNCA. Integrity Alliance LLC. acquired a new stake in First Citizens BancShares during the third quarter worth approximately $220,000. Mirae Asset Global Investments Co. Ltd. bought a new position in First Citizens BancShares in the 3rd quarter worth about $39,000. Vise Technologies Inc. purchased a new position in shares of First Citizens BancShares in the third quarter valued at about $357,000. North Dakota State Investment Board boosted its stake in First Citizens BancShares by 89.2% during the third quarter. North Dakota State Investment Board now owns 492 shares of the bank’s stock worth $1,014,000 after acquiring an additional 232 shares in the last quarter. Finally, North Star Investment Management Corp. increased its position in First Citizens BancShares by 10.0% during the third quarter. North Star Investment Management Corp. now owns 66 shares of the bank’s stock valued at $135,000 after acquiring an additional 6 shares during the last quarter. Institutional investors and hedge funds own 78.01% of the company’s stock.
First Citizens BancShares Stock Performance
NASDAQ:FCNCA opened at $2,352.64 on Wednesday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.59. First Citizens BancShares has a 12 month low of $1,759.27 and a 12 month high of $2,429.96. The stock has a market cap of $26.57 billion, a price-to-earnings ratio of 12.05, a P/E/G ratio of 1.22 and a beta of 0.58. The company has a 50-day moving average price of $2,150.18 and a 200-day moving average price of $2,064.76.
First Citizens BancShares (NASDAQ:FCNCA – Get Free Report) last released its earnings results on Friday, October 23rd. The bank reported $55.37 EPS for the quarter, topping analysts’ consensus estimates of $46.18 by $9.19. The firm had revenue of $2.27 billion for the quarter, compared to analysts’ expectations of $2.23 billion. First Citizens BancShares had a return on equity of 12.49% and a net margin of 16.54%. Equities analysts predict that First Citizens BancShares will post 201.38 EPS for the current year.
First Citizens BancShares Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Monday, November 30th will be issued a $2.25 dividend. This is a boost from First Citizens BancShares’s previous quarterly dividend of $2.10. This represents a $9.00 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Monday, November 30th. First Citizens BancShares’s payout ratio is currently 4.61%.
First Citizens BancShares declared that its Board of Directors has approved a stock buyback plan on Friday, October 23rd that allows the company to buy back $1.20 billion in outstanding shares. This repurchase authorization allows the bank to buy up to 4.5% of its stock through open market purchases. Share repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
About First Citizens BancShares
First Citizens BancShares, Inc is a bank holding company headquartered in Raleigh, North Carolina. Its principal subsidiary, First-Citizens Bank & Trust Company, provides banking and financial services to individuals, businesses, and institutions through a network of branches and digital banking channels.
The bank offers deposit accounts, consumer and residential lending, commercial and industrial loans, commercial real estate financing, equipment finance, treasury management, and payment services.
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