Wall Street Zen lowered shares of First Citizens BancShares (NASDAQ:FCNCA – Free Report) from a hold rating to a sell rating in a research note issued to investors on Saturday morning.
Several other equities research analysts have also weighed in on the stock. Weiss Ratings lowered shares of First Citizens BancShares from a “buy (b)” rating to a “hold (c+)” rating in a report on Monday, May 11th. 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. Citigroup reissued a “neutral” rating on shares of First Citizens BancShares in a research report on Friday, April 24th. Truist Financial increased their price objective on shares of First Citizens BancShares from $2,050.00 to $2,150.00 and gave the stock a “hold” rating in a research report on Monday, January 26th. Finally, Deutsche Bank Aktiengesellschaft downgraded 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. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $2,202.08.
View Our Latest Analysis on FCNCA
First Citizens BancShares Trading Down 0.5%
First Citizens BancShares (NASDAQ:FCNCA – Get Free Report) last posted its earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share for the quarter, topping the consensus estimate of $43.31 by $1.55. The company had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.20 billion. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. During the same period last year, the business posted $37.79 earnings per share. Equities research analysts anticipate that First Citizens BancShares will post 177.84 EPS for the current year.
First Citizens BancShares Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, May 29th will be given a dividend of $2.10 per share. The ex-dividend date of this dividend is Friday, May 29th. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. First Citizens BancShares’s dividend payout ratio is currently 4.83%.
Insider Buying and Selling
In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 5,940 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The stock was acquired at an average price of $1,726.82 per share, with a total value of $10,257,310.80. Following the completion of the transaction, the chief executive officer owned 38,111 shares in the company, valued at approximately $65,810,837.02. This trade 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 hyperlink. Insiders have acquired a total of 6,198 shares of company stock worth $10,661,547 in the last ninety days. Corporate insiders own 14.63% of the company’s stock.
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in FCNCA. Hilton Head Capital Partners LLC bought a new position in First Citizens BancShares in the fourth quarter valued at $26,000. SBI Securities Co. Ltd. bought a new position in First Citizens BancShares in the third quarter valued at $27,000. UMB Bank n.a. grew its position in First Citizens BancShares by 100.0% in the third quarter. UMB Bank n.a. now owns 16 shares of the bank’s stock valued at $29,000 after purchasing an additional 8 shares in the last quarter. Root Financial Partners LLC bought a new position in First Citizens BancShares in the third quarter valued at $32,000. Finally, Harbor Investment Advisory LLC grew its position in First Citizens BancShares by 150.0% in the fourth quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank’s stock valued at $32,000 after purchasing an additional 9 shares in the last quarter. Institutional investors 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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