First Citizens BancShares, Inc. (NASDAQ:FCNCA – Get Free Report) has received a consensus recommendation of “Hold” from the thirteen research firms that are covering the stock, MarketBeat Ratings reports. Nine research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $2,215.9091.
Several research firms have issued reports on FCNCA. JPMorgan Chase & Co. dropped their price objective on First Citizens BancShares from $2,200.00 to $2,150.00 and set a “neutral” rating on the stock in a research note on Friday, April 24th. Citigroup restated a “neutral” rating on shares of First Citizens BancShares in a research note on Friday, April 24th. Keefe, Bruyette & Woods dropped their price objective on First Citizens BancShares from $2,375.00 to $2,300.00 and set an “outperform” rating on the stock in a research note on Thursday, April 9th. Zacks Research upgraded First Citizens BancShares from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. Finally, Piper Sandler set a $2,050.00 price objective on First Citizens BancShares in a research note on Friday, April 24th.
Read Our Latest Report on First Citizens BancShares
First Citizens BancShares Stock Performance
First Citizens BancShares (NASDAQ:FCNCA – Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The bank reported $44.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $43.31 by $1.55. The firm had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.20 billion. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.During the same quarter in the prior year, the company earned $37.79 earnings per share. Analysts predict that First Citizens BancShares will post 177.84 earnings per share for the current fiscal year.
First Citizens BancShares Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, May 29th will be paid a $2.10 dividend. The ex-dividend date is Friday, May 29th. This represents a $8.40 annualized dividend and a yield of 0.4%. First Citizens BancShares’s dividend payout ratio is currently 4.83%.
Insider Transactions at First Citizens BancShares
In other news, CEO Frank B. Holding, Jr. sold 5,346 shares of the stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $1,918.69, for a total transaction of $10,257,316.74. Following the transaction, the chief executive officer owned 100,654 shares in the company, valued at approximately $193,123,823.26. This trade represents a 5.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders purchased a total of 6,187 shares of company stock valued at $10,640,161 in the last 90 days. 14.63% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On First Citizens BancShares
A number of large investors have recently made changes to their positions in FCNCA. Hilton Head Capital Partners LLC bought a new position in shares of First Citizens BancShares during the fourth quarter worth approximately $26,000. SBI Securities Co. Ltd. bought a new position in shares of First Citizens BancShares during the third quarter worth approximately $27,000. UMB Bank n.a. increased its stake in shares of First Citizens BancShares by 100.0% during the third quarter. UMB Bank n.a. now owns 16 shares of the bank’s stock worth $29,000 after purchasing an additional 8 shares during the period. Harbor Investment Advisory LLC increased its stake in shares of First Citizens BancShares by 150.0% during the fourth quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank’s stock worth $32,000 after purchasing an additional 9 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in shares of First Citizens BancShares by 280.0% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 19 shares of the bank’s stock worth $34,000 after purchasing an additional 14 shares during the period. 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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