First Citizens BancShares’ (FCNCA) Outperform Rating Reiterated at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reaffirmed their outperform rating on shares of First Citizens BancShares (NASDAQ:FCNCA) in a research report sent to investors on Friday morning, Benzinga reports. Keefe, Bruyette & Woods currently has a $2,100.00 price objective on the bank’s stock, up from their previous price objective of $1,900.00.

A number of other research firms also recently weighed in on FCNCA. UBS Group lifted their price target on First Citizens BancShares from $1,644.00 to $1,754.00 and gave the company a buy rating in a research note on Tuesday, January 30th. DA Davidson reaffirmed a neutral rating and set a $1,650.00 price objective (up from $1,600.00) on shares of First Citizens BancShares in a report on Monday, April 15th. Piper Sandler cut First Citizens BancShares from an overweight rating to a neutral rating and lifted their price objective for the stock from $1,850.00 to $1,950.00 in a report on Friday. Wedbush reaffirmed an outperform rating and set a $1,800.00 price objective on shares of First Citizens BancShares in a report on Monday, January 29th. Finally, The Goldman Sachs Group assumed coverage on First Citizens BancShares in a report on Thursday, March 21st. They set a buy rating and a $1,950.00 price objective for the company. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $1,829.90.

First Citizens BancShares Trading Down 2.7 %

FCNCA opened at $1,707.48 on Friday. The business’s 50 day moving average is $1,586.73 and its two-hundred day moving average is $1,484.07. First Citizens BancShares has a 52 week low of $945.32 and a 52 week high of $1,810.03. The firm has a market cap of $24.79 billion, a price-to-earnings ratio of 9.48 and a beta of 0.89. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 1.82.

First Citizens BancShares (NASDAQ:FCNCA) last announced its earnings results on Friday, January 26th. The bank reported $46.58 earnings per share for the quarter, missing the consensus estimate of $48.49 by ($1.91). First Citizens BancShares had a net margin of 18.22% and a return on equity of 15.75%. The company had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.36 billion. On average, research analysts predict that First Citizens BancShares will post 179.92 EPS for the current year.

First Citizens BancShares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Friday, May 31st will be given a dividend of $1.64 per share. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $6.56 annualized dividend and a yield of 0.38%. First Citizens BancShares’s dividend payout ratio (DPR) is presently 3.64%.

Insider Buying and Selling

In related news, Director Ellen R. Alemany sold 600 shares of the stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $1,559.09, for a total transaction of $935,454.00. Following the transaction, the director now directly owns 4,842 shares in the company, valued at $7,549,113.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Frank B. Holding, Jr. purchased 622 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was bought at an average cost of $1,315.00 per share, for a total transaction of $817,930.00. Following the completion of the purchase, the chief executive officer now directly owns 97,609 shares of the company’s stock, valued at approximately $128,355,835. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ellen R. Alemany sold 600 shares of the company’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $1,559.09, for a total value of $935,454.00. Following the sale, the director now owns 4,842 shares of the company’s stock, valued at $7,549,113.78. The disclosure for this sale can be found here. Over the last ninety days, insiders have acquired 1,388 shares of company stock worth $1,825,220. 12.85% of the stock is owned by company insiders.

Institutional Investors Weigh In On First Citizens BancShares

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Lincoln National Corp grew its stake in shares of First Citizens BancShares by 2.6% in the fourth quarter. Lincoln National Corp now owns 277 shares of the bank’s stock valued at $393,000 after buying an additional 7 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its stake in shares of First Citizens BancShares by 4.5% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 161 shares of the bank’s stock valued at $229,000 after buying an additional 7 shares in the last quarter. Quadrant Capital Group LLC grew its stake in shares of First Citizens BancShares by 4.4% in the fourth quarter. Quadrant Capital Group LLC now owns 165 shares of the bank’s stock valued at $234,000 after buying an additional 7 shares in the last quarter. Park Avenue Securities LLC grew its stake in shares of First Citizens BancShares by 1.6% in the first quarter. Park Avenue Securities LLC now owns 450 shares of the bank’s stock valued at $736,000 after buying an additional 7 shares in the last quarter. Finally, Lindbrook Capital LLC grew its stake in shares of First Citizens BancShares by 53.3% in the third quarter. Lindbrook Capital LLC now owns 23 shares of the bank’s stock valued at $32,000 after buying an additional 8 shares in the last quarter. 61.18% of the stock is currently owned by institutional investors and hedge funds.

About First Citizens BancShares

First Citizens BancShares, Inc operates as the holding company for First-Citizens Bank & Trust Company that provides retail and commercial banking services to individuals, businesses, and professionals. The company's deposit products include checking, savings, money market, and time deposit accounts.