First Citizens BancShares, Inc. (NASDAQ:FCNCA) Stock Has Consensus Target Price of $2,261.00 According to Brokerages

First Citizens BancShares, Inc. (NASDAQ:FCNCA) has received a consensus recommendation of “Hold” from the fourteen research firms that are covering the firm, MarketBeat.com reports. Eleven analysts have rated the stock with a hold rating, two have given 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 $2,261.00.

Several brokerages have weighed in on FCNCA. JPMorgan Chase & Co. lowered their target price on First Citizens BancShares from $2,450.00 to $2,300.00 and set a “neutral” rating for the company in a report on Thursday, October 1st. Piper Sandler lifted their price objective on 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. Wall Street Zen raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Saturday, June 27th. UBS Group initiated coverage on shares of First Citizens BancShares in a report on Monday, September 14th. They set a “neutral” rating and a $2,250.00 target price on the stock. Finally, Weiss Ratings downgraded shares of First Citizens BancShares from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, October 2nd.

First Citizens BancShares Price Performance

Shares of FCNCA stock opened at $2,068.39 on Friday. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.00 and a quick ratio of 1.00. The company has a market capitalization of $23.35 billion, a P/E ratio of 11.06, a P/E/G ratio of 1.53 and a beta of 0.58. The company’s 50-day simple moving average is $2,156.64 and its two-hundred day simple moving average is $2,069.42. First Citizens BancShares has a one year low of $1,623.76 and a one year high of $2,296.30.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Thursday, July 23rd. The bank reported $57.09 earnings per share for the quarter, beating the consensus estimate of $0.41 by $56.68. First Citizens BancShares had a net margin of 16.28% and a return on equity of 12.07%. The firm had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.16 billion. As a group, equities analysts anticipate that First Citizens BancShares will post 193.20 EPS for the current year.

First Citizens BancShares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Monday, August 31st were issued a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend was Monday, August 31st. First Citizens BancShares’s dividend payout ratio (DPR) is presently 4.49%.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, Director Diane Morais acquired 50 shares of First Citizens BancShares stock in a transaction that occurred on Wednesday, August 19th. The stock was bought at an average price of $2,168.11 per share, with a total value of $108,405.50. Following the completion of the purchase, the director directly owned 100 shares of the company’s stock, valued at approximately $216,811. This represents a 100.00% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Olivia Britton Holding sold 7,000 shares of the company’s stock in a transaction on Tuesday, September 15th. The stock was 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 approximately $292,950. This represents a 31.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 14.63% of the company’s stock.

Institutional Investors Weigh In On First Citizens BancShares

Hedge funds have recently made changes to their positions in the stock. Wedmont Private Capital purchased a new position in First Citizens BancShares in the third quarter valued at about $215,000. Diversified Management Inc. bought a new stake in shares of First Citizens BancShares in the 3rd quarter valued at about $245,000. GAMMA Investing LLC boosted its holdings in shares of First Citizens BancShares by 3.4% in the 3rd quarter. GAMMA Investing LLC now owns 153 shares of the bank’s stock valued at $315,000 after buying an additional 5 shares in the last quarter. Gradient Investments LLC grew its position in shares of First Citizens BancShares by 10.6% in the 3rd quarter. Gradient Investments LLC now owns 323 shares of the bank’s stock worth $665,000 after buying an additional 31 shares during the last quarter. Finally, Steph & Co. grew its position in shares of First Citizens BancShares by 61.5% in the 3rd quarter. Steph & Co. now owns 42 shares of the bank’s stock worth $87,000 after buying an additional 16 shares during the last quarter. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc is a financial holding company headquartered in Raleigh, North Carolina. Through its principal subsidiary, First-Citizens Bank & Trust Company, the company provides banking and financial services to individuals, businesses, nonprofit organizations and government entities.

Its offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, treasury management, wealth management and investment services.