First Citizens BancShares, Inc. (NASDAQ:FCNCA) Given Consensus Rating of “Moderate Buy” by Analysts

First Citizens BancShares, Inc. (NASDAQ:FCNCA) has earned an average recommendation of “Moderate Buy” from the thirteen brokerages that are currently covering the firm, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation, seven have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $2,196.00.

Several brokerages have commented on FCNCA. JPMorgan Chase & Co. increased their target price on First Citizens BancShares from $2,300.00 to $2,500.00 and gave the company an “overweight” rating in a research note on Tuesday, December 16th. Keefe, Bruyette & Woods dropped their price objective on First Citizens BancShares from $2,100.00 to $2,050.00 and set an “outperform” rating on the stock in a research report on Friday, October 24th. Citigroup boosted their target price on First Citizens BancShares from $2,000.00 to $2,250.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 30th. Truist Financial upped their target price on shares of First Citizens BancShares from $2,000.00 to $2,050.00 and gave the company a “hold” rating in a research note on Tuesday, October 28th. Finally, UBS Group lifted their price target on shares of First Citizens BancShares from $2,200.00 to $2,250.00 and gave the stock a “buy” rating in a research note on Wednesday, November 5th.

Insider Buying and Selling at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. purchased 135 shares of the company’s stock in a transaction dated Wednesday, November 26th. The shares were purchased at an average cost of $1,629.67 per share, for a total transaction of $220,005.45. Following the purchase, the chief executive officer directly owned 2,527 shares in the company, valued at approximately $4,118,176.09. This represents a 5.64% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Ellen R. Alemany acquired 300 shares of the business’s stock in a transaction that occurred on Thursday, November 13th. The stock was purchased at an average cost of $1,000.00 per share, with a total value of $300,000.00. Following the acquisition, the director directly owned 300 shares of the company’s stock, valued at $300,000. This trade represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 13.19% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On First Citizens BancShares

A number of institutional investors and hedge funds have recently made changes to their positions in FCNCA. JPMorgan Chase & Co. raised its holdings in First Citizens BancShares by 4.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 435,278 shares of the bank’s stock worth $778,785,000 after purchasing an additional 18,190 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in First Citizens BancShares by 13.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 121,583 shares of the bank’s stock worth $225,429,000 after buying an additional 14,060 shares in the last quarter. Norges Bank bought a new position in shares of First Citizens BancShares in the second quarter worth about $177,604,000. First Citizens Bank & Trust Co. lifted its position in shares of First Citizens BancShares by 0.3% during the 2nd quarter. First Citizens Bank & Trust Co. now owns 79,132 shares of the bank’s stock valued at $154,819,000 after buying an additional 258 shares in the last quarter. Finally, Alliancebernstein L.P. grew its stake in shares of First Citizens BancShares by 16.3% during the 3rd quarter. Alliancebernstein L.P. now owns 78,310 shares of the bank’s stock valued at $140,109,000 after acquiring an additional 10,948 shares during the period. Hedge funds and other institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Stock Performance

Shares of FCNCA stock opened at $2,182.61 on Thursday. The company has a market capitalization of $27.15 billion, a price-to-earnings ratio of 12.91 and a beta of 0.69. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.03 and a current ratio of 1.03. First Citizens BancShares has a one year low of $1,473.62 and a one year high of $2,412.93. The company’s 50-day moving average is $1,960.86 and its 200 day moving average is $1,936.23.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Thursday, October 23rd. The bank reported $44.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $41.51 by $3.11. The firm had revenue of $2.25 billion for the quarter, compared to the consensus estimate of $2.21 billion. First Citizens BancShares had a net margin of 15.99% and a return on equity of 11.09%. Sell-side analysts expect that First Citizens BancShares will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Friday, November 28th were given a $2.10 dividend. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.95. The ex-dividend date of this dividend was Friday, November 28th. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. First Citizens BancShares’s payout ratio is presently 4.97%.

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.