First Citizens BancShares, Inc. (NASDAQ:FCNCA) Receives Average Rating of “Hold” from Brokerages

Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) have been assigned an average rating of “Hold” from the fourteen research firms that are presently covering the firm, MarketBeat reports. Ten investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $2,278.3077.

Several brokerages recently issued reports on FCNCA. Piper Sandler upped their target price on shares of First Citizens BancShares from $2,050.00 to $2,100.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. JPMorgan Chase & Co. raised their price target on First Citizens BancShares from $2,350.00 to $2,450.00 and gave the company a “neutral” rating in a research report on Friday, July 24th. Wall Street Zen raised First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Saturday, June 27th. Barclays upped their price objective on First Citizens BancShares from $2,346.00 to $2,376.00 and gave the stock an “equal weight” rating in a report on Monday, July 27th. Finally, Truist Financial increased their price objective on First Citizens BancShares from $2,150.00 to $2,323.00 and gave the company a “hold” rating in a research report on Tuesday, July 28th.

First Citizens BancShares Trading Down 0.9%

Shares of First Citizens BancShares stock opened at $2,151.23 on Friday. First Citizens BancShares has a 1 year low of $1,623.76 and a 1 year high of $2,296.30. The firm has a market cap of $24.29 billion, a PE ratio of 11.50, a PEG ratio of 1.66 and a beta of 0.62. 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 50 day simple moving average of $2,141.62 and a two-hundred day simple moving average of $2,029.74.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings results on Thursday, July 23rd. The bank reported $57.09 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $56.68. The business had revenue of $2.43 billion during the quarter, compared to analysts’ expectations of $2.16 billion. First Citizens BancShares had a net margin of 16.28% and a return on equity of 12.07%. Analysts expect that First Citizens BancShares will post 190.06 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be given a $2.10 dividend. The ex-dividend date is Monday, August 31st. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. First Citizens BancShares’s payout ratio is presently 4.49%.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, Director Diane E. Morais purchased 50 shares of the firm’s stock in a transaction on Wednesday, August 19th. The shares were purchased at an average cost of $2,168.11 per share, with a total value of $108,405.50. Following the completion of the purchase, the director owned 100 shares of the company’s stock, valued at $216,811. The trade was a 100.00% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Frank B. Holding, Jr. acquired 335 shares of the stock in a transaction dated Friday, June 5th. The stock was acquired at an average price of $1,920.80 per share, with a total value of $643,468.00. Following the completion of the acquisition, the chief executive officer owned 64,435 shares in the company, valued at approximately $123,766,748. The trade was a 0.52% increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders acquired 1,300 shares of company stock valued at $2,424,962. 14.63% of the stock is owned by insiders.

Hedge Funds Weigh In On First Citizens BancShares

A number of large investors have recently added to or reduced their stakes in FCNCA. Northwestern Mutual Wealth Management Co. grew its stake in shares of First Citizens BancShares by 117,518.9% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 205,833 shares of the bank’s stock valued at $441,755,000 after buying an additional 205,658 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of First Citizens BancShares by 1.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 125,947 shares of the bank’s stock valued at $237,333,000 after acquiring an additional 1,886 shares during the last quarter. Morgan Stanley boosted its holdings in First Citizens BancShares by 31.8% during the 4th quarter. Morgan Stanley now owns 123,048 shares of the bank’s stock valued at $264,087,000 after acquiring an additional 29,681 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in First Citizens BancShares by 11.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 122,317 shares of the bank’s stock valued at $262,514,000 after acquiring an additional 12,303 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its position in First Citizens BancShares by 20.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 91,876 shares of the bank’s stock worth $174,048,000 after acquiring an additional 15,788 shares during the last quarter. Hedge funds and other 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.