First Citizens BancShares (NASDAQ:FCNCA) Rating Increased to Hold at UBS Group

UBS Group upgraded shares of First Citizens BancShares (NASDAQ:FCNCA) to a hold rating in a research note published on Monday morning,Zacks reports.

A number of other equities analysts have also recently issued reports on FCNCA. Piper Sandler increased their target price on First Citizens BancShares from $2,050.00 to $2,100.00 and gave the stock a “neutral” rating in a report on Monday, July 27th. The Goldman Sachs Group upped their price objective on shares of First Citizens BancShares from $2,100.00 to $2,340.00 and gave the stock a “neutral” rating in a report on Tuesday, July 7th. Citigroup reaffirmed a “neutral” rating on shares of First Citizens BancShares in a research note on Friday, July 24th. JPMorgan Chase & Co. lifted their price objective on shares of First Citizens BancShares from $2,350.00 to $2,450.00 and gave the company a “neutral” rating in a report on Friday, July 24th. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $2,300.00 price objective on shares of First Citizens BancShares in a report on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $2,272.54.

First Citizens BancShares Stock Performance

Shares of FCNCA opened at $2,173.88 on Monday. First Citizens BancShares has a one year low of $1,623.76 and a one year high of $2,296.30. The company has a market cap of $24.54 billion, a PE ratio of 11.62, a P/E/G ratio of 1.64 and a beta of 0.60. The stock has a 50-day moving average of $2,169.56 and a 200-day moving average of $2,043.29. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.00 and a quick ratio of 1.00.

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, topping analysts’ consensus estimates of $0.41 by $56.68. First Citizens BancShares had a return on equity of 12.07% and a net margin of 16.28%.The business had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.16 billion. On average, equities research analysts predict that First Citizens BancShares will post 192.11 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The business 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 dividend of $2.10 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. First Citizens BancShares’s payout ratio is presently 4.49%.

Insider Transactions at First Citizens BancShares

In related news, Director Diane Morais purchased 50 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The stock was acquired at an average price of $2,168.11 per share, for a total transaction of $108,405.50. Following the completion of the acquisition, the director owned 100 shares of the company’s stock, valued at $216,811. This represents a 100.00% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 14.63% of the company’s stock.

Hedge Funds Weigh In On First Citizens BancShares

Several large investors have recently bought and sold shares of the stock. Hilton Head Capital Partners LLC bought a new stake in shares of First Citizens BancShares in the fourth quarter valued at approximately $26,000. Integrated Wealth Concepts LLC bought a new position in First Citizens BancShares in the 2nd quarter worth approximately $31,000. Jones Financial Companies Lllp bought a new position in First Citizens BancShares in the 2nd quarter worth approximately $42,000. Reflection Asset Management purchased a new position in First Citizens BancShares in the 4th quarter valued at approximately $45,000. Finally, Global Assets Advisory LLC purchased a new position in First Citizens BancShares in the 1st quarter valued at approximately $45,000. 78.01% of the stock is currently owned by institutional investors.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc is the financial holding company for First-Citizens Bank & Trust Company, which operates under the First Citizens Bank name. Headquartered in Raleigh, North Carolina, the company provides banking and financial services to individuals, businesses, nonprofit organizations and government entities.

Its offerings include checking and savings accounts, consumer and commercial loans, mortgages, credit cards, cash-management and treasury services, investment services, and wealth management.