First Citizens BancShares (NASDAQ:FCNCA) Reaches New 12-Month High at $1,629.18

First Citizens BancShares, Inc. (NASDAQ:FCNCA)’s share price reached a new 52-week high on Thursday . The stock traded as high as $1,629.18 and last traded at $1,628.04, with a volume of 28599 shares. The stock had previously closed at $1,616.88.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. StockNews.com raised First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Wednesday, March 6th. Wedbush reaffirmed an “outperform” rating and issued a $1,800.00 price objective on shares of First Citizens BancShares in a research report on Monday, January 29th. The Goldman Sachs Group began coverage on First Citizens BancShares in a research note on Thursday, March 21st. They set a “buy” rating and a $1,950.00 price target for the company. DA Davidson restated a “neutral” rating on shares of First Citizens BancShares in a research note on Monday, January 15th. Finally, UBS Group upped their price target on First Citizens BancShares from $1,644.00 to $1,754.00 and gave the stock a “buy” rating in a research note on Tuesday, January 30th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $1,667.71.

First Citizens BancShares Price Performance

The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.82. The business has a 50-day moving average price of $1,524.96 and a two-hundred day moving average price of $1,441.35. The firm has a market capitalization of $23.74 billion, a price-to-earnings ratio of 2.06 and a beta of 0.88.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Friday, January 26th. The bank reported $46.58 EPS for the quarter, missing the consensus estimate of $48.49 by ($1.91). First Citizens BancShares had a net margin of 51.04% and a return on equity of 13.52%. The business had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.36 billion. As a group, research analysts forecast that First Citizens BancShares, Inc. will post 177.52 EPS for the current year.

First Citizens BancShares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Thursday, February 29th were paid a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date was Wednesday, February 28th. First Citizens BancShares’s payout ratio is currently 0.84%.

Insider Transactions at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 622 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The stock was acquired at an average price of $1,315.00 per share, with a total value of $817,930.00. Following the completion of the transaction, the chief executive officer now directly owns 97,609 shares in the company, valued at approximately $128,355,835. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Hope Holding Bryant bought 300 shares of the business’s stock in a transaction on Wednesday, February 21st. The shares were bought at an average cost of $1,315.00 per share, for a total transaction of $394,500.00. Following the completion of the acquisition, the insider now directly owns 1,978 shares in the company, valued at $2,601,070. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Frank B. Holding, Jr. bought 622 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were bought at an average price of $1,315.00 per share, for a total transaction of $817,930.00. Following the completion of the acquisition, the chief executive officer now owns 97,609 shares of the company’s stock, valued at $128,355,835. The disclosure for this purchase can be found here. Insiders purchased a total of 1,388 shares of company stock valued at $1,825,220 in the last three months. 13.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On First Citizens BancShares

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in shares of First Citizens BancShares by 106.0% in the first quarter. Vanguard Group Inc. now owns 1,105,554 shares of the bank’s stock worth $735,855,000 after purchasing an additional 568,929 shares during the period. Wellington Management Group LLP grew its position in First Citizens BancShares by 30.9% during the first quarter. Wellington Management Group LLP now owns 594,276 shares of the bank’s stock worth $395,550,000 after buying an additional 140,410 shares in the last quarter. State Street Corp grew its position in First Citizens BancShares by 53.7% during the first quarter. State Street Corp now owns 402,593 shares of the bank’s stock worth $267,966,000 after buying an additional 140,626 shares in the last quarter. Invesco Ltd. grew its position in First Citizens BancShares by 113.0% during the first quarter. Invesco Ltd. now owns 371,016 shares of the bank’s stock worth $246,949,000 after buying an additional 196,851 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in First Citizens BancShares by 88.8% during the first quarter. Dimensional Fund Advisors LP now owns 268,916 shares of the bank’s stock worth $179,001,000 after buying an additional 126,483 shares in the last quarter. 61.18% of the stock is currently owned by institutional investors.

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.