First Citizens BancShares (NASDAQ:FCNCA) Lowered to “Neutral” at Piper Sandler

Piper Sandler downgraded shares of First Citizens BancShares (NASDAQ:FCNCA) from an overweight rating to a neutral rating in a report released on Friday morning, Marketbeat reports. They currently have $1,950.00 price objective on the bank’s stock, up from their previous price objective of $1,850.00.

Several other analysts have also issued reports on FCNCA. UBS Group increased their price target on shares of First Citizens BancShares from $1,644.00 to $1,754.00 and gave the stock a buy rating in a research report on Tuesday, January 30th. DA Davidson reiterated a neutral rating and issued a $1,650.00 price target (up previously from $1,600.00) on shares of First Citizens BancShares in a research note on Monday, April 15th. Barclays assumed coverage on First Citizens BancShares in a report on Thursday, April 11th. They set an equal weight rating and a $1,850.00 price target for the company. The Goldman Sachs Group initiated coverage on First Citizens BancShares in a research note on Thursday, March 21st. They issued a buy rating and a $1,950.00 price objective on the stock. Finally, Wedbush reissued an outperform rating and set a $1,800.00 target price on shares of First Citizens BancShares in a research note on Monday, January 29th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Hold and an average price target of $1,829.90.

First Citizens BancShares Stock Performance

Shares of NASDAQ:FCNCA opened at $1,754.50 on Friday. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 1.82. The firm has a market cap of $25.48 billion, a PE ratio of 9.74 and a beta of 0.89. The company’s 50 day moving average price is $1,578.09 and its two-hundred day moving average price is $1,477.46. First Citizens BancShares has a 12-month low of $945.32 and a 12-month high of $1,810.03.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Friday, January 26th. The bank reported $46.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $48.49 by ($1.91). First Citizens BancShares had a return on equity of 15.75% and a net margin of 18.22%. The company had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.36 billion. Equities research analysts predict that First Citizens BancShares will post 179.92 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Friday, May 31st will be given a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 0.37%. The ex-dividend date of this dividend is Thursday, May 30th. First Citizens BancShares’s dividend payout ratio is currently 3.64%.

Insider Buying and Selling

In other news, major shareholder Olivia Britton Holding purchased 466 shares of the company’s stock in a transaction dated Tuesday, February 20th. The shares were purchased at an average price of $1,315.00 per share, with a total value of $612,790.00. Following the transaction, the insider now directly owns 121,694 shares of the company’s stock, valued at $160,027,610. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. In other First Citizens BancShares news, major shareholder Olivia Britton Holding acquired 466 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The stock was bought at an average cost of $1,315.00 per share, with a total value of $612,790.00. Following the acquisition, the insider now owns 121,694 shares in the company, valued at $160,027,610. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ellen R. Alemany sold 600 shares of the business’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $1,559.09, for a total value of $935,454.00. Following the sale, the director now owns 4,842 shares in the company, valued at $7,549,113.78. The disclosure for this sale can be found here. In the last quarter, insiders have purchased 1,388 shares of company stock valued at $1,825,220. 13.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On First Citizens BancShares

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CWM LLC grew its stake in First Citizens BancShares by 35.5% in the 3rd quarter. CWM LLC now owns 187 shares of the bank’s stock worth $257,000 after buying an additional 49 shares in the last quarter. UMB Bank n.a. increased its stake in First Citizens BancShares by 1,040.0% in the third quarter. UMB Bank n.a. now owns 57 shares of the bank’s stock valued at $79,000 after acquiring an additional 52 shares during the last quarter. U.S. Capital Wealth Advisors LLC purchased a new stake in First Citizens BancShares during the third quarter valued at about $1,380,000. Commonwealth Equity Services LLC lifted its stake in First Citizens BancShares by 4.1% during the third quarter. Commonwealth Equity Services LLC now owns 303 shares of the bank’s stock worth $419,000 after purchasing an additional 12 shares during the last quarter. Finally, Xponance Inc. boosted its holdings in shares of First Citizens BancShares by 6.0% in the 3rd quarter. Xponance Inc. now owns 548 shares of the bank’s stock worth $756,000 after purchasing an additional 31 shares in the last quarter. 61.18% of the stock is currently owned by hedge funds and other 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.