First Citizens BancShares (NASDAQ:FCNCA) Given New $2,150.00 Price Target at Piper Sandler

First Citizens BancShares (NASDAQ:FCNCA) had its target price upped by Piper Sandler from $1,950.00 to $2,150.00 in a research report sent to investors on Friday morning, Benzinga reports. The firm currently has a neutral rating on the bank’s stock.

Other analysts also recently issued reports about the company. Barclays increased their price objective on First Citizens BancShares from $1,850.00 to $1,950.00 and gave the company an equal weight rating in a report on Friday, April 26th. Keefe, Bruyette & Woods increased their price objective on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an outperform rating in a report on Friday. DA Davidson restated a neutral rating and issued a $1,650.00 price objective (up from $1,600.00) on shares of First Citizens BancShares in a report on Monday, April 15th. Raymond James upgraded First Citizens BancShares from a market perform rating to an outperform rating and set a $1,900.00 price objective for the company in a report on Tuesday, July 2nd. Finally, StockNews.com upgraded First Citizens BancShares from a sell rating to a hold rating in a report on Monday, April 29th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $1,893.55.

First Citizens BancShares Stock Up 2.9 %

Shares of FCNCA opened at $2,110.45 on Friday. First Citizens BancShares has a 52 week low of $1,274.91 and a 52 week high of $2,112.64. The stock has a market capitalization of $30.66 billion, a price-to-earnings ratio of 11.72 and a beta of 0.83. The company has a debt-to-equity ratio of 1.77, a quick ratio of 1.10 and a current ratio of 1.10. The stock has a fifty day moving average of $1,736.52 and a 200-day moving average of $1,625.65.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Thursday, April 25th. The bank reported $52.92 EPS for the quarter, beating analysts’ consensus estimates of $44.27 by $8.65. First Citizens BancShares had a return on equity of 15.09% and a net margin of 18.19%. The company had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.30 billion. As a group, sell-side analysts anticipate that First Citizens BancShares will post 191.52 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be given a $1.64 dividend. The ex-dividend date is Friday, August 30th. This represents a $6.56 annualized dividend and a yield of 0.31%. First Citizens BancShares’s payout ratio is 3.64%.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, Director Ellen R. Alemany sold 1,000 shares of First Citizens BancShares stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $1,757.27, for a total transaction of $1,757,270.00. Following the transaction, the director now owns 1,335 shares of the company’s stock, valued at approximately $2,345,955.45. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other First Citizens BancShares news, Director Ellen R. Alemany sold 484 shares of First Citizens BancShares stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $1,750.12, for a total transaction of $847,058.08. Following the transaction, the director now owns 335 shares of the company’s stock, valued at approximately $586,290.20. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ellen R. Alemany sold 1,000 shares of First Citizens BancShares stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $1,757.27, for a total transaction of $1,757,270.00. Following the transaction, the director now directly owns 1,335 shares in the company, valued at approximately $2,345,955.45. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,000 shares of company stock valued at $3,507,328. 13.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First Citizens BancShares

Several large investors have recently modified their holdings of FCNCA. Capital Research Global Investors purchased a new stake in shares of First Citizens BancShares during the 1st quarter worth approximately $298,180,000. Norges Bank purchased a new position in First Citizens BancShares in the 4th quarter valued at approximately $180,039,000. Vanguard Group Inc. grew its stake in First Citizens BancShares by 4.6% in the 1st quarter. Vanguard Group Inc. now owns 1,064,822 shares of the bank’s stock valued at $1,740,984,000 after buying an additional 47,167 shares in the last quarter. Wellington Management Group LLP grew its stake in First Citizens BancShares by 21.1% in the 4th quarter. Wellington Management Group LLP now owns 239,563 shares of the bank’s stock valued at $339,933,000 after buying an additional 41,793 shares in the last quarter. Finally, Point72 Asset Management L.P. grew its stake in First Citizens BancShares by 130.1% in the 4th quarter. Point72 Asset Management L.P. now owns 46,180 shares of the bank’s stock valued at $65,528,000 after buying an additional 26,107 shares in the last quarter. Hedge funds and other institutional investors own 61.18% of the company’s stock.

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.