First Citizens BancShares (NASDAQ:FCNCA) Price Target Lowered to $2,000.00 at Wedbush

First Citizens BancShares (NASDAQ:FCNCA) had its target price trimmed by Wedbush from $2,150.00 to $2,000.00 in a research note published on Friday morning, Benzinga reports. The firm currently has a neutral rating on the bank’s stock.

Several other equities research analysts have also recently weighed in on the stock. Keefe, Bruyette & Woods increased their price target on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. StockNews.com downgraded First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Monday, October 7th. 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. Jefferies Financial Group assumed coverage on First Citizens BancShares in a research report on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 price objective on the stock. Finally, Barclays upped their target price on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $2,025.90.

First Citizens BancShares Price Performance

NASDAQ FCNCA traded up $1.89 on Friday, reaching $1,881.83. 133,780 shares of the company’s stock traded hands, compared to its average volume of 86,645. The stock has a market cap of $27.34 billion, a PE ratio of 10.45 and a beta of 0.81. First Citizens BancShares has a 12 month low of $1,339.10 and a 12 month high of $2,174.80. The stock has a 50-day simple moving average of $1,948.26 and a 200 day simple moving average of $1,824.36. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.08 and a quick ratio of 1.08.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Thursday, October 24th. The bank reported $45.87 EPS for the quarter, missing the consensus estimate of $47.40 by ($1.53). The business had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.36 billion. First Citizens BancShares had a net margin of 18.19% and a return on equity of 14.84%. During the same period in the prior year, the business posted $55.92 EPS. As a group, research analysts predict that First Citizens BancShares will post 200 earnings per share for the current year.

First Citizens BancShares announced that its board has authorized a stock repurchase program on Thursday, July 25th that authorizes the company to repurchase $3.50 billion in outstanding shares. This repurchase authorization authorizes the bank to reacquire up to 12.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

First Citizens BancShares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a $1.95 dividend. The ex-dividend date is Friday, November 29th. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.64. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.41%. First Citizens BancShares’s dividend payout ratio is currently 3.64%.

Institutional Investors Weigh In On First Citizens BancShares

A number of hedge funds have recently added to or reduced their stakes in FCNCA. Nordea Investment Management AB lifted its stake in shares of First Citizens BancShares by 21.6% in the 1st quarter. Nordea Investment Management AB now owns 29,077 shares of the bank’s stock worth $47,866,000 after purchasing an additional 5,172 shares during the period. BNP Paribas Financial Markets raised its position in First Citizens BancShares by 19.4% in the first quarter. BNP Paribas Financial Markets now owns 3,492 shares of the bank’s stock worth $5,709,000 after acquiring an additional 568 shares during the period. Bessemer Group Inc. boosted its stake in shares of First Citizens BancShares by 2,583.3% during the 1st quarter. Bessemer Group Inc. now owns 805 shares of the bank’s stock worth $1,316,000 after acquiring an additional 775 shares during the last quarter. Sei Investments Co. grew its position in shares of First Citizens BancShares by 67.5% during the 1st quarter. Sei Investments Co. now owns 6,067 shares of the bank’s stock valued at $9,921,000 after acquiring an additional 2,444 shares during the period. Finally, Hennessy Advisors Inc. grew its position in shares of First Citizens BancShares by 300.0% during the 1st quarter. Hennessy Advisors Inc. now owns 800 shares of the bank’s stock valued at $1,308,000 after acquiring an additional 600 shares during the period. 61.18% of the stock is currently owned by hedge funds and other institutional investors.

First Citizens BancShares Company Profile

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.