First Citizens BancShares (NASDAQ:FCNCA) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of First Citizens BancShares (NASDAQ:FCNCA) from a sell rating to a hold rating in a report published on Thursday morning.

Several other equities research analysts have also commented on FCNCA. Keefe, Bruyette & Woods boosted their price target on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Piper Sandler raised their price target on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Wedbush decreased their price objective on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a report on Friday, October 25th. JPMorgan Chase & Co. cut their target price on shares of First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. Finally, Barclays lifted their target price on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $2,025.90.

First Citizens BancShares Stock Performance

First Citizens BancShares stock traded up $30.42 during trading hours on Thursday, hitting $2,182.44. 19,895 shares of the stock traded hands, compared to its average volume of 87,244. First Citizens BancShares has a 1 year low of $1,363.97 and a 1 year high of $2,275.90. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08. The stock has a market capitalization of $31.58 billion, a price-to-earnings ratio of 12.33 and a beta of 0.80. The firm’s 50 day moving average price is $1,967.24 and its 200-day moving average price is $1,867.87.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53). First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. The business had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.36 billion. During the same period in the previous year, the company posted $55.92 EPS. As a group, equities analysts expect that First Citizens BancShares will post 189.06 EPS for the current fiscal year.

First Citizens BancShares announced that its board has approved a share buyback plan on Thursday, July 25th that allows the company to repurchase $3.50 billion in outstanding shares. This repurchase authorization allows the bank to buy up to 12.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

First Citizens BancShares Increases Dividend

The firm also recently disclosed 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 of this dividend is Friday, November 29th. This is a boost 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 0.36%. First Citizens BancShares’s payout ratio is 3.76%.

Institutional Trading of First Citizens BancShares

A number of large investors have recently made changes to their positions in the company. LRI Investments LLC purchased a new stake in shares of First Citizens BancShares during the first quarter worth about $33,000. V Square Quantitative Management LLC acquired a new stake in shares of First Citizens BancShares in the second quarter valued at about $35,000. Brooklyn Investment Group acquired a new stake in shares of First Citizens BancShares in the third quarter valued at about $39,000. Gradient Investments LLC acquired a new stake in First Citizens BancShares during the second quarter worth about $52,000. Finally, GAMMA Investing LLC lifted its stake in First Citizens BancShares by 129.6% during the third quarter. GAMMA Investing LLC now owns 62 shares of the bank’s stock worth $114,000 after purchasing an additional 35 shares during the period. 61.18% of the stock is owned by institutional investors and hedge funds.

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.