First Citizens BancShares (NASDAQ:FCNCA) Given “Neutral” Rating at DA Davidson

DA Davidson reiterated their neutral rating on shares of First Citizens BancShares (NASDAQ:FCNCA) in a research note released on Monday morning, Benzinga reports. The firm currently has a $1,650.00 price objective on the bank’s stock, up from their prior price objective of $1,600.00. DA Davidson also issued estimates for First Citizens BancShares’ Q1 2024 earnings at $42.92 EPS.

Several other equities analysts also recently commented on the stock. UBS Group upped their price objective on shares of First Citizens BancShares from $1,644.00 to $1,754.00 and gave the company a buy rating in a research note on Tuesday, January 30th. Wedbush reaffirmed an outperform rating and set a $1,800.00 price objective on shares of First Citizens BancShares in a research note on Monday, January 29th. StockNews.com downgraded shares of First Citizens BancShares from a hold rating to a sell rating in a research note on Wednesday, April 3rd. The Goldman Sachs Group initiated coverage on shares of First Citizens BancShares in a research note on Thursday, March 21st. They set a buy rating and a $1,950.00 price objective for the company. Finally, Barclays began coverage on shares of First Citizens BancShares in a research note on Thursday, April 11th. They set an equal weight rating and a $1,850.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $1,768.63.

First Citizens BancShares Stock Performance

NASDAQ FCNCA opened at $1,550.00 on Monday. The company has a 50-day simple moving average of $1,561.43 and a two-hundred day simple moving average of $1,465.85. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 1.82. First Citizens BancShares has a 12-month low of $945.32 and a 12-month high of $1,651.73. The firm has a market cap of $22.51 billion, a price-to-earnings ratio of 1.98 and a beta of 0.89.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings data on Friday, January 26th. The bank reported $46.58 EPS for the quarter, missing the consensus estimate of $48.49 by ($1.91). The firm 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 51.04% and a return on equity of 13.52%. On average, equities analysts forecast that First Citizens BancShares will post 178.72 EPS for the current year.

First Citizens BancShares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Thursday, February 29th were paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 0.42%. The ex-dividend date of this dividend was Wednesday, February 28th. First Citizens BancShares’s payout ratio is currently 0.84%.

Insider Buying and Selling at First Citizens BancShares

In other First Citizens BancShares news, major shareholder Olivia Britton Holding bought 466 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was acquired at an average price of $1,315.00 per share, with a total value of $612,790.00. Following the completion of the purchase, the insider now owns 121,694 shares of the company’s stock, valued at $160,027,610. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. In other First Citizens BancShares news, major shareholder Olivia Britton Holding bought 466 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was acquired at an average price of $1,315.00 per share, with a total value of $612,790.00. Following the completion of the purchase, the insider now owns 121,694 shares of the company’s stock, valued at $160,027,610. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Frank B. Holding, Jr. purchased 622 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were purchased at an average price of $1,315.00 per share, for a total transaction of $817,930.00. Following 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. Over the last quarter, insiders acquired 1,388 shares of company stock valued at $1,825,220. Corporate insiders own 12.85% of the company’s stock.

Institutional Investors Weigh In On First Citizens BancShares

Institutional investors have recently made changes to their positions in the company. Raymond James Financial Services Advisors Inc. grew its holdings in shares of First Citizens BancShares by 145.4% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 1,406 shares of the bank’s stock valued at $1,995,000 after buying an additional 833 shares during the last quarter. Nordea Investment Management AB boosted its holdings in First Citizens BancShares by 3,091.6% in the fourth quarter. Nordea Investment Management AB now owns 23,905 shares of the bank’s stock worth $34,203,000 after purchasing an additional 23,156 shares during the last quarter. Reinhart Partners LLC. boosted its holdings in First Citizens BancShares by 11.7% in the fourth quarter. Reinhart Partners LLC. now owns 56,803 shares of the bank’s stock worth $80,602,000 after purchasing an additional 5,952 shares during the last quarter. Legal & General Group Plc boosted its holdings in First Citizens BancShares by 49.1% in the third quarter. Legal & General Group Plc now owns 47,287 shares of the bank’s stock worth $65,261,000 after purchasing an additional 15,579 shares during the last quarter. Finally, Hsbc Holdings PLC boosted its holdings in First Citizens BancShares by 90.9% in the third quarter. Hsbc Holdings PLC now owns 3,132 shares of the bank’s stock worth $4,326,000 after purchasing an additional 1,491 shares during the last quarter. Hedge funds and other institutional investors own 61.18% of the company’s stock.

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.