First Citizens BancShares (NASDAQ:FCNCA) Given “Outperform” Rating at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reaffirmed their outperform rating on shares of First Citizens BancShares (NASDAQ:FCNCA) in a report released on Friday, Benzinga reports. Keefe, Bruyette & Woods currently has a $2,100.00 price target on the bank’s stock, up from their prior price target of $1,900.00.

Several other brokerages also recently issued reports on FCNCA. Barclays raised their price objective on shares of First Citizens BancShares from $1,850.00 to $1,950.00 and gave the stock an equal weight rating in a research report on Friday. Wedbush reaffirmed an outperform rating and issued a $1,800.00 target price on shares of First Citizens BancShares in a report on Monday, January 29th. StockNews.com downgraded shares of First Citizens BancShares from a hold rating to a sell rating in a report on Wednesday, April 3rd. UBS Group lifted their target price on shares of First Citizens BancShares from $1,644.00 to $1,754.00 and gave the company a buy rating in a report on Tuesday, January 30th. Finally, Piper Sandler downgraded shares of First Citizens BancShares from an overweight rating to a neutral rating and lifted their target price for the company from $1,850.00 to $1,950.00 in a report on Friday. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, First Citizens BancShares presently has an average rating of Hold and a consensus target price of $1,829.90.

First Citizens BancShares Trading Down 2.5 %

Shares of First Citizens BancShares stock opened at $1,754.50 on Friday. First Citizens BancShares has a 1 year low of $945.32 and a 1 year high of $1,810.03. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.14 and a current ratio of 1.14. The company has a market capitalization of $25.48 billion, a P/E ratio of 9.74 and a beta of 0.89. The company’s fifty day moving average is $1,582.88 and its two-hundred day moving average is $1,480.23.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings data 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 business had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.36 billion. Analysts forecast that First Citizens BancShares will post 179.92 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Friday, May 31st will be paid a $1.64 dividend. This represents a $6.56 annualized dividend 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 (DPR) is 3.64%.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, insider Hope Holding Bryant bought 300 shares of the business’s stock in a transaction on Wednesday, February 21st. The stock was bought at an average price of $1,315.00 per share, for a total transaction of $394,500.00. Following the completion of the transaction, the insider now owns 1,978 shares in the company, valued at approximately $2,601,070. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 622 shares of the business’s stock in a transaction on Tuesday, February 20th. The stock was bought at an average price of $1,315.00 per share, for a total transaction of $817,930.00. Following the completion of the transaction, the chief executive officer now owns 97,609 shares in the company, valued at approximately $128,355,835. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Hope Holding Bryant acquired 300 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was purchased at an average cost of $1,315.00 per share, with a total value of $394,500.00. Following the transaction, the insider now owns 1,978 shares of the company’s stock, valued at $2,601,070. The disclosure for this purchase can be found here. Insiders purchased 1,388 shares of company stock worth $1,825,220 over the last 90 days. Company insiders own 13.40% of the company’s stock.

Hedge Funds Weigh In On First Citizens BancShares

Institutional investors have recently modified their holdings of the company. Raymond James Financial Services Advisors Inc. raised its position in shares of First Citizens BancShares by 145.4% in 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. Mackenzie Financial Corp grew its holdings in First Citizens BancShares by 89.3% in the fourth quarter. Mackenzie Financial Corp now owns 1,914 shares of the bank’s stock valued at $2,716,000 after purchasing an additional 903 shares during the period. Nordea Investment Management AB grew 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 valued at $34,203,000 after purchasing an additional 23,156 shares during the period. Reinhart Partners LLC. grew 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 valued at $80,602,000 after purchasing an additional 5,952 shares during the period. Finally, Legal & General Group Plc grew 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 valued at $65,261,000 after purchasing an additional 15,579 shares during the period. Institutional investors and hedge funds 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.