First Citizens BancShares (NASDAQ:FCNCA) Lifted to “Outperform” at Raymond James

Raymond James upgraded shares of First Citizens BancShares (NASDAQ:FCNCA) from a market perform rating to an outperform rating in a research note issued to investors on Tuesday, Marketbeat.com reports. They currently have $1,900.00 price objective on the bank’s stock.

Other equities research analysts have also issued research reports about the stock. Barclays upped their price target on shares of First Citizens BancShares from $1,850.00 to $1,950.00 and gave the company an equal weight rating in a research report on Friday, April 26th. StockNews.com raised shares of First Citizens BancShares from a sell rating to a hold rating in a report on Monday, April 29th. Piper Sandler lowered shares of First Citizens BancShares from an overweight rating to a neutral rating and increased their target price for the stock from $1,850.00 to $1,950.00 in a report on Friday, April 26th. The Goldman Sachs Group initiated coverage on shares of First Citizens BancShares in a report on Thursday, March 21st. They issued a buy rating and a $1,950.00 target price for the company. Finally, Keefe, Bruyette & Woods reissued an outperform rating and issued a $2,100.00 target price (up from $1,900.00) on shares of First Citizens BancShares in a report on Friday, April 26th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $1,842.40.

First Citizens BancShares Price Performance

Shares of NASDAQ:FCNCA opened at $1,716.10 on Tuesday. First Citizens BancShares has a fifty-two week low of $1,241.05 and a fifty-two week high of $1,810.03. The business has a 50-day simple moving average of $1,705.12 and a two-hundred day simple moving average of $1,580.93. 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 firm has a market cap of $24.93 billion, a price-to-earnings ratio of 9.53 and a beta of 0.83.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Thursday, April 25th. The bank reported $52.92 earnings per share for the quarter, topping analysts’ consensus estimates of $44.27 by $8.65. First Citizens BancShares had a return on equity of 15.48% and a net margin of 18.22%. The business had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.30 billion. On average, analysts expect that First Citizens BancShares will post 190.55 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Friday, May 31st were paid a $1.64 dividend. The ex-dividend date was Friday, May 31st. This represents a $6.56 annualized dividend and a yield of 0.38%. First Citizens BancShares’s payout ratio is 3.64%.

Insiders Place Their Bets

In other news, Director Ellen R. Alemany sold 484 shares of the stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $1,750.12, for a total transaction of $847,058.08. Following the completion of the transaction, the director now directly owns 335 shares in the company, valued at approximately $586,290.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Ellen R. Alemany sold 1,000 shares of the 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 completion of the transaction, the director now directly owns 1,335 shares in the company, valued at approximately $2,345,955.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ellen R. Alemany sold 484 shares of the 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 value of $847,058.08. Following the transaction, the director now owns 335 shares of the company’s stock, valued at $586,290.20. The disclosure for this sale can be found here. Insiders sold 3,000 shares of company stock worth $5,273,568 in the last three months. 12.85% of the stock is owned by company insiders.

Institutional Trading of First Citizens BancShares

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Blue Trust Inc. raised its holdings in First Citizens BancShares by 100.0% during the 4th quarter. Blue Trust Inc. now owns 20 shares of the bank’s stock valued at $27,000 after buying an additional 10 shares during the period. ORG Partners LLC purchased a new stake in First Citizens BancShares in the first quarter worth $29,000. GAMMA Investing LLC purchased a new stake in First Citizens BancShares in the fourth quarter worth $30,000. Mather Group LLC. purchased a new stake in First Citizens BancShares in the first quarter worth $31,000. Finally, LRI Investments LLC purchased a new stake in First Citizens BancShares in the first quarter worth $33,000. 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.