First Citizens BancShares, Inc. (NASDAQ:FCNCA) Receives $1,920.82 Consensus PT from Brokerages

Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) have earned a consensus recommendation of “Moderate Buy” from the eleven ratings firms that are presently covering the firm, MarketBeat reports. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 1-year price objective among brokers that have covered the stock in the last year is $1,920.82.

A number of brokerages have weighed in on FCNCA. Raymond James raised First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price target on the stock in a research report on Tuesday, July 2nd. Piper Sandler increased their price target on 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. StockNews.com raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Monday, April 29th. Keefe, Bruyette & Woods increased their price objective 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. Finally, Jefferies Financial Group began coverage on shares of First Citizens BancShares in a report on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 target price for the company.

First Citizens BancShares Stock Up 1.1 %

First Citizens BancShares stock opened at $2,015.05 on Monday. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 1.77. First Citizens BancShares has a 1-year low of $1,274.91 and a 1-year high of $2,174.80. The company has a fifty day simple moving average of $1,852.13 and a 200 day simple moving average of $1,703.69. The company has a market cap of $29.28 billion, a P/E ratio of 11.19 and a beta of 0.83.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results on Thursday, July 25th. The bank reported $50.87 EPS for the quarter, beating the consensus estimate of $44.91 by $5.96. The firm had revenue of $3.77 billion during the quarter, compared to analysts’ expectations of $2.30 billion. First Citizens BancShares had a return on equity of 15.09% and a net margin of 18.19%. During the same period in the prior year, the firm posted $52.60 earnings per share. Research analysts anticipate that First Citizens BancShares will post 195.31 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be paid a $1.64 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 0.33%. First Citizens BancShares’s payout ratio is currently 3.64%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of FCNCA. International Assets Investment Management LLC bought a new stake in shares of First Citizens BancShares during the fourth quarter worth about $26,176,000. Cerity Partners LLC grew its holdings in First Citizens BancShares by 17.4% during the 4th quarter. Cerity Partners LLC now owns 822 shares of the bank’s stock worth $1,167,000 after acquiring an additional 122 shares during the last quarter. Simplicity Solutions LLC increased its position in First Citizens BancShares by 12.6% in the 4th quarter. Simplicity Solutions LLC now owns 196 shares of the bank’s stock valued at $278,000 after acquiring an additional 22 shares during the period. Mackenzie Financial Corp increased its position in First Citizens BancShares by 89.3% in the 4th quarter. Mackenzie Financial Corp now owns 1,914 shares of the bank’s stock valued at $2,716,000 after acquiring an additional 903 shares during the period. Finally, Daiwa Securities Group Inc. lifted its holdings in shares of First Citizens BancShares by 18.5% during the fourth quarter. Daiwa Securities Group Inc. now owns 751 shares of the bank’s stock worth $1,066,000 after purchasing an additional 117 shares during the period. 61.18% of the stock is currently owned by institutional investors and hedge funds.

About First Citizens BancShares

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.