First Citizens BancShares (NASDAQ:FCNCA) Hits New 12-Month Low – Here’s What Happened

First Citizens BancShares, Inc. (NASDAQ:FCNCA)’s stock price reached a new 52-week low during trading on Friday . The company traded as low as $1,473.62 and last traded at $1,501.46, with a volume of 71298 shares trading hands. The stock had previously closed at $1,632.06.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on FCNCA. Piper Sandler raised shares of First Citizens BancShares from a “neutral” rating to an “overweight” rating and set a $2,250.00 price objective for the company in a report on Tuesday, March 11th. UBS Group initiated coverage on First Citizens BancShares in a report on Tuesday, December 17th. They set a “buy” rating and a $2,700.00 price target for the company. The Goldman Sachs Group reduced their price objective on First Citizens BancShares from $2,535.00 to $2,200.00 and set a “buy” rating on the stock in a research note on Tuesday, March 18th. Citigroup lowered First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Finally, StockNews.com upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Saturday, February 1st. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $2,288.08.

First Citizens BancShares Price Performance

The firm has a market capitalization of $21.33 billion, a price-to-earnings ratio of 8.29, a price-to-earnings-growth ratio of 0.94 and a beta of 0.66. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68. The company’s fifty day moving average is $1,978.80 and its two-hundred day moving average is $2,050.23.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Friday, January 24th. The bank reported $45.10 earnings per share for the quarter, beating analysts’ consensus estimates of $39.32 by $5.78. First Citizens BancShares had a return on equity of 13.22% and a net margin of 18.55%. Equities research analysts anticipate that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Friday, February 28th were issued a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a yield of 0.50%. The ex-dividend date was Friday, February 28th. First Citizens BancShares’s dividend payout ratio (DPR) is currently 4.12%.

Insider Activity

In other First Citizens BancShares news, CFO Craig L. Nix acquired 17 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The shares were acquired at an average price of $1,881.13 per share, with a total value of $31,979.21. Following the purchase, the chief financial officer now owns 1,141 shares of the company’s stock, valued at $2,146,369.33. This represents a 1.51 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 13.19% of the stock is currently owned by company insiders.

Institutional Trading of First Citizens BancShares

Hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. raised its stake in shares of First Citizens BancShares by 35.7% in the 4th quarter. JPMorgan Chase & Co. now owns 392,097 shares of the bank’s stock valued at $828,510,000 after purchasing an additional 103,137 shares during the period. FMR LLC grew its holdings in shares of First Citizens BancShares by 10.5% during the fourth quarter. FMR LLC now owns 357,629 shares of the bank’s stock worth $755,677,000 after buying an additional 34,097 shares in the last quarter. Capital International Investors raised its position in First Citizens BancShares by 78.2% in the 4th quarter. Capital International Investors now owns 172,723 shares of the bank’s stock valued at $364,967,000 after buying an additional 75,785 shares during the last quarter. Norges Bank bought a new stake in First Citizens BancShares in the 4th quarter valued at approximately $298,426,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in First Citizens BancShares by 83.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 107,523 shares of the bank’s stock worth $227,198,000 after acquiring an additional 48,994 shares during the last quarter. 78.01% 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.