Analysts Set First Citizens BancShares, Inc. (NASDAQ:FCNCA) Price Target at $2,278.31

First Citizens BancShares, Inc. (NASDAQ:FCNCA) has been assigned a consensus recommendation of “Hold” from the fourteen brokerages that are covering the stock, MarketBeat reports. Ten equities research analysts have rated the stock with a hold recommendation, three have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $2,278.3077.

A number of research firms recently commented on FCNCA. Truist Financial lifted their price objective on First Citizens BancShares from $2,150.00 to $2,323.00 and gave the stock a “hold” rating in a research note on Tuesday, July 28th. Citigroup restated a “neutral” rating on shares of First Citizens BancShares in a report on Friday, July 24th. Jefferies Financial Group restated a “hold” rating and issued a $2,300.00 price target on shares of First Citizens BancShares in a research report on Thursday, July 23rd. TD Cowen reduced their price objective on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating on the stock in a research note on Monday, April 27th. Finally, Piper Sandler increased their price objective on shares of First Citizens BancShares from $2,050.00 to $2,100.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th.

First Citizens BancShares Stock Down 1.8%

Shares of NASDAQ:FCNCA opened at $2,207.67 on Friday. The firm has a market cap of $24.92 billion, a P/E ratio of 11.80, a P/E/G ratio of 1.75 and a beta of 0.62. First Citizens BancShares has a 12-month low of $1,623.76 and a 12-month high of $2,296.30. The business has a fifty day simple moving average of $2,139.78 and a 200 day simple moving average of $2,028.19. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.59.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings results on Thursday, July 23rd. The bank reported $57.09 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $56.68. The firm had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.16 billion. First Citizens BancShares had a return on equity of 12.07% and a net margin of 16.28%. Analysts predict that First Citizens BancShares will post 190.06 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be issued a $2.10 dividend. The ex-dividend date is Monday, August 31st. This represents a $8.40 annualized dividend and a yield of 0.4%. First Citizens BancShares’s payout ratio is presently 4.49%.

Insider Buying and Selling

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 528 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was purchased at an average cost of $1,813.37 per share, for a total transaction of $957,459.36. Following the acquisition, the chief executive officer owned 64,100 shares in the company, valued at approximately $116,237,017. The trade was a 0.83% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have acquired a total of 1,250 shares of company stock worth $2,316,557 over the last quarter. Corporate insiders own 14.63% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. grew its stake in First Citizens BancShares by 117,518.9% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 205,833 shares of the bank’s stock worth $441,755,000 after purchasing an additional 205,658 shares during the period. Dimensional Fund Advisors LP increased its holdings in First Citizens BancShares by 1.5% in the first quarter. Dimensional Fund Advisors LP now owns 125,947 shares of the bank’s stock worth $237,333,000 after purchasing an additional 1,886 shares in the last quarter. Morgan Stanley lifted its stake in First Citizens BancShares by 31.8% in the fourth quarter. Morgan Stanley now owns 123,048 shares of the bank’s stock valued at $264,087,000 after buying an additional 29,681 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in First Citizens BancShares by 11.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 122,317 shares of the bank’s stock valued at $262,514,000 after buying an additional 12,303 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of First Citizens BancShares by 20.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 91,876 shares of the bank’s stock worth $174,048,000 after buying an additional 15,788 shares in the last quarter. 78.01% of the stock is owned by institutional investors and hedge funds.

About First Citizens BancShares

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.