First Citizens BancShares (NASDAQ:FCNCA) Price Target Raised to $2,376.00

First Citizens BancShares (NASDAQ:FCNCA) had its price target increased by Barclays from $2,346.00 to $2,376.00 in a report issued on Monday, Marketbeat Ratings reports. The firm currently has an equal weight rating on the bank’s stock.

FCNCA has been the topic of a number of other reports. JPMorgan Chase & Co. boosted their price objective on First Citizens BancShares from $2,350.00 to $2,450.00 and gave the company a “neutral” rating in a research note on Friday, July 24th. Fundamental Research set a $2,350.00 target price on First Citizens BancShares in a research note on Wednesday, July 1st. Piper Sandler set a $2,050.00 target price on First Citizens BancShares in a report on Friday, April 24th. Deutsche Bank Aktiengesellschaft cut First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,154.00 price target on the stock. in a research report on Wednesday, April 8th. Finally, Weiss Ratings upgraded shares of First Citizens BancShares from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $2,278.31.

First Citizens BancShares Stock Down 1.2%

First Citizens BancShares stock opened at $2,171.89 on Monday. The firm has a 50 day simple moving average of $2,077.41 and a 200 day simple moving average of $2,017.01. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.67. First Citizens BancShares has a 1-year low of $1,623.76 and a 1-year high of $2,237.81. The firm has a market capitalization of $25.17 billion, a price-to-earnings ratio of 11.61, a P/E/G ratio of 1.75 and a beta of 0.62.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Thursday, July 23rd. The bank reported $57.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $56.68. First Citizens BancShares had a return on equity of 11.98% and a net margin of 16.28%.The firm had revenue of $2.24 billion for the quarter, compared to the consensus estimate of $2.16 billion. On average, analysts predict that First Citizens BancShares will post 182.76 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be given a $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Monday, August 31st. First Citizens BancShares’s dividend payout ratio (DPR) is 4.49%.

Insider Transactions at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 528 shares of First Citizens BancShares stock in a transaction that occurred on Friday, June 5th. The stock was acquired at an average cost of $1,813.37 per share, for a total transaction of $957,459.36. Following the completion of the transaction, the chief executive officer directly owned 64,100 shares in the company, valued at $116,237,017. This represents a 0.83% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Insiders acquired a total of 7,190 shares of company stock worth $12,573,868 over the last three months. 14.63% of the stock is currently owned by company insiders.

Institutional Trading of First Citizens BancShares

Several institutional investors and hedge funds have recently modified their holdings of FCNCA. Whitener Capital Management Inc. grew its holdings in shares of First Citizens BancShares by 10.7% during the second quarter. Whitener Capital Management Inc. now owns 784 shares of the bank’s stock worth $1,631,000 after purchasing an additional 76 shares in the last quarter. Legacy Wealth Asset Management LLC increased its position in shares of First Citizens BancShares by 6.7% in the second quarter. Legacy Wealth Asset Management LLC now owns 224 shares of the bank’s stock worth $466,000 after purchasing an additional 14 shares during the last quarter. Reinhart Partners LLC. raised its stake in First Citizens BancShares by 7.5% in the second quarter. Reinhart Partners LLC. now owns 84,206 shares of the bank’s stock valued at $175,253,000 after purchasing an additional 5,909 shares in the last quarter. Cooper Financial Group raised its stake in First Citizens BancShares by 6.5% in the second quarter. Cooper Financial Group now owns 131 shares of the bank’s stock valued at $273,000 after purchasing an additional 8 shares in the last quarter. Finally, Balefire LLC bought a new stake in First Citizens BancShares during the second quarter valued at approximately $223,000. Hedge funds and other institutional investors own 78.01% of the company’s stock.

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.