First Citizens BancShares, Inc. (NASDAQ:FCNCA) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) have received a consensus recommendation of “Moderate Buy” from the ten analysts that are presently covering the stock, Marketbeat.com reports. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $2,025.90.

A number of brokerages have issued reports on FCNCA. Keefe, Bruyette & Woods raised their price target on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. JPMorgan Chase & Co. reduced their price target on First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. Wedbush dropped their price objective on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a report on Friday, October 25th. Piper Sandler lifted their price objective on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. Finally, StockNews.com downgraded First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Tuesday.

Hedge Funds Weigh In On First Citizens BancShares

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FCNCA. First Trust Direct Indexing L.P. purchased a new stake in shares of First Citizens BancShares during the 1st quarter worth approximately $221,000. Principal Financial Group Inc. raised its stake in First Citizens BancShares by 28.7% during the first quarter. Principal Financial Group Inc. now owns 947 shares of the bank’s stock valued at $1,548,000 after purchasing an additional 211 shares in the last quarter. Commonwealth Equity Services LLC raised its stake in First Citizens BancShares by 16.4% during the first quarter. Commonwealth Equity Services LLC now owns 355 shares of the bank’s stock valued at $581,000 after purchasing an additional 50 shares in the last quarter. BNP Paribas Financial Markets lifted its position in First Citizens BancShares by 19.4% during the first quarter. BNP Paribas Financial Markets now owns 3,492 shares of the bank’s stock valued at $5,709,000 after purchasing an additional 568 shares during the last quarter. Finally, Janney Montgomery Scott LLC grew its stake in shares of First Citizens BancShares by 16.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 3,167 shares of the bank’s stock worth $5,178,000 after buying an additional 447 shares in the last quarter. 61.18% of the stock is owned by institutional investors.

First Citizens BancShares Stock Performance

First Citizens BancShares stock opened at $2,272.62 on Friday. The firm has a fifty day simple moving average of $1,946.57 and a two-hundred day simple moving average of $1,848.89. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.72. First Citizens BancShares has a twelve month low of $1,363.97 and a twelve month high of $2,275.90. The company has a market capitalization of $32.88 billion, a PE ratio of 13.02 and a beta of 0.80.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share for the quarter, missing the consensus estimate of $47.40 by ($1.53). The company had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.36 billion. First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.78%. During the same quarter in the prior year, the company earned $55.92 earnings per share. Research analysts expect that First Citizens BancShares will post 189.06 EPS for the current year.

First Citizens BancShares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a $1.95 dividend. The ex-dividend date of this dividend is Friday, November 29th. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.64. This represents a $7.80 dividend on an annualized basis and a yield of 0.34%. First Citizens BancShares’s payout ratio is currently 4.47%.

First Citizens BancShares announced that its Board of Directors has approved a stock repurchase program on Thursday, July 25th that authorizes the company to repurchase $3.50 billion in outstanding shares. This repurchase authorization authorizes the bank to reacquire up to 12.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

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.