First Citizens BancShares (NASDAQ:FCNCA) Raised to “Hold” at StockNews.com

StockNews.com upgraded shares of First Citizens BancShares (NASDAQ:FCNCA) from a sell rating to a hold rating in a report issued on Thursday morning.

Other research analysts have also issued research reports about the company. Piper Sandler lifted their target price on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Wedbush decreased their target price on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. Keefe, Bruyette & Woods increased their target price on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. JPMorgan Chase & Co. reduced their price target on shares of First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. Finally, Barclays increased their price objective on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $2,025.90.

First Citizens BancShares Trading Up 2.3 %

Shares of FCNCA opened at $2,200.46 on Thursday. The firm has a market cap of $31.83 billion, a P/E ratio of 12.61 and a beta of 0.80. First Citizens BancShares has a fifty-two week low of $1,363.97 and a fifty-two week high of $2,275.90. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. The business has a 50-day moving average of $1,973.28 and a 200 day moving average of $1,873.97.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $47.40 by ($1.53). First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. The company had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.36 billion. During the same quarter in the prior year, the company earned $55.92 EPS. As a group, research analysts forecast that First Citizens BancShares will post 189.06 EPS for the current year.

First Citizens BancShares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be paid a $1.95 dividend. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.64. The ex-dividend date is Friday, November 29th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.35%. First Citizens BancShares’s dividend payout ratio is 4.47%.

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

Hedge Funds Weigh In On First Citizens BancShares

A number of large investors have recently bought and sold shares of the stock. LRI Investments LLC bought a new position in shares of First Citizens BancShares during the first quarter valued at about $33,000. V Square Quantitative Management LLC purchased a new position in First Citizens BancShares during the 2nd quarter valued at about $35,000. Brooklyn Investment Group bought a new position in First Citizens BancShares during the 3rd quarter valued at approximately $39,000. Gradient Investments LLC bought a new position in First Citizens BancShares during the 2nd quarter valued at approximately $52,000. Finally, GAMMA Investing LLC lifted its holdings in First Citizens BancShares by 129.6% in the 3rd quarter. GAMMA Investing LLC now owns 62 shares of the bank’s stock worth $114,000 after buying an additional 35 shares during the period. 61.18% of the stock is owned by hedge funds and other institutional investors.

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.