First Citizens BancShares (NASDAQ:FCNCA) Now Covered by Truist Financial

Truist Financial assumed coverage on shares of First Citizens BancShares (NASDAQ:FCNCA) in a report issued on Tuesday morning,Benzinga reports. The brokerage issued a hold rating and a $2,303.00 target price on the bank’s stock.

Other research analysts have also issued research reports about the stock. JPMorgan Chase & Co. decreased their price target on shares of First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating on the stock in a research note on Friday, October 25th. The Goldman Sachs Group upped their target price on First Citizens BancShares from $2,025.00 to $2,625.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Deutsche Bank Aktiengesellschaft began coverage on First Citizens BancShares in a report on Monday, December 9th. They set a “buy” rating and a $2,600.00 price target for the company. UBS Group began coverage on First Citizens BancShares in a report on Tuesday, December 17th. They issued a “buy” rating and a $2,700.00 price objective on the stock. Finally, Keefe, Bruyette & Woods downgraded First Citizens BancShares from an “outperform” rating to a “market perform” rating and lifted their target price for the stock from $2,100.00 to $2,500.00 in a report on Wednesday, December 4th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $2,290.75.

First Citizens BancShares Price Performance

NASDAQ:FCNCA opened at $2,116.86 on Tuesday. The stock has a market capitalization of $29.61 billion, a PE ratio of 12.13 and a beta of 0.86. First Citizens BancShares has a 1-year low of $1,363.97 and a 1-year high of $2,388.78. The firm has a fifty day simple moving average of $2,153.54 and a 200 day simple moving average of $1,995.31. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same period last year, the firm earned $55.92 EPS. On average, research analysts expect that First Citizens BancShares will post 188.21 EPS for the current fiscal year.

First Citizens BancShares Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were given a dividend of $1.95 per share. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.64. This represents a $7.80 annualized dividend and a yield of 0.37%. The ex-dividend date of this dividend was Friday, November 29th. First Citizens BancShares’s payout ratio is currently 4.47%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Brooklyn Investment Group bought a new position in shares of First Citizens BancShares in the 3rd quarter valued at $39,000. GAMMA Investing LLC raised its position in First Citizens BancShares by 129.6% in the third quarter. GAMMA Investing LLC now owns 62 shares of the bank’s stock valued at $114,000 after purchasing an additional 35 shares during the last quarter. National Bank of Canada FI boosted its stake in shares of First Citizens BancShares by 17.7% during the second quarter. National Bank of Canada FI now owns 73 shares of the bank’s stock valued at $124,000 after purchasing an additional 11 shares in the last quarter. Quarry LP bought a new stake in shares of First Citizens BancShares during the second quarter worth about $126,000. Finally, Private Trust Co. NA increased its stake in shares of First Citizens BancShares by 2,100.0% in the third quarter. Private Trust Co. NA now owns 88 shares of the bank’s stock valued at $162,000 after buying an additional 84 shares during the period. Institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Company Profile

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.