First Citizens BancShares (NASDAQ:FCNCA) Sets New 12-Month High Following Better-Than-Expected Earnings

First Citizens BancShares, Inc. (NASDAQ:FCNCA)’s stock price reached a new 52-week high on Friday following a stronger than expected earnings report. The company traded as high as $2,412.93 and last traded at $2,286.32, with a volume of 20146 shares trading hands. The stock had previously closed at $2,216.49.

The bank reported $45.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $39.32 by $5.78. First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%.

First Citizens BancShares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Friday, February 28th will be issued a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.35%. First Citizens BancShares’s payout ratio is currently 4.47%.

Wall Street Analyst Weigh In

Several analysts recently commented on FCNCA shares. Citigroup cut First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 17th. JPMorgan Chase & Co. lifted their target price on shares of First Citizens BancShares from $2,550.00 to $2,600.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 7th. The Goldman Sachs Group increased their target price on shares of 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 assumed coverage on shares of First Citizens BancShares in a research report on Monday, December 9th. They set a “buy” rating and a $2,600.00 price target on the stock. Finally, StockNews.com downgraded shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Friday. One analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $2,290.75.

Hedge Funds Weigh In On First Citizens BancShares

Several large investors have recently modified their holdings of FCNCA. Financial Life Planners purchased a new position in shares of First Citizens BancShares during the 4th quarter worth approximately $33,000. Brooklyn Investment Group purchased a new position in shares of First Citizens BancShares during the third quarter worth $39,000. GAMMA Investing LLC grew its stake in shares of 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 buying an additional 35 shares in the last quarter. Quarry LP purchased a new stake in shares of First Citizens BancShares in the 2nd quarter valued at $126,000. Finally, Private Trust Co. NA lifted its stake in First Citizens BancShares by 2,100.0% during the 3rd quarter. Private Trust Co. NA now owns 88 shares of the bank’s stock worth $162,000 after acquiring an additional 84 shares in the last quarter. Institutional investors and hedge funds own 78.01% of the company’s stock.

First Citizens BancShares Stock Performance

The stock has a market capitalization of $31.13 billion, a PE ratio of 12.75, a P/E/G ratio of 1.03 and a beta of 0.86. 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 firm’s 50 day moving average is $2,171.41 and its two-hundred day moving average is $2,033.79.

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.