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 rating of “Moderate Buy” from the ten research firms that are covering the firm, MarketBeat Ratings reports. Four analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $2,093.40.

Several equities research analysts have commented on the stock. The Goldman Sachs Group increased their price objective on shares of First Citizens BancShares from $2,025.00 to $2,625.00 and gave the company a “buy” rating in a research note on Tuesday. StockNews.com raised First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Thursday, November 14th. Wedbush decreased 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. Finally, JPMorgan Chase & Co. lowered their price objective on 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.

First Citizens BancShares Stock Performance

NASDAQ:FCNCA opened at $2,325.96 on Wednesday. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. First Citizens BancShares has a fifty-two week low of $1,363.97 and a fifty-two week high of $2,388.78. The company has a 50 day simple moving average of $2,025.40 and a two-hundred day simple moving average of $1,897.60. The company has a market capitalization of $32.54 billion, a PE ratio of 13.33 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 EPS for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53). The firm had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.36 billion. First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%. During the same period in the previous year, the firm earned $55.92 earnings per share. Research analysts anticipate that First Citizens BancShares will post 187.88 earnings per share for the current year.

First Citizens BancShares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be paid a $1.95 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $7.80 annualized dividend and a yield of 0.34%. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.64. First Citizens BancShares’s dividend payout ratio (DPR) is currently 4.47%.

Hedge Funds Weigh In On First Citizens BancShares

Hedge funds have recently bought and sold shares of the company. FMR LLC boosted its stake in First Citizens BancShares by 11.6% during the third quarter. FMR LLC now owns 323,532 shares of the bank’s stock valued at $595,607,000 after buying an additional 33,713 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of First Citizens BancShares by 15.0% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 58,529 shares of the bank’s stock valued at $107,749,000 after acquiring an additional 7,613 shares in the last quarter. Reinhart Partners LLC. boosted its position in shares of First Citizens BancShares by 0.7% during the 3rd quarter. Reinhart Partners LLC. now owns 56,798 shares of the bank’s stock valued at $104,562,000 after acquiring an additional 416 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of First Citizens BancShares by 2.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 47,156 shares of the bank’s stock worth $86,812,000 after purchasing an additional 1,339 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI increased its position in shares of First Citizens BancShares by 225.2% in the second quarter. Zurich Insurance Group Ltd FI now owns 42,159 shares of the bank’s stock worth $70,979,000 after purchasing an additional 29,194 shares during the last quarter. Hedge funds and other institutional investors own 61.18% 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.