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

by · The Markets Daily

First Citizens BancShares, Inc. (NASDAQ:FCNCA – Get Free Report) has received an average rating of “Moderate Buy” from the thirteen analysts that are currently covering the company, MarketBeat reports. Five investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $2,126.3636.

A number of equities research analysts recently commented on FCNCA shares. Raymond James Financial upgraded First Citizens BancShares from an “outperform” rating to a “strong-buy” rating and boosted their target price for the stock from $2,100.00 to $2,200.00 in a research report on Thursday, November 20th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of First Citizens BancShares in a research note on Monday. Wall Street Zen downgraded First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Sunday, September 28th. UBS Group raised their target price on shares of First Citizens BancShares from $2,200.00 to $2,250.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Finally, The Goldman Sachs Group decreased their price target on shares of First Citizens BancShares from $2,250.00 to $1,950.00 and set a “buy” rating on the stock in a research note on Monday, October 6th.

Check Out Our Latest Report on FCNCA

First Citizens BancShares Price Performance

Shares of NASDAQ:FCNCA opened at $2,082.09 on Friday. The firm has a market cap of $25.90 billion, a price-to-earnings ratio of 12.31 and a beta of 0.71. The firm has a fifty day moving average price of $1,825.46 and a 200 day moving average price of $1,898.34. First Citizens BancShares has a fifty-two week low of $1,473.62 and a fifty-two week high of $2,412.93. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.03 and a current ratio of 1.03.

First Citizens BancShares (NASDAQ:FCNCA – Get Free Report) last announced its quarterly earnings results on Thursday, October 23rd. The bank reported $44.62 EPS for the quarter, topping the consensus estimate of $41.51 by $3.11. First Citizens BancShares had a net margin of 15.99% and a return on equity of 11.09%. The business had revenue of $2.25 billion for the quarter, compared to analysts’ expectations of $2.21 billion. As a group, sell-side analysts expect that First Citizens BancShares will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Friday, November 28th will be given a dividend of $2.10 per share. The ex-dividend date is Friday, November 28th. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.95. First Citizens BancShares’s dividend payout ratio is currently 4.97%.

Insider Transactions at First Citizens BancShares

In related news, Director Ellen R. Alemany acquired 300 shares of the stock in a transaction dated Thursday, November 13th. The stock was acquired at an average cost of $1,000.00 per share, with a total value of $300,000.00. Following the purchase, the director directly owned 300 shares of the company’s stock, valued at approximately $300,000. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Frank B. Holding, Jr. bought 135 shares of the business’s stock in a transaction dated Wednesday, November 26th. The shares were bought at an average cost of $1,629.67 per share, for a total transaction of $220,005.45. Following the transaction, the chief executive officer owned 2,527 shares in the company, valued at approximately $4,118,176.09. The trade was a 5.64% increase in their position. The SEC filing for this purchase provides additional information. 13.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. raised its stake in shares of First Citizens BancShares by 4.4% in the third quarter. JPMorgan Chase & Co. now owns 435,278 shares of the bank’s stock valued at $778,785,000 after acquiring an additional 18,190 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of First Citizens BancShares by 13.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 121,583 shares of the bank’s stock worth $225,429,000 after purchasing an additional 14,060 shares during the period. Norges Bank bought a new position in First Citizens BancShares during the 2nd quarter valued at about $177,604,000. Nuveen LLC purchased a new stake in First Citizens BancShares in the 1st quarter worth about $149,963,000. Finally, First Citizens Bank & Trust Co. raised its position in First Citizens BancShares by 0.3% in the 2nd quarter. First Citizens Bank & Trust Co. now owns 79,132 shares of the bank’s stock worth $154,819,000 after purchasing an additional 258 shares during the period. 78.01% of the stock is owned by hedge funds and other institutional investors.

About First Citizens BancShares

(Get Free Report)

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.

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