First Citizens BancShares (NASDAQ:FCNCA) Price Target Raised to $2,500.00

First Citizens BancShares (NASDAQ:FCNCA) had its target price hoisted by JPMorgan Chase & Co. from $2,300.00 to $2,500.00 in a research note released on Tuesday morning,Benzinga reports. The firm currently has an overweight rating on the bank’s stock.

Several other analysts also recently commented on FCNCA. Barclays reduced their target price on First Citizens BancShares from $2,400.00 to $2,190.00 and set an “equal weight” rating for the company in a research note on Friday, October 24th. UBS Group increased their price target on First Citizens BancShares from $2,200.00 to $2,250.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. Citigroup reissued an “overweight” rating on shares of First Citizens BancShares in a research note on Tuesday. The Goldman Sachs Group lowered their target price on First Citizens BancShares from $2,250.00 to $1,950.00 and set a “buy” rating on the stock in a research report on Monday, October 6th. Finally, Raymond James Financial upgraded First Citizens BancShares from an “outperform” rating to a “strong-buy” rating and increased their target price for the stock from $2,100.00 to $2,200.00 in a report on Thursday, November 20th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, First Citizens BancShares currently has an average rating of “Moderate Buy” and an average price target of $2,149.09.

First Citizens BancShares Stock Performance

NASDAQ:FCNCA opened at $2,107.16 on Tuesday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.81. First Citizens BancShares has a twelve month low of $1,473.62 and a twelve month high of $2,412.93. The company has a fifty day moving average of $1,857.81 and a 200-day moving average of $1,907.01. The firm has a market capitalization of $26.21 billion, a P/E ratio of 12.46 and a beta of 0.71.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Thursday, October 23rd. The bank reported $44.62 earnings per share (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 analyst estimates of $2.21 billion. As a group, sell-side analysts anticipate that First Citizens BancShares will post 167.59 EPS for the current year.

First Citizens BancShares Increases Dividend

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

Insiders Place Their Bets

In related news, CEO Frank B. Holding, Jr. purchased 135 shares of the stock in a transaction that occurred on Wednesday, November 26th. The stock was acquired at an average cost of $1,629.67 per share, with a total value of $220,005.45. Following the transaction, the chief executive officer owned 2,527 shares of the company’s stock, valued at $4,118,176.09. This represents a 5.64% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ellen R. Alemany acquired 300 shares of the company’s stock in a transaction on Thursday, November 13th. The shares were bought at an average price of $1,000.00 per share, for a total transaction of $300,000.00. Following the completion of the purchase, the director owned 300 shares in the company, valued at approximately $300,000. This represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 13.40% of the company’s stock.

Institutional Investors Weigh In On First Citizens BancShares

Several large investors have recently made changes to their positions in the business. JPMorgan Chase & Co. boosted its holdings in shares of First Citizens BancShares by 4.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 435,278 shares of the bank’s stock worth $778,785,000 after buying an additional 18,190 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in First Citizens BancShares by 13.1% in the first 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 acquiring an additional 14,060 shares during the period. Norges Bank purchased a new position in First Citizens BancShares in the second quarter valued at about $177,604,000. First Citizens Bank & Trust Co. boosted its stake in First Citizens BancShares by 0.3% in the second quarter. First Citizens Bank & Trust Co. now owns 79,132 shares of the bank’s stock valued at $154,819,000 after acquiring an additional 258 shares during the last quarter. Finally, Alliancebernstein L.P. grew its position in shares of First Citizens BancShares by 16.3% during the 3rd quarter. Alliancebernstein L.P. now owns 78,310 shares of the bank’s stock valued at $140,109,000 after acquiring an additional 10,948 shares during the period. 78.01% of the stock is owned by hedge funds and other institutional investors.

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.