First Citizens BancShares, Inc. (NASDAQ:FCNCA) Stock Has Average Target Price of $2,261.00

First Citizens BancShares, Inc. (NASDAQ:FCNCA) has been assigned a consensus rating of “Hold” from the fourteen research firms that are currently covering the company, MarketBeat Ratings reports. Eleven research analysts have rated the stock with a hold recommendation, two have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $2,261.00.

Several brokerages have issued reports on FCNCA. Wall Street Zen raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Saturday, June 27th. Jefferies Financial Group restated a “hold” rating and issued a $2,300.00 price objective on shares of First Citizens BancShares in a report on Thursday, July 23rd. JPMorgan Chase & Co. lowered their price objective on First Citizens BancShares from $2,450.00 to $2,300.00 and set a “neutral” rating on the stock in a research report on Thursday, October 1st. Fundamental Research set a $2,350.00 target price on First Citizens BancShares in a research note on Wednesday, July 1st. Finally, Barclays lifted their target price on First Citizens BancShares from $2,346.00 to $2,376.00 and gave the stock an “equal weight” rating in a report on Monday, July 27th.

Insider Activity

In related news, Director Diane E. Morais bought 50 shares of the stock in a transaction on Wednesday, August 19th. The shares were acquired at an average price of $2,168.11 per share, for a total transaction of $108,405.50. Following the purchase, the director owned 100 shares of the company’s stock, valued at approximately $216,811. The trade was a 100.00% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Olivia Britton Holding sold 7,000 shares of the firm’s stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $19.53, for a total transaction of $136,710.00. Following the sale, the insider directly owned 15,000 shares in the company, valued at approximately $292,950. The trade was a 31.82% decrease in their position. The SEC filing for this sale provides additional information. 14.63% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Polaris Financial Partners bought a new position in First Citizens BancShares during the third quarter valued at approximately $147,000. QRG Capital Management Inc. purchased a new stake in First Citizens BancShares during the 2nd quarter valued at $235,000. Anchor Investment Management LLC raised its stake in First Citizens BancShares by 20.8% during the 2nd quarter. Anchor Investment Management LLC now owns 15,975 shares of the bank’s stock valued at $33,241,000 after buying an additional 2,755 shares during the last quarter. National Pension Service lifted its holdings in shares of First Citizens BancShares by 28.4% during the 2nd quarter. National Pension Service now owns 683 shares of the bank’s stock valued at $1,421,000 after buying an additional 151 shares during the period. Finally, WINTON GROUP Ltd bought a new position in shares of First Citizens BancShares during the 2nd quarter valued at $229,000. 78.01% of the stock is owned by hedge funds and other institutional investors.

First Citizens BancShares Price Performance

Shares of NASDAQ:FCNCA opened at $2,091.07 on Friday. First Citizens BancShares has a 1-year low of $1,623.76 and a 1-year high of $2,296.30. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.00 and a quick ratio of 1.00. The business has a fifty day moving average price of $2,165.02 and a 200-day moving average price of $2,063.64. The company has a market capitalization of $23.61 billion, a PE ratio of 11.18, a PEG ratio of 1.54 and a beta of 0.58.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Thursday, July 23rd. The bank reported $57.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $56.68. First Citizens BancShares had a net margin of 16.28% and a return on equity of 12.07%. The company had revenue of $2.43 billion for the quarter, compared to analysts’ expectations of $2.16 billion. As a group, equities analysts expect that First Citizens BancShares will post 191.94 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Monday, August 31st were given a dividend of $2.10 per share. The ex-dividend date of this dividend was Monday, August 31st. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. First Citizens BancShares’s dividend payout ratio (DPR) is 4.49%.

About First Citizens BancShares

First Citizens BancShares, Inc is a financial holding company headquartered in Raleigh, North Carolina. Through its principal subsidiary, First-Citizens Bank & Trust Company, the company provides banking and financial services to individuals, businesses, nonprofit organizations and government entities.

Its offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, treasury management, wealth management and investment services.