First Citizens BancShares, Inc. (NASDAQ:FCNCA) Stock Now Rated “Hold” by Sell-Side Analysts

First Citizens BancShares, Inc. (NASDAQ:FCNCA) has been given an average rating of “Hold” by the fourteen analysts that are presently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, ten have given a hold recommendation, two have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among analysts that have covered the stock in the last year is $2,355.31.

A number of brokerages recently issued reports on FCNCA. Jefferies Financial Group restated a “hold” rating and issued a $2,550.00 target price on shares of First Citizens BancShares in a research note on Friday, October 23rd. Piper Sandler raised their price objective on First Citizens BancShares from $2,050.00 to $2,100.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. Barclays lifted their target price on First Citizens BancShares from $2,376.00 to $2,650.00 and gave the stock an “equal weight” rating in a report on Monday, October 26th. The Goldman Sachs Group upped their target price on First Citizens BancShares from $2,100.00 to $2,340.00 and gave the company a “neutral” rating in a research report on Tuesday, July 7th. Finally, JPMorgan Chase & Co. downgraded shares of First Citizens BancShares from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $2,300.00 to $2,200.00 in a report on Monday, October 26th.

Insiders Place Their Bets

In other First Citizens BancShares news, Director Diane E. Morais bought 50 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The stock was bought at an average cost of $2,168.11 per share, for a total transaction of $108,405.50. Following the completion of the transaction, the director directly owned 100 shares of the company’s stock, valued at approximately $216,811. This trade represents a 100.00% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Olivia Britton Holding sold 7,000 shares of the business’s stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $19.53, for a total transaction of $136,710.00. Following the transaction, the insider owned 15,000 shares of the company’s stock, valued at $292,950. This represents a 31.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 14.63% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On First Citizens BancShares

A number of institutional investors have recently modified their holdings of the stock. Ethic Inc. grew its position in First Citizens BancShares by 9.6% during the third quarter. Ethic Inc. now owns 1,438 shares of the bank’s stock valued at $2,963,000 after buying an additional 126 shares during the period. Alps Advisors Inc. acquired a new position in shares of First Citizens BancShares in the third quarter worth about $700,000. CenterBook Partners LP acquired a new position in shares of First Citizens BancShares in the third quarter worth about $311,000. Allegiance Financial Group Advisory Services LLC boosted its stake in shares of First Citizens BancShares by 2.5% during the 3rd quarter. Allegiance Financial Group Advisory Services LLC now owns 1,211 shares of the bank’s stock worth $2,495,000 after acquiring an additional 29 shares in the last quarter. Finally, Kestra Advisory Services LLC boosted its stake in shares of First Citizens BancShares by 148.5% during the 3rd quarter. Kestra Advisory Services LLC now owns 328 shares of the bank’s stock worth $676,000 after acquiring an additional 196 shares in the last quarter. Hedge funds and other institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Trading Down 1.9%

NASDAQ FCNCA opened at $2,322.21 on Wednesday. The company has a fifty day simple moving average of $2,156.66 and a two-hundred day simple moving average of $2,066.59. The stock has a market cap of $26.22 billion, a P/E ratio of 11.35, a P/E/G ratio of 1.21 and a beta of 0.61. First Citizens BancShares has a 12-month low of $1,759.27 and a 12-month high of $2,429.96. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.59.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data on Friday, October 23rd. The bank reported $55.37 EPS for the quarter, topping the consensus estimate of $46.18 by $9.19. The business had revenue of $2.27 billion during the quarter, compared to the consensus estimate of $2.23 billion. First Citizens BancShares had a net margin of 16.54% and a return on equity of 12.49%. On average, analysts forecast that First Citizens BancShares will post 203.78 earnings per share for the current year.

First Citizens BancShares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Monday, November 30th will be paid a dividend of $2.25 per share. This represents a $9.00 annualized dividend and a yield of 0.4%. The ex-dividend date is Monday, November 30th. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $2.10. First Citizens BancShares’s dividend payout ratio (DPR) is presently 4.30%.

First Citizens BancShares announced that its Board of Directors has approved a stock repurchase plan on Friday, October 23rd that allows the company to repurchase $1.20 billion in shares. This buyback authorization allows the bank to reacquire up to 4.5% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.

About First Citizens BancShares

First Citizens BancShares, Inc is a bank holding company headquartered in Raleigh, North Carolina. Its principal subsidiary, First-Citizens Bank & Trust Company, provides banking and financial services to individuals, businesses, and institutions through a network of branches and digital banking channels.

The bank offers deposit accounts, consumer and residential lending, commercial and industrial loans, commercial real estate financing, equipment finance, treasury management, and payment services.