First Citizens BancShares, Inc. (NASDAQ:FCNCA) Receives $2,278.31 Consensus Target Price from Analysts

Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) have received an average rating of “Hold” from the fourteen ratings firms that are covering the firm, MarketBeat Ratings reports. Ten equities research analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $2,278.3077.

Several research firms have issued reports on FCNCA. Fundamental Research set a $2,350.00 price objective on First Citizens BancShares in a report on Wednesday, July 1st. Piper Sandler raised their target price on shares of First Citizens BancShares from $2,050.00 to $2,100.00 and gave the stock a “neutral” rating in a report on Monday, July 27th. The Goldman Sachs Group raised their target price on shares of First Citizens BancShares from $2,100.00 to $2,340.00 and gave the stock a “neutral” rating in a report on Tuesday, July 7th. JPMorgan Chase & Co. lifted their target price on shares of First Citizens BancShares from $2,350.00 to $2,450.00 and gave the stock a “neutral” rating in a research report on Friday, July 24th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and set a $2,300.00 price target on shares of First Citizens BancShares in a report on Thursday, July 9th.

First Citizens BancShares Stock Performance

Shares of NASDAQ FCNCA opened at $2,291.33 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.59. The stock has a market capitalization of $25.87 billion, a price-to-earnings ratio of 12.25, a PEG ratio of 1.75 and a beta of 0.62. The stock’s fifty day simple moving average is $2,134.16 and its 200 day simple moving average is $2,024.85. First Citizens BancShares has a 52-week low of $1,623.76 and a 52-week high of $2,296.30.

First Citizens BancShares (NASDAQ:FCNCA) last announced its 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 return on equity of 12.07% and a net margin of 16.28%.The company had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.16 billion. As a group, sell-side analysts forecast that First Citizens BancShares will post 190.06 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be given a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a yield of 0.4%. The ex-dividend date is Monday, August 31st. First Citizens BancShares’s payout ratio is presently 4.49%.

Insiders Place Their Bets

In other news, CEO Frank B. Holding, Jr. bought 528 shares of the business’s stock in a transaction on Friday, June 5th. The shares were bought at an average cost of $1,813.37 per share, with a total value of $957,459.36. Following the purchase, the chief executive officer directly owned 64,100 shares in the company, valued at $116,237,017. This trade represents a 0.83% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders have purchased 1,250 shares of company stock worth $2,316,557. Insiders own 14.63% of the company’s stock.

Institutional Trading of First Citizens BancShares

Several hedge funds and other institutional investors have recently modified their holdings of FCNCA. Corient Private Wealth LLC boosted its holdings in shares of First Citizens BancShares by 0.6% in the second quarter. Corient Private Wealth LLC now owns 1,049 shares of the bank’s stock valued at $2,051,000 after buying an additional 6 shares during the period. Venturi Wealth Management LLC raised its holdings in shares of First Citizens BancShares by 2.6% during the first quarter. Venturi Wealth Management LLC now owns 233 shares of the bank’s stock worth $439,000 after acquiring an additional 6 shares during the period. Kingswood Wealth Advisors LLC lifted its position in First Citizens BancShares by 3.0% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 242 shares of the bank’s stock valued at $519,000 after acquiring an additional 7 shares in the last quarter. Parallel Advisors LLC lifted its position in First Citizens BancShares by 8.0% in the 4th quarter. Parallel Advisors LLC now owns 95 shares of the bank’s stock valued at $204,000 after acquiring an additional 7 shares in the last quarter. Finally, Principal Securities Inc. boosted its stake in First Citizens BancShares by 2.9% in the 4th quarter. Principal Securities Inc. now owns 251 shares of the bank’s stock worth $539,000 after purchasing an additional 7 shares during the period. Institutional investors and hedge funds own 78.01% of the company’s stock.

About First Citizens BancShares

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.