First Citizens BancShares (NASDAQ:FCNCA) Stock Price Pass Above Two Hundred Day Moving Average – Here’s Why

First Citizens BancShares, Inc. (NASDAQ:FCNCA) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $2,032.02 and traded as high as $2,180.68. First Citizens BancShares shares last traded at $2,160.14, with a volume of 41,878 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on FCNCA. Truist Financial upped their target price on First Citizens BancShares from $2,150.00 to $2,323.00 and gave the company a “hold” rating in a research note on Tuesday, July 28th. Citigroup reissued a “neutral” rating on shares of First Citizens BancShares in a report on Friday, July 24th. The Goldman Sachs Group increased their price objective on First Citizens BancShares from $2,100.00 to $2,340.00 and gave the company a “neutral” rating in a research note on Tuesday, July 7th. Barclays lifted their price objective on First Citizens BancShares from $2,346.00 to $2,376.00 and gave the stock an “equal weight” rating in a research report on Monday, July 27th. Finally, Wall Street Zen raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Saturday, June 27th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $2,278.31.

First Citizens BancShares Price Performance

The stock has a market capitalization of $24.78 billion, a price-to-earnings ratio of 11.73, a price-to-earnings-growth ratio of 1.63 and a beta of 0.62. The company has a 50 day moving average of $2,152.66 and a 200 day moving average of $2,033.15. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.59.

First Citizens BancShares (NASDAQ:FCNCA) last issued 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. The firm had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.16 billion. First Citizens BancShares had a return on equity of 12.07% and a net margin of 16.28%. As a group, equities research analysts forecast that First Citizens BancShares, Inc. will post 192.11 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

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

Insider Buying and Selling

In related news, Director Diane E. Morais purchased 50 shares of the firm’s stock in a transaction on Wednesday, August 19th. The shares were bought at an average price of $2,168.11 per share, for a total transaction of $108,405.50. Following the acquisition, the director directly owned 100 shares in the company, valued at $216,811. This trade represents a 100.00% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, CEO Frank B. Holding, Jr. acquired 528 shares of the stock in a transaction dated 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 completion of the purchase, the chief executive officer directly owned 64,100 shares in the company, valued at approximately $116,237,017. This trade represents a 0.83% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders have acquired 1,300 shares of company stock worth $2,424,962. 14.63% of the stock is currently owned by insiders.

Institutional Investors Weigh In On First Citizens BancShares

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hilton Head Capital Partners LLC purchased a new stake in shares of First Citizens BancShares during the 4th quarter worth about $26,000. Jones Financial Companies Lllp purchased a new position in First Citizens BancShares in the second quarter valued at approximately $42,000. Reflection Asset Management acquired a new position in First Citizens BancShares during the fourth quarter valued at approximately $45,000. Global Assets Advisory LLC acquired a new position in First Citizens BancShares during the first quarter valued at approximately $45,000. Finally, UMB Bank n.a. lifted its position in First Citizens BancShares by 50.0% during the fourth quarter. UMB Bank n.a. now owns 24 shares of the bank’s stock valued at $52,000 after buying an additional 8 shares in the last quarter. 78.01% of the stock is currently owned by institutional investors and hedge funds.

First Citizens BancShares Company Profile

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.