First Citizens BancShares, Inc. (NASDAQ:FCNCA) Given Consensus Rating of "Hold" by Analysts

Key Points

• Analysts rate First Citizens BancShares “Hold” overall: Ten of 14 analysts recommend holding the stock, while three rate it a buy and one a strong buy. The average 12-month price target is approximately $2,278.
• The bank reported stronger-than-expected quarterly results, posting $57.09 in earnings per share and $2.43 billion in revenue, above analyst estimates of $0.41 EPS and $2.16 billion in revenue.
• First Citizens declared a quarterly dividend of $2.10 per share, equivalent to $8.40 annually and a 0.4% yield. Institutional investors and hedge funds own 78.01% of the company, while insiders hold 14.63%.

Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) have been given an average recommendation of "Hold" by the fourteen ratings firms that are presently covering the stock, Marketbeat.com reports. Ten investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $2,278.3077.

Several equities analysts have recently weighed in on the stock. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $2,300.00 price objective on shares of First Citizens BancShares in a report on Thursday, July 9th. Truist Financial raised 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. JPMorgan Chase & Co. boosted their target price on First Citizens BancShares from $2,350.00 to $2,450.00 and gave the company a "neutral" rating in a research report on Friday, July 24th. Citigroup reaffirmed a "neutral" rating on shares of First Citizens BancShares in a research note on Friday, July 24th. Finally, Weiss Ratings raised First Citizens BancShares from a "hold (c+)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th.

Insider Transactions at First Citizens BancShares

In other First Citizens BancShares news, Director Diane Morais purchased 50 shares of the firm's stock in a transaction on Wednesday, August 19th. The stock was 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 $216,811. This trade represents a 100.00% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 14.63% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in FCNCA. California State Teachers Retirement System lifted its position in First Citizens BancShares by 181,550.9% in the 2nd quarter. California State Teachers Retirement System now owns 22,254,049 shares of the bank's stock valued at $46,306,003,000 after acquiring an additional 22,241,798 shares in the last quarter. Saudi Central Bank increased its holdings in First Citizens BancShares by 68.0% during the 2nd quarter. Saudi Central Bank now owns 531 shares of the bank's stock worth $1,105,000 after purchasing an additional 215 shares in the last quarter. denkapparat Operations GmbH increased its holdings in First Citizens BancShares by 58.2% during the 2nd quarter. denkapparat Operations GmbH now owns 386 shares of the bank's stock worth $803,000 after purchasing an additional 142 shares in the last quarter. Concurrent Investment Advisors LLC raised its stake in shares of First Citizens BancShares by 2.8% in the second quarter. Concurrent Investment Advisors LLC now owns 259 shares of the bank's stock worth $539,000 after purchasing an additional 7 shares during the last quarter. Finally, Nykredit A S purchased a new stake in shares of First Citizens BancShares in the second quarter worth approximately $4,357,000. 78.01% of the stock is currently owned by institutional investors and hedge funds.

First Citizens BancShares Price Performance

Shares of FCNCA opened at $2,208.49 on Tuesday. The firm has a market cap of $24.93 billion, a PE ratio of 11.81, a price-to-earnings-growth ratio of 1.67 and a beta of 0.60. First Citizens BancShares has a 52-week low of $1,623.76 and a 52-week high of $2,296.30. The business's 50 day moving average price is $2,163.45 and its two-hundred day moving average price is $2,038.20. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.00 and a current ratio of 1.00.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The bank reported $57.09 EPS for the quarter, topping the consensus estimate of $0.41 by $56.68. The company had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.16 billion. First Citizens BancShares had a net margin of 16.28% and a return on equity of 12.07%. On average, equities analysts anticipate that First Citizens BancShares will post 192.11 EPS for the current year.

First Citizens BancShares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be issued a $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Monday, August 31st. First Citizens BancShares's dividend payout ratio (DPR) is currently 4.49%.

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.

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