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

Key Points

• Analyst consensus is “Hold” for First Citizens BancShares, with 11 of 14 covering brokers issuing hold ratings. The average 12-month price target is $2,261, above the reported opening price of $2,073.46.
• The bank reported quarterly earnings of $57.09 per share and revenue of $2.43 billion, exceeding analysts’ expectations. Analysts collectively expect full-year earnings of $191.94 per share.
• Institutional investors own 78.01% of the company, while insiders own 14.63%; recent activity included a director buying shares and a major shareholder selling part of its position. First Citizens also declared a quarterly dividend of $2.10 per share, yielding about 0.4%.

Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) have been assigned an average recommendation of "Hold" from the fourteen brokerages that are covering the company, Marketbeat.com reports. Eleven investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $2,261.00.

A number of analysts have commented on the company. Wall Street Zen upgraded First Citizens BancShares from a "sell" rating to a "hold" rating in a research report on Saturday, June 27th. JPMorgan Chase & Co. dropped their price target on First Citizens BancShares from $2,450.00 to $2,300.00 and set a "neutral" rating for the company in a research report on Thursday. Weiss Ratings raised First Citizens BancShares from a "hold (c+)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Truist Financial boosted their price objective on shares of First Citizens BancShares from $2,150.00 to $2,323.00 and gave the stock a "hold" rating in a research report on Tuesday, July 28th. Finally, Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $2,300.00 price objective on shares of First Citizens BancShares in a research note on Thursday, July 9th.

Insider Activity at First Citizens BancShares

In related news, Director Diane E. Morais acquired 50 shares of the business's stock in a transaction that occurred on Wednesday, August 19th. The stock was purchased at an average cost of $2,168.11 per share, for a total transaction of $108,405.50. Following 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 legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Olivia Britton Holding sold 7,000 shares of the company's stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $19.53, for a total value of $136,710.00. Following the completion of 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 owned by corporate insiders.

Hedge Funds Weigh In On First Citizens BancShares

A number of institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP lifted its position in shares of First Citizens BancShares by 1.5% in the first quarter. Dimensional Fund Advisors LP now owns 125,947 shares of the bank's stock valued at $237,333,000 after acquiring an additional 1,886 shares in the last quarter. Reinhart Partners LLC. increased its position in First Citizens BancShares by 7.5% during the 2nd quarter. Reinhart Partners LLC. now owns 84,206 shares of the bank's stock worth $175,253,000 after purchasing an additional 5,909 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in First Citizens BancShares by 20.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 91,876 shares of the bank's stock valued at $174,048,000 after purchasing an additional 15,788 shares during the last quarter. River Road Asset Management LLC raised its stake in First Citizens BancShares by 574.0% in the 4th quarter. River Road Asset Management LLC now owns 55,402 shares of the bank's stock valued at $118,903,000 after purchasing an additional 47,182 shares during the last quarter. Finally, Norges Bank purchased a new position in First Citizens BancShares in the 4th quarter valued at about $116,565,000. 78.01% of the stock is owned by institutional investors and hedge funds.

First Citizens BancShares Price Performance

FCNCA stock opened at $2,073.46 on Friday. The firm has a 50 day moving average of $2,165.94 and a 200-day moving average of $2,059.44. First Citizens BancShares has a 12-month low of $1,623.76 and a 12-month high of $2,296.30. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.59. The company has a market cap of $23.41 billion, a price-to-earnings ratio of 11.09, a PEG ratio of 1.54 and a beta of 0.58.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The bank reported $57.09 earnings per share 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 business 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 declared a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st were issued a $2.10 dividend. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend was Monday, August 31st. First Citizens BancShares's dividend payout ratio 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.

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