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

Key Points

• First Citizens BancShares has a consensus analyst rating of “Hold” from 13 covering analysts, with nine holds, three buys and one strong buy. The average 12-month price target is about $2,215.91.
• CEO Frank B. Holding, Jr. bought 5,940 shares in a recent insider transaction, increasing his position by 18.46%. Insiders have bought 6,198 shares worth about $10.66 million over the last quarter.
• The bank reported better-than-expected quarterly EPS of $44.86, topping estimates, though revenue came in below expectations at $2.14 billion. It also declared a quarterly dividend of $2.10 per share, payable June 15.

Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) have earned a consensus recommendation of "Hold" from the thirteen analysts that are covering the stock, Marketbeat Ratings reports. Nine investment analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $2,215.9091.

A number of equities analysts have issued reports on the stock. Zacks Research raised shares of First Citizens BancShares from a "strong sell" rating to a "hold" rating in a research note on Monday, March 30th. Piper Sandler set a $2,050.00 price objective on shares of First Citizens BancShares in a research note on Friday, April 24th. Citigroup reaffirmed a "neutral" rating on shares of First Citizens BancShares in a research note on Friday, April 24th. Keefe, Bruyette & Woods reduced their price target on shares of First Citizens BancShares from $2,375.00 to $2,300.00 and set an "outperform" rating on the stock in a research report on Thursday, April 9th. Finally, TD Cowen reduced their price target on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a "buy" rating on the stock in a research report on Monday, April 27th.

Insider Buying and Selling at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. purchased 5,940 shares of First Citizens BancShares stock in a transaction dated Tuesday, May 12th. The shares were bought at an average cost of $1,726.82 per share, with a total value of $10,257,310.80. Following the completion of the transaction, the chief executive officer directly owned 38,111 shares in the company, valued at $65,810,837.02. This trade represents a 18.46% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have acquired 6,198 shares of company stock worth $10,661,547 over the last quarter. Company insiders own 14.63% of the company's stock.

Hedge Funds Weigh In On First Citizens BancShares

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Allworth Financial LP boosted its position in shares of First Citizens BancShares by 21.7% during the third quarter. Allworth Financial LP now owns 28 shares of the bank's stock worth $51,000 after purchasing an additional 5 shares in the last quarter. MBL Wealth LLC boosted its position in shares of First Citizens BancShares by 0.8% during the fourth quarter. MBL Wealth LLC now owns 622 shares of the bank's stock worth $1,335,000 after purchasing an additional 5 shares in the last quarter. Alteri Wealth LLC boosted its position in shares of First Citizens BancShares by 4.1% during the third quarter. Alteri Wealth LLC now owns 154 shares of the bank's stock worth $276,000 after purchasing an additional 6 shares in the last quarter. Fifth Third Bancorp boosted its position in shares of First Citizens BancShares by 40.0% during the third quarter. Fifth Third Bancorp now owns 21 shares of the bank's stock worth $38,000 after purchasing an additional 6 shares in the last quarter. Finally, Venturi Wealth Management LLC boosted its position 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 purchasing an additional 6 shares in the last quarter. 78.01% of the stock is owned by institutional investors.

First Citizens BancShares Price Performance

Shares of FCNCA stock opened at $1,990.51 on Friday. First Citizens BancShares has a 52-week low of $1,623.76 and a 52-week high of $2,232.21. The stock has a market cap of $23.07 billion, a PE ratio of 11.45, a PEG ratio of 1.52 and a beta of 0.63. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.00 and a current ratio of 1.00. The firm's 50 day moving average price is $1,949.40 and its two-hundred day moving average price is $1,992.23.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The bank reported $44.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $43.31 by $1.55. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. The firm had revenue of $2.14 billion for the quarter, compared to analysts' expectations of $2.20 billion. During the same period last year, the firm earned $37.79 earnings per share. As a group, analysts forecast that First Citizens BancShares will post 177.84 EPS for the current year.

First Citizens BancShares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, May 29th will be given a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Friday, May 29th. First Citizens BancShares's dividend payout ratio (DPR) is currently 4.83%.

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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