First Citizens BancShares, Inc. (NASDAQ:FCNCA) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Key Points

• First Citizens BancShares, Inc. has received a consensus recommendation of "Moderate Buy" from thirteen research firms, with six ratings as hold and seven as buy.
• The company recently reported an EPS of $44.78 for the quarter, exceeding analysts' expectations by $5.70, alongside revenue of $2.38 billion.
• Insider purchases have been noteworthy, with CEO Frank B. Holding, Jr. buying 600 shares at an average cost of $1,698.75, increasing his ownership stake in the company.

First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the thirteen research firms that are presently covering the company, MarketBeat reports. Six research analysts have rated the stock with a hold rating and seven have issued a 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 $2,291.1667.

A number of research firms recently commented on FCNCA. Wall Street Zen raised shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a research report on Saturday. Piper Sandler set a $2,150.00 target price on shares of First Citizens BancShares and gave the company a "neutral" rating in a report on Monday, July 28th. JPMorgan Chase & Co. raised their target price on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Cowen reissued a "buy" rating on shares of First Citizens BancShares in a report on Monday, July 28th. Finally, Citigroup raised their target price on shares of First Citizens BancShares from $1,900.00 to $2,050.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd.

Insider Buying and Selling at First Citizens BancShares

In other news, insider Hope Holding Bryant bought 409 shares of the firm's stock in a transaction on Thursday, August 7th. The shares were purchased at an average cost of $1,630.00 per share, with a total value of $666,670.00. Following the acquisition, the insider directly owned 1,764 shares in the company, valued at $2,875,320. This represents a 30.18% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Frank B. Holding, Jr. bought 600 shares of the firm's stock in a transaction on Thursday, August 7th. The stock was purchased at an average cost of $1,698.75 per share, for a total transaction of $1,019,250.00. Following the completion of the acquisition, the chief executive officer owned 32,300 shares in the company, valued at approximately $54,869,625. This trade represents a 1.89% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 1,494 shares of company stock valued at $2,485,986 in the last ninety days. 13.19% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First Citizens BancShares

Several hedge funds and other institutional investors have recently made changes to their positions in FCNCA. GTS Securities LLC bought a new stake in shares of First Citizens BancShares during the 4th quarter valued at approximately $201,000. Toronto Dominion Bank grew its holdings in shares of First Citizens BancShares by 6.3% during the 4th quarter. Toronto Dominion Bank now owns 1,300 shares of the bank's stock valued at $2,747,000 after purchasing an additional 77 shares during the last quarter. Ascent Group LLC bought a new stake in shares of First Citizens BancShares during the 4th quarter valued at approximately $201,000. Yoffe Investment Management LLC bought a new stake in First Citizens BancShares during the 4th quarter worth approximately $270,000. Finally, Carolinas Wealth Consulting LLC grew its holdings in First Citizens BancShares by 1,456.3% during the 4th quarter. Carolinas Wealth Consulting LLC now owns 249 shares of the bank's stock worth $524,000 after acquiring an additional 233 shares during the last quarter. 78.01% of the stock is owned by institutional investors.

First Citizens BancShares Price Performance

NASDAQ:FCNCA opened at $1,850.42 on Tuesday. First Citizens BancShares has a 52 week low of $1,473.62 and a 52 week high of $2,412.93. The firm has a market cap of $23.91 billion, a price-to-earnings ratio of 10.92 and a beta of 0.71. The firm's 50-day simple moving average is $1,966.46 and its 200 day simple moving average is $1,885.73. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.04 and a current ratio of 1.04.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings results on Friday, July 25th. The bank reported $44.78 EPS for the quarter, topping analysts' consensus estimates of $39.08 by $5.70. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.32%. The business had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.21 billion. As a group, sell-side analysts predict that First Citizens BancShares will post 167.59 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 29th were issued a $1.95 dividend. This represents a $7.80 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend was Friday, August 29th. First Citizens BancShares's dividend payout ratio (DPR) is currently 4.60%.

About First Citizens BancShares

First Citizens BancShares, Inc operates as the holding company for First-Citizens Bank & Trust Company that provides retail and commercial banking services to individuals, businesses, and professionals. The company's deposit products include checking, savings, money market, and time deposit accounts.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.