First Citizens BancShares, Inc. (NASDAQ:FCNCA) Receives Average Rating of "Hold" from Analysts

Key Points

• Analyst sentiment is cautious: First Citizens BancShares has an average rating of “Hold” from 13 covering analysts, with most ratings clustered at hold and only a few buy recommendations. The average 1-year price target is about $2,247.08.
• Recent earnings were mixed but profitable: The bank reported quarterly EPS of $44.86, beating expectations, while revenue of $2.14 billion came in slightly below estimates. Analysts now expect the company to earn 177.18 EPS for the current fiscal year.
• Shares and ownership activity remain notable: FCNCA opened at $2,122.13, near its 52-week high, and the company recently paid a $2.10 quarterly dividend. Insider buying and continued institutional ownership were also highlighted, with hedge funds owning 78.01% of shares.

Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) have been given an average rating of "Hold" by the thirteen research firms that are covering the stock, Marketbeat.com reports. Ten analysts have rated the stock with a hold recommendation, two have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $2,247.0833.

A number of analysts have issued reports on FCNCA shares. Wall Street Zen raised First Citizens BancShares from a "sell" rating to a "hold" rating in a report on Saturday, June 27th. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $2,300.00 target price on shares of First Citizens BancShares in a research report on Thursday, July 9th. Piper Sandler set a $2,050.00 target price on First Citizens BancShares in a research note on Friday, April 24th. Deutsche Bank Aktiengesellschaft downgraded First Citizens BancShares from a "buy" rating to a "hold" rating and set a $2,154.00 price target for the company. in a report on Wednesday, April 8th. Finally, Citigroup lowered shares of First Citizens BancShares from a "neutral" rating to a "market perform" rating in a research note on Thursday, July 9th.

First Citizens BancShares Price Performance

FCNCA stock opened at $2,122.13 on Monday. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a market capitalization of $24.60 billion, a P/E ratio of 12.20, a P/E/G ratio of 1.60 and a beta of 0.62. The business's 50-day moving average is $2,044.42 and its two-hundred day moving average is $2,018.58. First Citizens BancShares has a 1 year low of $1,623.76 and a 1 year high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, topping the consensus estimate of $43.31 by $1.55. The company had revenue of $2.14 billion during the quarter, compared to analysts' expectations of $2.20 billion. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. During the same quarter in the previous year, the business posted $37.79 EPS. Analysts anticipate that First Citizens BancShares will post 177.18 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 29th were issued a $2.10 dividend. The ex-dividend date was Friday, May 29th. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. First Citizens BancShares's dividend payout ratio is presently 4.83%.

Insider Activity at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. purchased 5,940 shares of the business's stock in a transaction that occurred on Tuesday, May 12th. The shares were purchased at an average cost of $1,726.82 per share, for a total transaction of $10,257,310.80. Following the purchase, the chief executive officer directly owned 38,111 shares of the company's stock, valued at $65,810,837.02. The trade was a 18.46% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders have acquired 7,190 shares of company stock valued at $12,573,868. Company insiders own 14.63% of the company's stock.

Hedge Funds Weigh In On First Citizens BancShares

Hedge funds have recently made changes to their positions in the company. Goldman Sachs Group Inc. boosted its position in shares of First Citizens BancShares by 1.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 37,389 shares of the bank's stock valued at $69,324,000 after purchasing an additional 681 shares during the period. Empowered Funds LLC grew its stake in First Citizens BancShares by 71.9% during the 1st quarter. Empowered Funds LLC now owns 392 shares of the bank's stock worth $727,000 after buying an additional 164 shares during the last quarter. Focus Partners Wealth increased its position in First Citizens BancShares by 5.2% during the first quarter. Focus Partners Wealth now owns 241 shares of the bank's stock worth $447,000 after buying an additional 12 shares during the period. EverSource Wealth Advisors LLC increased its position in First Citizens BancShares by 31.3% during the second quarter. EverSource Wealth Advisors LLC now owns 88 shares of the bank's stock worth $172,000 after buying an additional 21 shares during the period. Finally, Flow Traders U.S. LLC purchased a new stake in First Citizens BancShares in the second quarter valued at approximately $260,000. Hedge funds and other institutional investors own 78.01% of the company's stock.

About First Citizens BancShares

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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