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

Key Points

• First Citizens BancShares has a consensus analyst rating of "Hold" from 13 covering firms, with nine hold ratings, three buy ratings, and one strong buy. The average 1-year price target is about $2,215.91.
• The company reported strong quarterly earnings, posting $44.86 EPS versus the $43.31 consensus estimate, though revenue of $2.14 billion came in slightly below expectations. Analysts expect full-year EPS of 175.61.
• Insider and investor activity has been positive, highlighted by CEO Frank B. Holding Jr. buying 528 shares in June and institutions owning 78.01% of the stock. The company also paid a quarterly dividend of $2.10 per share, equal to an annualized yield of about 0.4%.

First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) has received a consensus rating of "Hold" from the thirteen research firms that are presently covering the company, Marketbeat.com reports. Nine research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The average 1-year price target among analysts that have covered the stock in the last year is $2,215.9091.

A number of analysts have commented on FCNCA shares. Citigroup restated a "neutral" rating on shares of First Citizens BancShares in a research report on Friday, April 24th. Weiss Ratings downgraded shares of First Citizens BancShares from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday, May 22nd. Wall Street Zen downgraded shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a research report on Saturday, June 13th. JPMorgan Chase & Co. dropped their price target on shares of First Citizens BancShares from $2,200.00 to $2,150.00 and set a "neutral" rating on the stock in a research report on Friday, April 24th. Finally, Piper Sandler set a $2,050.00 price target on shares of First Citizens BancShares in a research report on Friday, April 24th.

First Citizens BancShares Trading Up 0.3%

Shares of NASDAQ:FCNCA opened at $2,117.29 on Thursday. The company has a market cap of $24.54 billion, a PE ratio of 12.18, a P/E/G ratio of 1.63 and a beta of 0.62. The company's 50-day moving average price is $2,010.53 and its 200 day moving average price is $2,019.63. First Citizens BancShares has a fifty-two week low of $1,623.76 and a fifty-two week high of $2,232.21. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.67.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The bank reported $44.86 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $2.20 billion. During the same period last year, the firm posted $37.79 EPS. Sell-side analysts anticipate that First Citizens BancShares will post 175.61 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, May 29th were 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 was Friday, May 29th. First Citizens BancShares's payout ratio is 4.83%.

Insider Activity at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. purchased 528 shares of the company's stock in a transaction on Friday, June 5th. The shares were bought at an average cost of $1,813.37 per share, for a total transaction of $957,459.36. Following the transaction, the chief executive officer owned 64,100 shares of the company's stock, valued at $116,237,017. This represents a 0.83% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. In the last 90 days, insiders have bought 7,190 shares of company stock worth $12,573,868. 14.63% of the stock is currently owned by insiders.

Hedge Funds Weigh In On First Citizens BancShares

Several hedge funds have recently made changes to their positions in the business. NewEdge Advisors LLC grew its stake in shares of First Citizens BancShares by 219.3% in the 1st quarter. NewEdge Advisors LLC now owns 1,590 shares of the bank's stock worth $3,001,000 after purchasing an additional 1,092 shares during the last quarter. Quantinno Capital Management LP grew its stake in shares of First Citizens BancShares by 65.5% in the 1st quarter. Quantinno Capital Management LP now owns 6,301 shares of the bank's stock worth $11,876,000 after purchasing an additional 2,493 shares during the last quarter. SummitTX Capital L.P. acquired a new position in shares of First Citizens BancShares in the 1st quarter worth approximately $1,095,000. OMERS ADMINISTRATION Corp grew its stake in shares of First Citizens BancShares by 25.9% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 457 shares of the bank's stock worth $861,000 after purchasing an additional 94 shares during the last quarter. Finally, Lombard Odier Asset Management Switzerland SA acquired a new position in shares of First Citizens BancShares in the 1st quarter worth approximately $303,000. Institutional investors and hedge funds 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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