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

Key Points

• Analysts maintain a “Hold” consensus on First Citizens BancShares, with 10 hold ratings, three buys and one strong buy. The average 12-month price target is approximately $2,278.
• First Citizens reported quarterly revenue of $2.43 billion, exceeding the $2.16 billion estimate, while earnings per share also surpassed expectations. The stock recently traded near its 52-week high at $2,268.09.
• Insiders and institutions remain active: insiders purchased $2.32 million of shares over the past three months, while institutional investors own 78.01% of the company. The bank also declared a quarterly dividend of $2.10 per share, yielding about 0.4% annually.

Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) have been given a consensus recommendation of "Hold" by the fourteen analysts that are presently covering the stock, MarketBeat.com reports. Ten equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $2,278.3077.

Several equities analysts have commented on FCNCA shares. The Goldman Sachs Group lifted their target price on shares of First Citizens BancShares from $2,100.00 to $2,340.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 7th. Weiss Ratings raised First Citizens BancShares from a "hold (c+)" rating to a "buy (b)" rating in a research report on Tuesday. Wall Street Zen upgraded First Citizens BancShares from a "sell" rating to a "hold" rating in a report on Saturday, June 27th. Jefferies Financial Group reissued a "hold" rating and issued a $2,300.00 price objective on shares of First Citizens BancShares in a research report on Thursday, July 23rd. Finally, Citigroup restated a "neutral" rating on shares of First Citizens BancShares in a research note on Friday, July 24th.

Insiders Place Their Bets

In related news, CEO Frank B. Holding, Jr. acquired 528 shares of the firm's stock in a transaction that occurred on Friday, June 5th. The stock was acquired at an average price of $1,813.37 per share, for a total transaction of $957,459.36. Following the completion of the acquisition, the chief executive officer owned 64,100 shares of the company's stock, valued at approximately $116,237,017. This represents a 0.83% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have bought a total of 1,250 shares of company stock worth $2,316,557 in the last three months. 14.63% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On First Citizens BancShares

Large investors have recently modified their holdings of the stock. Paladin Partners LLC bought a new stake in shares of First Citizens BancShares in the 2nd quarter worth approximately $79,000. Whitener Capital Management Inc. grew its holdings in First Citizens BancShares by 10.7% during the second quarter. Whitener Capital Management Inc. now owns 784 shares of the bank's stock valued at $1,631,000 after purchasing an additional 76 shares during the period. Legacy Wealth Asset Management LLC increased its position in First Citizens BancShares by 6.7% in the second quarter. Legacy Wealth Asset Management LLC now owns 224 shares of the bank's stock worth $466,000 after buying an additional 14 shares during the last quarter. Reinhart Partners LLC. increased its position in First Citizens BancShares by 7.5% in the second quarter. Reinhart Partners LLC. now owns 84,206 shares of the bank's stock worth $175,253,000 after buying an additional 5,909 shares during the last quarter. Finally, Cooper Financial Group increased its position in First Citizens BancShares by 6.5% in the second quarter. Cooper Financial Group now owns 131 shares of the bank's stock worth $273,000 after buying an additional 8 shares during the last quarter. Hedge funds and other institutional investors own 78.01% of the company's stock.

First Citizens BancShares Stock Performance

NASDAQ FCNCA opened at $2,268.09 on Friday. First Citizens BancShares has a 1 year low of $1,623.76 and a 1 year high of $2,296.30. 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 cap of $26.29 billion, a price-to-earnings ratio of 12.13, a PEG ratio of 1.73 and a beta of 0.62. The company has a fifty day moving average price of $2,129.84 and a 200-day moving average price of $2,022.90.

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, beating analysts' consensus estimates of $0.41 by $56.68. First Citizens BancShares had a net margin of 16.28% and a return on equity of 11.98%. The company had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.16 billion. As a group, equities research analysts predict that First Citizens BancShares will post 190.06 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be issued a $2.10 dividend. 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 Monday, August 31st. First Citizens BancShares's payout ratio is 4.49%.

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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