First Citizens BancShares, Inc. (NASDAQ:FCNCA) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Key Points

• First Citizens BancShares, Inc. has received a consensus recommendation of "Moderate Buy" from 13 analysts, with an average 12-month price target of $2,291.17.
• The company's recent quarterly earnings exceeded expectations, reporting $44.78 earnings per share and $2.38 billion in revenue.
• First Citizens BancShares announced a quarterly dividend of $1.95 per share, with an annualized yield of 0.4%.

First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the thirteen brokerages that are currently covering the firm, MarketBeat Ratings reports. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $2,291.17.

Several analysts have recently weighed in on the stock. Jefferies Financial Group initiated coverage on shares of First Citizens BancShares in a research note on Wednesday, May 21st. They issued a "hold" rating and a $2,050.00 price objective for the company. JPMorgan Chase & Co. increased their price objective on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. TD Cowen started coverage on First Citizens BancShares in a report on Thursday, May 15th. They issued a "buy" rating and a $2,400.00 price target on the stock. Piper Sandler set a $2,150.00 price objective on First Citizens BancShares and gave the company a "neutral" rating in a report on Monday, July 28th. Finally, Cowen restated a "buy" rating on shares of First Citizens BancShares in a research note on Monday, July 28th.

Insider Buying and Selling at First Citizens BancShares

In other First Citizens BancShares news, major shareholder Olivia Britton Holding bought 66 shares of the stock in a transaction dated Tuesday, July 29th. The stock was purchased at an average cost of $1,735.00 per share, for a total transaction of $114,510.00. Following the completion of the acquisition, the insider owned 121,926 shares of the company's stock, valued at approximately $211,541,610. This trade represents a 0.05% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 13.19% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Gamco Investors INC. ET AL raised its position in First Citizens BancShares by 3.3% in the 4th quarter. Gamco Investors INC. ET AL now owns 155 shares of the bank's stock worth $328,000 after buying an additional 5 shares during the last quarter. JT Stratford LLC grew its stake in shares of First Citizens BancShares by 0.4% in the fourth quarter. JT Stratford LLC now owns 1,247 shares of the bank's stock worth $2,635,000 after acquiring an additional 5 shares during the period. MassMutual Private Wealth & Trust FSB raised its holdings in shares of First Citizens BancShares by 54.5% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank's stock valued at $32,000 after purchasing an additional 6 shares during the last quarter. Cresset Asset Management LLC lifted its position in First Citizens BancShares by 3.8% during the first quarter. Cresset Asset Management LLC now owns 163 shares of the bank's stock valued at $302,000 after purchasing an additional 6 shares during the period. Finally, US Bancorp DE boosted its holdings in First Citizens BancShares by 0.8% in the second quarter. US Bancorp DE now owns 873 shares of the bank's stock worth $1,708,000 after purchasing an additional 7 shares during the last quarter. 78.01% of the stock is owned by hedge funds and other institutional investors.

First Citizens BancShares Price Performance

Shares of FCNCA stock opened at $1,912.64 on Monday. The business has a fifty day simple moving average of $1,966.04 and a 200 day simple moving average of $1,933.23. First Citizens BancShares has a twelve month low of $1,473.62 and a twelve month high of $2,412.93. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.77. The company has a market cap of $25.42 billion, a P/E ratio of 11.29 and a beta of 0.64.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings results on Friday, July 25th. The bank reported $44.78 earnings per share for the quarter, topping the consensus estimate of $39.08 by $5.70. The company had revenue of $2.38 billion for the quarter, compared to analysts' expectations of $2.21 billion. First Citizens BancShares had a return on equity of 11.30% and a net margin of 16.37%. On average, sell-side analysts forecast that First Citizens BancShares will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be given a dividend of $1.95 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $7.80 annualized dividend and a yield of 0.4%. 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.

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