First Citizens BancShares (NASDAQ:FCNCA) Sees Unusually-High Trading Volume - Should You Buy?

Key Points

• First Citizens BancShares experienced a trading volume of approximately 92,928 shares, a slight decrease from the previous session, with the stock currently trading at $1,966.42.
• Analysts have a consensus rating of "Moderate Buy" for the company, with price targets ranging from $2,050.00 to $2,410.00 as set by various research firms.
• The company announced a quarterly dividend of $1.95 per share, with an annualized dividend yield of 0.4%, set to be paid on September 15th.

First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) saw unusually-strong trading volume on Monday . Approximately 92,928 shares traded hands during mid-day trading, a decline of 3% from the previous session's volume of 95,561 shares.The stock last traded at $1,966.42 and had previously closed at $1,974.80.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on FCNCA shares. UBS Group reiterated a "buy" rating and issued a $2,410.00 price objective on shares of First Citizens BancShares in a research report on Wednesday, July 9th. Cowen reiterated a "buy" rating on shares of First Citizens BancShares in a report on Monday, July 28th. Piper Sandler set a $2,150.00 price target on First Citizens BancShares and gave the company a "neutral" rating in a report on Monday, July 28th. JPMorgan Chase & Co. lifted their price objective on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Finally, Jefferies Financial Group initiated coverage on First Citizens BancShares in a research report on Wednesday, May 21st. They set a "hold" rating and a $2,050.00 price objective on the stock. Seven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, First Citizens BancShares currently has a consensus rating of "Moderate Buy" and a consensus target price of $2,291.17.

First Citizens BancShares Trading Down 3.2%

The company's 50 day simple moving average is $1,993.88 and its two-hundred day simple moving average is $1,887.66. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.76. The company has a market capitalization of $24.69 billion, a price-to-earnings ratio of 11.28 and a beta of 0.71.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings data on Friday, July 25th. The bank reported $44.78 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $2.21 billion. As a group, research analysts anticipate that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

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

Insider Buying and Selling

In other First Citizens BancShares news, major shareholder Olivia Britton Holding bought 409 shares of First Citizens BancShares stock in a transaction that occurred on Thursday, August 7th. The stock was purchased at an average price of $1,630.00 per share, with a total value of $666,670.00. Following the completion of the acquisition, the insider directly owned 1,764 shares in the company, valued at approximately $2,875,320. This trade represents a 30.18% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Hope Holding Bryant bought 409 shares of First Citizens BancShares stock in a transaction that occurred on Thursday, August 7th. The shares were acquired at an average cost of $1,630.00 per share, with a total value of $666,670.00. Following the acquisition, the insider owned 1,764 shares of the company's stock, valued at $2,875,320. The trade was a 30.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 1,494 shares of company stock valued at $2,485,986 over the last 90 days. Insiders own 13.40% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Teacher Retirement System of Texas purchased a new stake in shares of First Citizens BancShares during the first quarter worth about $2,642,000. Bank of New York Mellon Corp increased its stake in shares of First Citizens BancShares by 1.9% during the first quarter. Bank of New York Mellon Corp now owns 40,553 shares of the bank's stock worth $75,190,000 after purchasing an additional 772 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in shares of First Citizens BancShares by 16.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 190 shares of the bank's stock worth $352,000 after purchasing an additional 27 shares in the last quarter. Kingswood Wealth Advisors LLC purchased a new stake in shares of First Citizens BancShares during the first quarter worth about $439,000. Finally, DAVENPORT & Co LLC purchased a new stake in shares of First Citizens BancShares during the first quarter worth about $221,000. Hedge funds and other institutional investors own 78.01% of the company's stock.

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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