First Citizens BancShares (NASDAQ:FCNCA) Sets New 12-Month High - Here's What Happened

Key Points

• First Citizens BancShares shares reached a new 52-week high, trading as high as $2,296.30 and closing near $2,290.81. The stock’s market capitalization is approximately $26.3 billion.
• The bank reported quarterly earnings of $57.09 per share and revenue of $2.43 billion, both exceeding analyst expectations. Analysts maintain a consensus “Hold” rating with an average price target of $2,278.31.
• First Citizens declared a quarterly dividend of $2.10 per share, equivalent to an annualized $8.40 dividend and a 0.4% yield. Insiders have also purchased shares recently, while institutional investors own approximately 78% of the stock.

First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) reached a new 52-week high during trading on Thursday . The company traded as high as $2,296.30 and last traded at $2,290.8130, with a volume of 4793 shares. The stock had previously closed at $2,271.31.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Barclays upped their price target on shares of First Citizens BancShares from $2,346.00 to $2,376.00 and gave the stock an "equal weight" rating in a research report on Monday, July 27th. Citigroup restated a "neutral" rating on shares of First Citizens BancShares in a research note on Friday, July 24th. TD Cowen decreased their price target on First Citizens BancShares from $2,500.00 to $2,300.00 and set a "buy" rating on the stock in a report on Monday, April 27th. Weiss Ratings raised First Citizens BancShares from a "hold (c+)" rating to a "buy (b)" rating in a report on Tuesday. Finally, JPMorgan Chase & Co. boosted their price objective on First Citizens BancShares from $2,350.00 to $2,450.00 and gave the company a "neutral" rating in a research report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $2,278.31.

First Citizens BancShares Stock Performance

The stock has a market cap of $26.30 billion, a P/E ratio of 12.14, a PEG ratio of 1.72 and a beta of 0.62. 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's 50-day moving average price is $2,125.42 and its 200-day moving average price is $2,021.13.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its earnings results on Thursday, July 23rd. The bank reported $57.09 EPS for the quarter, topping the consensus estimate of $0.41 by $56.68. The firm had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.16 billion. First Citizens BancShares had a net margin of 16.28% and a return on equity of 11.98%. Sell-side analysts expect that First Citizens BancShares, Inc. will post 190.06 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be paid a $2.10 dividend. The ex-dividend date is Monday, August 31st. This represents a $8.40 annualized dividend and a yield of 0.4%. First Citizens BancShares's payout ratio is presently 4.49%.

Insider Activity at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. acquired 528 shares of the business's stock in a transaction dated Friday, June 5th. The stock was purchased at an average price of $1,813.37 per share, for a total transaction of $957,459.36. Following the completion of the transaction, the chief executive officer directly owned 64,100 shares in the company, valued at approximately $116,237,017. This trade represents a 0.83% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders have bought 1,250 shares of company stock worth $2,316,557. 14.63% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First Citizens BancShares

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

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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