First Citizens BancShares (NASDAQ:FCNCA) Shares Cross Above Two Hundred Day Moving Average - Here's Why

Key Points

• First Citizens BancShares shares crossed above their 200-day moving average, reaching $2,180.68 before closing at $2,160.14, compared with a 200-day average of $2,032.02.
• Analysts remain cautious overall, with a consensus “Hold” rating and average price target of $2,278.31, despite several firms raising their targets and Weiss Ratings upgrading the stock to “Buy.”
• The bank recently reported quarterly EPS of $57.09, far above the $0.41 consensus estimate, and announced a quarterly dividend of $2.10 per share, representing a 0.4% yield.

Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $2,032.02 and traded as high as $2,180.68. First Citizens BancShares shares last traded at $2,160.14, with a volume of 41,878 shares changing hands.

Analyst Ratings Changes

Several research firms have commented on FCNCA. Weiss Ratings upgraded shares of First Citizens BancShares from a "hold (c+)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Truist Financial increased their price objective on First Citizens BancShares from $2,150.00 to $2,323.00 and gave the company a "hold" rating in a research note on Tuesday, July 28th. Fundamental Research set a $2,350.00 target price on First Citizens BancShares in a report on Wednesday, July 1st. Barclays boosted their target price on First Citizens BancShares from $2,346.00 to $2,376.00 and gave the stock an "equal weight" rating in a research note on Monday, July 27th. Finally, JPMorgan Chase & Co. upped their price target on First Citizens BancShares from $2,350.00 to $2,450.00 and gave the stock a "neutral" rating in a report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and ten have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, First Citizens BancShares presently has an average rating of "Hold" and a consensus price target of $2,278.31.

First Citizens BancShares Trading Down 0.8%

The firm has a market capitalization of $24.39 billion, a PE ratio of 11.55, a PEG ratio of 1.64 and a beta of 0.62. The company's 50-day moving average price is $2,150.21 and its 200-day moving average price is $2,032.02. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.00 and a current ratio of 1.00.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its earnings results on Thursday, July 23rd. The bank reported $57.09 EPS for the quarter, topping analysts' consensus estimates of $0.41 by $56.68. The firm had revenue of $2.43 billion during 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 12.07%. On average, sell-side analysts expect that First Citizens BancShares, Inc. will post 192.11 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be given a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Monday, August 31st. First Citizens BancShares's dividend payout ratio is currently 4.49%.

Insider Activity

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. acquired 528 shares of the company's stock in a transaction dated Friday, June 5th. The shares were acquired at an average price of $1,813.37 per share, for a total transaction of $957,459.36. Following the acquisition, the chief executive officer owned 64,100 shares in the company, valued at $116,237,017. The trade was a 0.83% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Diane E. Morais bought 50 shares of the business's stock in a transaction dated Wednesday, August 19th. The shares were acquired at an average cost of $2,168.11 per share, for a total transaction of $108,405.50. Following the transaction, the director directly owned 100 shares in the company, valued at approximately $216,811. This represents a 100.00% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders have bought 1,300 shares of company stock valued at $2,424,962. Insiders own 14.63% of the company's stock.

Institutional Trading of First Citizens BancShares

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. California State Teachers Retirement System boosted its holdings in shares of First Citizens BancShares by 181,550.9% in the 2nd quarter. California State Teachers Retirement System now owns 22,254,049 shares of the bank's stock valued at $46,306,003,000 after buying an additional 22,241,798 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its position in shares of First Citizens BancShares by 117,518.9% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 205,833 shares of the bank's stock valued at $441,755,000 after buying an additional 205,658 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in First Citizens BancShares by 1.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 125,947 shares of the bank's stock worth $237,333,000 after acquiring an additional 1,886 shares in the last quarter. Morgan Stanley raised its stake in First Citizens BancShares by 31.8% during the 4th quarter. Morgan Stanley now owns 123,048 shares of the bank's stock worth $264,087,000 after acquiring an additional 29,681 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in First Citizens BancShares by 11.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 122,317 shares of the bank's stock worth $262,514,000 after acquiring an additional 12,303 shares in the last quarter. Institutional investors and hedge funds own 78.01% of the company's stock.

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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