First Citizens BancShares (NASDAQ:FCNCA) Hits New 1-Year High at $1,652.04

First Citizens BancShares, Inc. (NASDAQ:FCNCA)’s stock price reached a new 52-week high during trading on Tuesday . The company traded as high as $1,652.04 and last traded at $1,647.03, with a volume of 8782 shares changing hands. The stock had previously closed at $1,622.75.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on FCNCA. UBS Group upped their price objective on First Citizens BancShares from $1,644.00 to $1,754.00 and gave the stock a “buy” rating in a research note on Tuesday, January 30th. Barclays assumed coverage on shares of First Citizens BancShares in a research report on Thursday, April 11th. They set an “equal weight” rating and a $1,850.00 price objective on the stock. DA Davidson restated a “neutral” rating and set a $1,650.00 target price (up previously from $1,600.00) on shares of First Citizens BancShares in a research report on Monday, April 15th. StockNews.com downgraded shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Wednesday, April 3rd. Finally, The Goldman Sachs Group assumed coverage on shares of First Citizens BancShares in a research note on Thursday, March 21st. They issued a “buy” rating and a $1,950.00 price target on the stock. One analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $1,768.63.

First Citizens BancShares Stock Performance

The business’s fifty day moving average price is $1,566.98 and its two-hundred day moving average price is $1,472.16. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.14 and a current ratio of 1.14. The stock has a market capitalization of $23.76 billion, a P/E ratio of 2.07 and a beta of 0.89.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings results on Friday, January 26th. The bank reported $46.58 EPS for the quarter, missing the consensus estimate of $48.49 by ($1.91). First Citizens BancShares had a return on equity of 13.52% and a net margin of 51.04%. The company had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.36 billion. As a group, sell-side analysts forecast that First Citizens BancShares, Inc. will post 177.19 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Thursday, February 29th were issued a dividend of $1.64 per share. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $6.56 annualized dividend and a yield of 0.40%. First Citizens BancShares’s payout ratio is presently 0.84%.

Insiders Place Their Bets

In other news, major shareholder Olivia Britton Holding purchased 466 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The shares were bought at an average cost of $1,315.00 per share, for a total transaction of $612,790.00. Following the acquisition, the insider now owns 121,694 shares of the company’s stock, valued at approximately $160,027,610. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other First Citizens BancShares news, major shareholder Olivia Britton Holding purchased 466 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The stock was purchased at an average cost of $1,315.00 per share, with a total value of $612,790.00. Following the purchase, the insider now owns 121,694 shares of the company’s stock, valued at $160,027,610. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Hope Holding Bryant acquired 300 shares of the business’s stock in a transaction on Wednesday, February 21st. The stock was acquired at an average cost of $1,315.00 per share, for a total transaction of $394,500.00. Following the transaction, the insider now directly owns 1,978 shares in the company, valued at $2,601,070. The disclosure for this purchase can be found here. Insiders bought 1,388 shares of company stock valued at $1,825,220 over the last three months. 12.85% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Raymond James Financial Services Advisors Inc. lifted its position in shares of First Citizens BancShares by 145.4% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 1,406 shares of the bank’s stock worth $1,995,000 after purchasing an additional 833 shares during the period. Nordea Investment Management AB lifted its holdings in First Citizens BancShares by 3,091.6% during the fourth quarter. Nordea Investment Management AB now owns 23,905 shares of the bank’s stock worth $34,203,000 after buying an additional 23,156 shares during the period. Reinhart Partners LLC. boosted its position in First Citizens BancShares by 11.7% during the 4th quarter. Reinhart Partners LLC. now owns 56,803 shares of the bank’s stock valued at $80,602,000 after acquiring an additional 5,952 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of First Citizens BancShares by 49.1% in the 3rd quarter. Legal & General Group Plc now owns 47,287 shares of the bank’s stock valued at $65,261,000 after acquiring an additional 15,579 shares during the period. Finally, Hsbc Holdings PLC raised its position in shares of First Citizens BancShares by 90.9% in the 3rd quarter. Hsbc Holdings PLC now owns 3,132 shares of the bank’s stock worth $4,326,000 after acquiring an additional 1,491 shares in the last quarter. 61.18% of the stock is currently owned by hedge funds and other institutional investors.

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.