First Citizens BancShares (NASDAQ:FCNCA) Earns “Outperform” Rating from Keefe, Bruyette & Woods

Keefe, Bruyette & Woods restated their outperform rating on shares of First Citizens BancShares (NASDAQ:FCNCA) in a report published on Friday morning, Benzinga reports. The firm currently has a $2,100.00 price objective on the bank’s stock, up from their previous price objective of $1,900.00.

Several other equities analysts have also commented on FCNCA. Wedbush restated an outperform rating and set a $1,800.00 price target on shares of First Citizens BancShares in a research report on Monday, January 29th. DA Davidson reiterated a neutral rating and issued 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 lowered shares of First Citizens BancShares from a hold rating to a sell rating in a research report on Wednesday, April 3rd. Barclays increased their target price on shares of First Citizens BancShares from $1,850.00 to $1,950.00 and gave the company an equal weight rating in a research report on Friday. Finally, Piper Sandler lowered shares of First Citizens BancShares from an overweight rating to a neutral rating and increased their target price for the company from $1,850.00 to $1,950.00 in a research report on Friday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, First Citizens BancShares currently has an average rating of Hold and a consensus target price of $1,829.90.

First Citizens BancShares Stock Down 2.5 %

First Citizens BancShares stock opened at $1,754.50 on Friday. The company has a 50-day simple moving average of $1,582.88 and a 200-day simple moving average of $1,480.23. The firm has a market capitalization of $25.48 billion, a P/E ratio of 9.74 and a beta of 0.89. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.14 and a current ratio of 1.14. First Citizens BancShares has a one year low of $945.32 and a one year high of $1,810.03.

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). The firm had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.36 billion. First Citizens BancShares had a return on equity of 15.75% and a net margin of 18.22%. As a group, equities analysts expect that First Citizens BancShares will post 179.92 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Friday, May 31st will be paid a $1.64 dividend. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $6.56 annualized dividend and a dividend yield of 0.37%. First Citizens BancShares’s dividend payout ratio is currently 3.64%.

Insider Transactions at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. acquired 622 shares of the stock in a transaction dated Tuesday, February 20th. The shares were bought at an average price of $1,315.00 per share, with a total value of $817,930.00. Following the purchase, the chief executive officer now directly owns 97,609 shares of the company’s stock, valued at approximately $128,355,835. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO Frank B. Holding, Jr. bought 622 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was bought at an average cost of $1,315.00 per share, for a total transaction of $817,930.00. Following the completion of the acquisition, the chief executive officer now directly owns 97,609 shares in the company, valued at approximately $128,355,835. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Ellen R. Alemany sold 600 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $1,559.09, for a total transaction of $935,454.00. Following the completion of the transaction, the director now owns 4,842 shares of the company’s stock, valued at $7,549,113.78. The disclosure for this sale can be found here. Insiders have acquired 1,388 shares of company stock valued at $1,825,220 in the last quarter. Insiders own 13.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in FCNCA. Mather Group LLC. acquired a new stake in shares of First Citizens BancShares during the first quarter worth approximately $31,000. Blue Trust Inc. boosted its holdings in shares of First Citizens BancShares by 100.0% during the fourth quarter. Blue Trust Inc. now owns 20 shares of the bank’s stock worth $27,000 after purchasing an additional 10 shares during the period. GAMMA Investing LLC acquired a new stake in shares of First Citizens BancShares during the fourth quarter worth approximately $30,000. Lindbrook Capital LLC boosted its holdings in shares of First Citizens BancShares by 53.3% during the third quarter. Lindbrook Capital LLC now owns 23 shares of the bank’s stock worth $32,000 after purchasing an additional 8 shares during the period. Finally, Principal Securities Inc. acquired a new stake in shares of First Citizens BancShares during the fourth quarter worth approximately $43,000. 61.18% of the stock is currently owned by institutional investors and hedge funds.

First Citizens BancShares Company Profile

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.