First Citizens BancShares (NASDAQ:FCNCA) Sets New 12-Month High – Still a Buy?

First Citizens BancShares, Inc. (NASDAQ:FCNCA) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $2,248.13 and last traded at $2,238.2150, with a volume of 11227 shares trading hands. The stock had previously closed at $2,218.44.

Wall Street Analysts Forecast Growth

FCNCA has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft lowered shares of First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,154.00 price target for the company. in a research report on Wednesday, April 8th. Barclays lifted their price objective 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. Piper Sandler boosted their price objective on shares of First Citizens BancShares from $2,050.00 to $2,100.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. Citigroup reissued a “neutral” rating on shares of First Citizens BancShares in a research report on Friday, July 24th. Finally, Truist Financial raised their target price on shares of 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. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $2,278.31.

First Citizens BancShares Stock Up 0.2%

The business’s 50 day moving average is $2,098.96 and its 200 day moving average is $2,018.56. The company has a market capitalization of $25.86 billion, a price-to-earnings ratio of 11.93, a PEG ratio of 1.72 and a beta of 0.62. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.00 and a current ratio of 1.00.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Thursday, July 23rd. The bank reported $57.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $56.68. The business had revenue of $2.24 billion during the quarter, compared to analysts’ expectations 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 anticipate that First Citizens BancShares, Inc. will post 190.06 earnings per share for the current year.

First Citizens BancShares Announces Dividend

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

Insiders Place Their Bets

In other news, CEO Frank B. Holding, Jr. acquired 528 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were acquired at an average cost of $1,813.37 per share, with a total value of $957,459.36. Following the completion of the acquisition, the chief executive officer owned 64,100 shares of the company’s stock, valued at approximately $116,237,017. This trade represents a 0.83% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. In the last quarter, insiders bought 7,190 shares of company stock worth $12,573,868. 14.63% of the stock is currently owned by insiders.

Institutional Investors Weigh In On First Citizens BancShares

A number of large investors have recently bought and sold shares of FCNCA. Hilton Head Capital Partners LLC purchased a new stake in shares of First Citizens BancShares in the 4th quarter valued at $26,000. Reflection Asset Management acquired a new position in First Citizens BancShares during the fourth quarter valued at $45,000. Global Assets Advisory LLC purchased a new stake in First Citizens BancShares in the first quarter valued at $45,000. UMB Bank n.a. boosted its holdings in First Citizens BancShares by 50.0% in the fourth quarter. UMB Bank n.a. now owns 24 shares of the bank’s stock valued at $52,000 after purchasing an additional 8 shares during the last quarter. Finally, Jessup Wealth Management Inc acquired a new stake in First Citizens BancShares during the 4th quarter worth about $56,000. Hedge funds and other institutional investors 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.