First Citizens BancShares (NASDAQ:FCNCA) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of First Citizens BancShares (NASDAQ:FCNCA) from a sell rating to a hold rating in a research report sent to investors on Thursday morning.

Other analysts also recently issued reports about the company. Wedbush cut their target price on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a research report on Friday, October 25th. Barclays increased their price objective on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods upped their price target on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Piper Sandler increased their price target on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $2,025.90.

First Citizens BancShares Trading Up 2.3 %

Shares of NASDAQ:FCNCA opened at $2,200.46 on Thursday. The stock has a market capitalization of $31.83 billion, a PE ratio of 12.61 and a beta of 0.80. First Citizens BancShares has a one year low of $1,363.97 and a one year high of $2,275.90. The company’s 50-day moving average price is $1,973.28 and its two-hundred day moving average price is $1,873.97. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Thursday, October 24th. The bank reported $45.87 EPS for the quarter, missing the consensus estimate of $47.40 by ($1.53). First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. The business had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter in the prior year, the firm posted $55.92 earnings per share. On average, equities analysts forecast that First Citizens BancShares will post 189.06 EPS for the current fiscal year.

First Citizens BancShares declared that its board has authorized a stock buyback program on Thursday, July 25th that allows the company to buyback $3.50 billion in outstanding shares. This buyback authorization allows the bank to reacquire up to 12.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

First Citizens BancShares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be issued a dividend of $1.95 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $7.80 annualized dividend and a dividend yield of 0.35%. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.64. First Citizens BancShares’s dividend payout ratio is currently 4.47%.

Institutional Trading of First Citizens BancShares

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FCNCA. LRI Investments LLC purchased a new position in shares of First Citizens BancShares in the 1st quarter worth approximately $33,000. V Square Quantitative Management LLC bought a new position in First Citizens BancShares in the 2nd quarter valued at $35,000. Brooklyn Investment Group purchased a new stake in shares of First Citizens BancShares during the 3rd quarter valued at $39,000. Gradient Investments LLC bought a new stake in shares of First Citizens BancShares during the 2nd quarter worth $52,000. Finally, Blue Trust Inc. boosted its holdings in shares of First Citizens BancShares by 120.0% in the 2nd quarter. Blue Trust Inc. now owns 66 shares of the bank’s stock worth $108,000 after buying an additional 36 shares during the last quarter. 61.18% of the stock is owned by 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.