JPMorgan Chase & Co. Issues Positive Forecast for First Citizens BancShares (NASDAQ:FCNCA) Stock Price

First Citizens BancShares (NASDAQ:FCNCA) had its target price hoisted by JPMorgan Chase & Co. from $2,550.00 to $2,600.00 in a research note issued to investors on Tuesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the bank’s stock.

Other research analysts have also recently issued reports about the company. Wedbush lowered their target price on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. Truist Financial started coverage on First Citizens BancShares in a report on Tuesday. They issued a “hold” rating and a $2,303.00 target price for the company. Deutsche Bank Aktiengesellschaft assumed coverage on First Citizens BancShares in a report on Monday, December 9th. They set a “buy” rating and a $2,600.00 price target on the stock. UBS Group began coverage on shares of First Citizens BancShares in a report on Tuesday, December 17th. They issued a “buy” rating and a $2,700.00 price objective for the company. Finally, The Goldman Sachs Group lifted their target price on shares of First Citizens BancShares from $2,025.00 to $2,625.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $2,290.75.

First Citizens BancShares Price Performance

Shares of First Citizens BancShares stock opened at $2,094.00 on Tuesday. First Citizens BancShares has a twelve month low of $1,363.97 and a twelve month high of $2,388.78. The firm has a market cap of $29.29 billion, a PE ratio of 12.00 and a beta of 0.86. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68. The business has a 50-day moving average price of $2,155.93 and a 200 day moving average price of $1,996.00.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53). The firm had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.36 billion. First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. During the same period in the prior year, the firm earned $55.92 earnings per share. Sell-side analysts predict that First Citizens BancShares will post 188.21 earnings per share for the current fiscal year.

First Citizens BancShares Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were given a dividend of $1.95 per share. The ex-dividend date of this dividend was Friday, November 29th. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.64. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.37%. First Citizens BancShares’s dividend payout ratio (DPR) is 4.47%.

Institutional Trading of First Citizens BancShares

Several hedge funds have recently made changes to their positions in the company. M&T Bank Corp raised its stake in shares of First Citizens BancShares by 0.8% during the 3rd quarter. M&T Bank Corp now owns 607 shares of the bank’s stock worth $1,117,000 after buying an additional 5 shares during the last quarter. Wedbush Securities Inc. raised its position in shares of First Citizens BancShares by 0.5% in the 2nd quarter. Wedbush Securities Inc. now owns 1,199 shares of the bank’s stock worth $2,019,000 after buying an additional 6 shares during the period. Metis Global Partners LLC increased its position in First Citizens BancShares by 4.9% during the 3rd quarter. Metis Global Partners LLC now owns 129 shares of the bank’s stock worth $237,000 after purchasing an additional 6 shares in the last quarter. Tandem Capital Management Corp ADV lifted its holdings in shares of First Citizens BancShares by 1.8% during the 3rd quarter. Tandem Capital Management Corp ADV now owns 459 shares of the bank’s stock valued at $845,000 after acquiring an additional 8 shares in the last quarter. Finally, Mount Lucas Management LP grew its stake in shares of First Citizens BancShares by 2.6% in the third quarter. Mount Lucas Management LP now owns 315 shares of the bank’s stock valued at $580,000 after buying an additional 8 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 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.