First Citizens BancShares (NASDAQ:FCNCA) Reaches New 1-Year High on Better-Than-Expected Earnings

First Citizens BancShares, Inc. (NASDAQ:FCNCA)’s share price reached a new 52-week high during mid-day trading on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $2,412.93 and last traded at $2,286.32, with a volume of 20146 shares traded. The stock had previously closed at $2,216.49.

The bank reported $45.10 earnings per share for the quarter, topping analysts’ consensus estimates of $39.32 by $5.78. First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%.

First Citizens BancShares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Friday, February 28th will be given a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a yield of 0.34%. First Citizens BancShares’s payout ratio is currently 4.47%.

Analyst Ratings Changes

FCNCA has been the subject of several analyst reports. UBS Group assumed coverage on shares of First Citizens BancShares in a report on Tuesday, December 17th. They set a “buy” rating and a $2,700.00 price target for the company. The Goldman Sachs Group raised their price target on First Citizens BancShares from $2,025.00 to $2,625.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Citigroup lowered First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. Wedbush decreased their target price on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a research report on Friday, October 25th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of First Citizens BancShares in a research note on Monday, December 9th. They issued a “buy” rating and a $2,600.00 price objective for the company. One research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, First Citizens BancShares presently has a consensus rating of “Hold” and a consensus price target of $2,290.75.

Institutional Trading of First Citizens BancShares

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. M&T Bank Corp raised its holdings in First Citizens BancShares by 0.8% in the 3rd quarter. M&T Bank Corp now owns 607 shares of the bank’s stock valued at $1,117,000 after acquiring an additional 5 shares during the last quarter. Metis Global Partners LLC lifted its position in First Citizens BancShares by 4.9% during the third quarter. Metis Global Partners LLC now owns 129 shares of the bank’s stock worth $237,000 after buying an additional 6 shares during the period. Brooklyn Investment Group boosted its stake in First Citizens BancShares by 33.3% in the 4th quarter. Brooklyn Investment Group now owns 28 shares of the bank’s stock worth $57,000 after buying an additional 7 shares during the last quarter. Tandem Capital Management Corp ADV boosted its stake in First Citizens BancShares by 1.8% in the 3rd quarter. Tandem Capital Management Corp ADV now owns 459 shares of the bank’s stock worth $845,000 after buying an additional 8 shares during the last quarter. Finally, Mount Lucas Management LP grew its holdings in First Citizens BancShares by 2.6% in the 3rd quarter. Mount Lucas Management LP now owns 315 shares of the bank’s stock valued at $580,000 after buying an additional 8 shares during the period. Hedge funds and other institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Stock Performance

The stock’s 50 day moving average price is $2,169.63 and its 200 day moving average price is $2,028.74. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68. The company has a market cap of $32.41 billion, a price-to-earnings ratio of 13.10, a P/E/G ratio of 1.03 and a beta of 0.86.

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.