First Citizens BancShares (NASDAQ:FCNCA) Stock Price Expected to Rise, Citigroup Analyst Says

First Citizens BancShares (NASDAQ:FCNCA) had its target price increased by Citigroup from $1,900.00 to $2,050.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The brokerage currently has a neutral rating on the bank’s stock.

Other research analysts have also recently issued reports about the stock. TD Cowen assumed coverage on shares of First Citizens BancShares in a report on Thursday, May 15th. They issued a “buy” rating and a $2,400.00 price target on the stock. Cowen assumed coverage on shares of First Citizens BancShares in a report on Wednesday, May 14th. They issued a “buy” rating on the stock. Jefferies Financial Group assumed coverage on shares of First Citizens BancShares in a report on Wednesday, May 21st. They issued a “hold” rating and a $2,050.00 price target on the stock. Piper Sandler raised shares of First Citizens BancShares from a “neutral” rating to an “overweight” rating and set a $2,250.00 price target on the stock in a report on Tuesday, March 11th. Finally, JPMorgan Chase & Co. raised their target price on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an “overweight” rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, First Citizens BancShares presently has an average rating of “Moderate Buy” and an average target price of $2,323.67.

First Citizens BancShares Price Performance

Shares of NASDAQ FCNCA opened at $2,094.02 on Wednesday. The firm has a market cap of $27.83 billion, a PE ratio of 11.99, a PEG ratio of 0.96 and a beta of 0.64. The company has a fifty day moving average price of $1,876.34 and a 200 day moving average price of $1,940.53. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.77. First Citizens BancShares has a 1-year low of $1,473.62 and a 1-year high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings data on Thursday, April 24th. The bank reported $37.79 earnings per share for the quarter, beating the consensus estimate of $37.72 by $0.07. First Citizens BancShares had a return on equity of 11.98% and a net margin of 17.10%. The company had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.22 billion. Research analysts predict that First Citizens BancShares will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Friday, May 30th were issued a dividend of $1.95 per share. The ex-dividend date of this dividend was Friday, May 30th. This represents a $7.80 annualized dividend and a dividend yield of 0.37%. First Citizens BancShares’s dividend payout ratio is presently 4.47%.

Insider Activity

In other news, CEO Frank B. Holding, Jr. purchased 350 shares of First Citizens BancShares stock in a transaction that occurred on Friday, May 2nd. The shares were acquired at an average price of $1,610.00 per share, for a total transaction of $563,500.00. Following the transaction, the chief executive officer owned 2,758 shares of the company’s stock, valued at approximately $4,440,380. The trade was a 14.53% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 13.40% of the company’s stock.

Institutional Trading of First Citizens BancShares

Several large investors have recently made changes to their positions in the company. Private Advisor Group LLC grew its stake in shares of First Citizens BancShares by 3.0% during the fourth quarter. Private Advisor Group LLC now owns 172 shares of the bank’s stock worth $363,000 after buying an additional 5 shares during the last quarter. QRG Capital Management Inc. acquired a new position in shares of First Citizens BancShares during the fourth quarter worth $201,000. US Bancorp DE lifted its holdings in shares of First Citizens BancShares by 13.9% during the fourth quarter. US Bancorp DE now owns 745 shares of the bank’s stock worth $1,574,000 after purchasing an additional 91 shares during the period. Metis Global Partners LLC lifted its holdings in First Citizens BancShares by 7.0% in the fourth quarter. Metis Global Partners LLC now owns 138 shares of the bank’s stock valued at $292,000 after buying an additional 9 shares during the period. Finally, Smartleaf Asset Management LLC lifted its holdings in First Citizens BancShares by 31.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 50 shares of the bank’s stock valued at $106,000 after buying an additional 12 shares during the period. Institutional investors and hedge funds own 78.01% of the company’s stock.

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.