First Citizens BancShares (NASDAQ:FCNCA) Coverage Initiated by Analysts at TD Cowen

TD Cowen assumed coverage on shares of First Citizens BancShares (NASDAQ:FCNCA) in a research note published on Thursday morning, Marketbeat.com reports. The brokerage issued a buy rating and a $2,400.00 price target on the bank’s stock.

Other analysts have also issued research reports about the company. Truist Financial increased their target price on First Citizens BancShares from $2,303.00 to $2,384.00 and gave the company a “hold” rating in a report on Wednesday, January 29th. The Goldman Sachs Group cut their price target on First Citizens BancShares from $2,535.00 to $2,200.00 and set a “buy” rating for the company in a research note on Tuesday, March 18th. Barclays cut their price target on shares of First Citizens BancShares from $2,568.00 to $2,400.00 and set an “equal weight” rating on the stock in a report on Friday, April 25th. Keefe, Bruyette & Woods boosted their price target on First Citizens BancShares from $2,500.00 to $2,600.00 and gave the stock an “outperform” rating in a research report on Monday, January 27th. Finally, Piper Sandler upgraded First Citizens BancShares from a “neutral” rating to an “overweight” rating and set a $2,250.00 target price for the company in a report on Tuesday, March 11th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, First Citizens BancShares presently has an average rating of “Moderate Buy” and an average price target of $2,336.58.

First Citizens BancShares Price Performance

NASDAQ:FCNCA opened at $1,966.55 on Thursday. 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’s 50-day moving average price is $1,780.28 and its 200 day moving average price is $2,008.55. First Citizens BancShares has a 52-week low of $1,473.62 and a 52-week high of $2,412.93. The firm has a market cap of $26.70 billion, a P/E ratio of 10.38, a PEG ratio of 0.94 and a beta of 0.64.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings data on Thursday, April 24th. The bank reported $37.79 EPS for the quarter, beating analysts’ consensus estimates of $37.72 by $0.07. The company had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.22 billion. First Citizens BancShares had a return on equity of 13.22% and a net margin of 18.55%. As a group, sell-side analysts predict that First Citizens BancShares will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be paid a $1.95 dividend. The ex-dividend date is Friday, May 30th. This represents a $7.80 annualized dividend and a dividend yield of 0.40%. First Citizens BancShares’s payout ratio is 4.47%.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 350 shares of the company’s stock in a transaction that occurred on Friday, May 2nd. The stock was purchased at an average price of $1,610.00 per share, with a total value of $563,500.00. Following the completion of the transaction, the chief executive officer now directly owns 2,758 shares of the company’s stock, valued at approximately $4,440,380. This trade represents a 14.53% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Craig L. Nix acquired 17 shares of the firm’s stock in a transaction on Friday, March 7th. The shares were bought at an average cost of $1,881.13 per share, for a total transaction of $31,979.21. Following the completion of the acquisition, the chief financial officer now directly owns 1,141 shares of the company’s stock, valued at approximately $2,146,369.33. This represents a 1.51% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 13.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Mather Group LLC. grew its position in First Citizens BancShares by 38.5% during the 4th quarter. Mather Group LLC. now owns 18 shares of the bank’s stock worth $38,000 after acquiring an additional 5 shares during the last quarter. Private Advisor Group LLC grew its holdings 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 purchasing an additional 5 shares during the last quarter. Exencial Wealth Advisors LLC increased its stake in shares of First Citizens BancShares by 1.2% in the fourth quarter. Exencial Wealth Advisors LLC now owns 428 shares of the bank’s stock valued at $904,000 after buying an additional 5 shares in the last quarter. Gamco Investors INC. ET AL raised its holdings in shares of First Citizens BancShares by 3.3% in the fourth quarter. Gamco Investors INC. ET AL now owns 155 shares of the bank’s stock valued at $328,000 after buying an additional 5 shares during the last quarter. Finally, JT Stratford LLC lifted its position in First Citizens BancShares by 0.4% during the 4th quarter. JT Stratford LLC now owns 1,247 shares of the bank’s stock worth $2,635,000 after buying an additional 5 shares in the last quarter. 78.01% of the stock is currently owned by institutional investors and hedge funds.

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.