First Citizens BancShares (NASDAQ:FCNCA) Price Target Raised to $2,323.00

First Citizens BancShares (NASDAQ:FCNCA) had its target price increased by Truist Financial from $2,150.00 to $2,323.00 in a research report released on Tuesday, Marketbeat reports. The firm currently has a hold rating on the bank’s stock.

A number of other brokerages also recently issued reports on FCNCA. Barclays lifted their price objective on shares of First Citizens BancShares from $2,346.00 to $2,376.00 and gave the stock an “equal weight” rating in a research report on Monday. Deutsche Bank Aktiengesellschaft cut shares of First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,154.00 target price for the company. in a research report on Wednesday, April 8th. Zacks Research upgraded shares of First Citizens BancShares from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. TD Cowen cut their price target on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating on the stock in a report on Monday, April 27th. Finally, The Goldman Sachs Group lifted their price target on shares of First Citizens BancShares from $2,100.00 to $2,340.00 and gave the stock a “neutral” rating in a report on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat, First Citizens BancShares currently has a consensus rating of “Hold” and a consensus target price of $2,278.31.

First Citizens BancShares Price Performance

Shares of FCNCA stock opened at $2,156.23 on Tuesday. The stock’s 50-day moving average is $2,080.75 and its 200 day moving average is $2,016.88. First Citizens BancShares has a 1-year low of $1,623.76 and a 1-year high of $2,237.81. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.00 and a quick ratio of 1.00. The company has a market cap of $24.99 billion, a P/E ratio of 11.53, a PEG ratio of 1.72 and a beta of 0.62.

First Citizens BancShares (NASDAQ:FCNCA) last announced its earnings results on Thursday, July 23rd. The bank reported $57.09 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $56.68. The business had revenue of $2.24 billion during the quarter, compared to the consensus estimate of $2.16 billion. First Citizens BancShares had a net margin of 16.28% and a return on equity of 11.98%. Research analysts predict that First Citizens BancShares will post 182.76 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be given a $2.10 dividend. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Monday, August 31st. First Citizens BancShares’s dividend payout ratio (DPR) is presently 4.49%.

Insider Activity at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. bought 5,940 shares of the stock in a transaction that occurred on Tuesday, May 12th. The stock was bought at an average cost of $1,726.82 per share, for a total transaction of $10,257,310.80. Following the purchase, the chief executive officer directly owned 38,111 shares of the company’s stock, valued at approximately $65,810,837.02. This trade represents a 18.46% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders have purchased 7,190 shares of company stock valued at $12,573,868. Company insiders own 14.63% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Whitener Capital Management Inc. raised its holdings in shares of First Citizens BancShares by 10.7% in the second quarter. Whitener Capital Management Inc. now owns 784 shares of the bank’s stock worth $1,631,000 after buying an additional 76 shares during the last quarter. Legacy Wealth Asset Management LLC grew its holdings in shares of First Citizens BancShares by 6.7% during the second quarter. Legacy Wealth Asset Management LLC now owns 224 shares of the bank’s stock valued at $466,000 after buying an additional 14 shares during the last quarter. Reinhart Partners LLC. grew its holdings in shares of First Citizens BancShares by 7.5% during the second quarter. Reinhart Partners LLC. now owns 84,206 shares of the bank’s stock valued at $175,253,000 after buying an additional 5,909 shares during the last quarter. Cooper Financial Group increased its position in shares of First Citizens BancShares by 6.5% in the 2nd quarter. Cooper Financial Group now owns 131 shares of the bank’s stock valued at $273,000 after acquiring an additional 8 shares during the period. Finally, Balefire LLC acquired a new position in shares of First Citizens BancShares in the 2nd quarter valued at $223,000. Institutional investors and hedge funds own 78.01% of the company’s stock.

About First Citizens BancShares

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.