JPMorgan Chase & Co. Cuts First Citizens BancShares (NASDAQ:FCNCA) Price Target to $2,300.00

First Citizens BancShares (NASDAQ:FCNCA) had its target price cut by JPMorgan Chase & Co. from $2,450.00 to $2,300.00 in a research note published on Thursday morning,Benzinga reports. They currently have a neutral rating on the bank’s stock.

Several other brokerages also recently weighed in on FCNCA. UBS Group initiated coverage on shares of First Citizens BancShares in a research note on Monday, September 14th. They set a “neutral” rating and a $2,250.00 target price on the stock. Citigroup restated a “neutral” rating on shares of First Citizens BancShares in a research note on Thursday. Weiss Ratings upgraded First Citizens BancShares from a “hold (c+)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. Jefferies Financial Group reiterated a “hold” rating and issued a $2,300.00 target price on shares of First Citizens BancShares in a report on Thursday, July 23rd. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and set a $2,300.00 target price on shares of First Citizens BancShares in a research note on Thursday, July 9th. One investment 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 company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $2,261.00.

First Citizens BancShares Stock Performance

Shares of First Citizens BancShares stock opened at $2,073.46 on Thursday. The business has a 50-day moving average of $2,165.94 and a 200 day moving average of $2,059.44. First Citizens BancShares has a 12 month low of $1,623.76 and a 12 month high of $2,296.30. The stock has a market capitalization of $23.41 billion, a price-to-earnings ratio of 11.09, a price-to-earnings-growth ratio of 1.54 and a beta of 0.58. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.00 and a quick ratio of 1.00.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results on Thursday, July 23rd. The bank reported $57.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $56.68. The company had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.16 billion. First Citizens BancShares had a net margin of 16.28% and a return on equity of 12.07%. As a group, sell-side analysts forecast that First Citizens BancShares will post 191.94 earnings per share for the current year.

First Citizens BancShares Announces Dividend

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

Insider Activity at First Citizens BancShares

In related news, Director Diane Morais acquired 50 shares of First Citizens BancShares stock in a transaction dated Wednesday, August 19th. The stock was acquired at an average price of $2,168.11 per share, for a total transaction of $108,405.50. Following the transaction, the director owned 100 shares of the company’s stock, valued at $216,811. This represents a 100.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Olivia Britton Holding sold 7,000 shares of the company’s stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $19.53, for a total transaction of $136,710.00. Following the completion of the transaction, the insider owned 15,000 shares of the company’s stock, valued at approximately $292,950. The trade was a 31.82% decrease in their position. The disclosure for this sale is available in the SEC filing. 14.63% of the stock is currently owned by insiders.

Institutional Investors Weigh In On First Citizens BancShares

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Venturi Wealth Management LLC grew its position in shares of First Citizens BancShares by 2.6% during the 1st quarter. Venturi Wealth Management LLC now owns 233 shares of the bank’s stock valued at $439,000 after buying an additional 6 shares during the last quarter. Concurrent Investment Advisors LLC lifted its holdings in First Citizens BancShares by 2.8% in the second quarter. Concurrent Investment Advisors LLC now owns 259 shares of the bank’s stock worth $539,000 after acquiring an additional 7 shares during the last quarter. Cooper Financial Group lifted its holdings in First Citizens BancShares by 6.5% in the second quarter. Cooper Financial Group now owns 131 shares of the bank’s stock worth $273,000 after acquiring an additional 8 shares during the last quarter. Root Financial Partners LLC lifted its holdings in First Citizens BancShares by 61.1% in the fourth quarter. Root Financial Partners LLC now owns 29 shares of the bank’s stock worth $62,000 after acquiring an additional 11 shares during the last quarter. Finally, Hilton Head Capital Partners LLC bought a new position in shares of First Citizens BancShares during the fourth quarter valued at approximately $26,000. 78.01% of the stock is owned by hedge funds and other institutional investors.

About First Citizens BancShares

First Citizens BancShares, Inc is a financial holding company headquartered in Raleigh, North Carolina. Through its principal subsidiary, First-Citizens Bank & Trust Company, the company provides banking and financial services to individuals, businesses, nonprofit organizations and government entities.

Its offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, treasury management, wealth management and investment services.