First Citizens BancShares, Inc. (NASDAQ:FCNCA) Stock Has Consensus Price Target of $2,344.00 According to Analysts

First Citizens BancShares, Inc. (NASDAQ:FCNCA) has received a consensus recommendation of “Hold” from the fourteen ratings firms that are covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $2,355.31.

Several research analysts have commented on the company. UBS Group reaffirmed a “neutral” rating and set a $2,475.00 target price on shares of First Citizens BancShares in a report on Monday. Piper Sandler increased their price target on First Citizens BancShares from $2,050.00 to $2,100.00 and gave the company a “neutral” rating in a research note on Monday, July 27th. Keefe, Bruyette & Woods downgraded First Citizens BancShares from an “outperform” rating to a “market perform” rating and set a $2,300.00 price objective for the company. in a research report on Thursday, July 9th. Truist Financial lifted their price objective on First Citizens BancShares from $2,323.00 to $2,470.00 and gave the stock a “hold” rating in a research note on Wednesday. Finally, TD Cowen upped their target price on First Citizens BancShares from $2,430.00 to $2,730.00 and gave the company a “buy” rating in a report on Monday.

Insiders Place Their Bets

In other First Citizens BancShares news, Director Diane Morais purchased 50 shares of the firm’s stock in a transaction on Wednesday, August 19th. The stock was purchased at an average cost of $2,168.11 per share, for a total transaction of $108,405.50. Following the acquisition, the director owned 100 shares in the company, valued at approximately $216,811. The trade was a 100.00% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Olivia Britton Holding sold 7,000 shares of the stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $19.53, for a total value of $136,710.00. Following the sale, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 14.63% of the company’s stock.

Institutional Investors Weigh In On First Citizens BancShares

Hedge funds have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its position in shares of First Citizens BancShares by 1.5% during the first quarter. Dimensional Fund Advisors LP now owns 125,947 shares of the bank’s stock valued at $237,333,000 after purchasing an additional 1,886 shares in the last quarter. Reinhart Partners LLC. boosted its holdings in First Citizens BancShares by 7.5% during the second quarter. Reinhart Partners LLC. now owns 84,206 shares of the bank’s stock worth $175,253,000 after purchasing an additional 5,909 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in First Citizens BancShares by 20.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 91,876 shares of the bank’s stock worth $174,048,000 after purchasing an additional 15,788 shares during the last quarter. Check Capital Management Inc. CA boosted its holdings in First Citizens BancShares by 3.0% during the first quarter. Check Capital Management Inc. CA now owns 44,068 shares of the bank’s stock worth $83,054,000 after purchasing an additional 1,280 shares during the last quarter. Finally, First Trust Advisors LP grew its position in First Citizens BancShares by 44.7% in the 1st quarter. First Trust Advisors LP now owns 43,247 shares of the bank’s stock worth $81,506,000 after purchasing an additional 13,366 shares in the last quarter. 78.01% of the stock is currently owned by institutional investors.

First Citizens BancShares Trading Down 1.3%

Shares of FCNCA opened at $2,352.64 on Wednesday. First Citizens BancShares has a 52-week low of $1,759.27 and a 52-week high of $2,429.96. The business’s fifty day moving average is $2,150.18 and its 200-day moving average is $2,064.76. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a market cap of $26.56 billion, a price-to-earnings ratio of 11.42, a PEG ratio of 1.23 and a beta of 0.58.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Friday, October 23rd. The bank reported $55.37 EPS for the quarter, beating analysts’ consensus estimates of $46.18 by $9.19. The firm had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.23 billion. First Citizens BancShares had a return on equity of 12.49% and a net margin of 16.54%. Equities analysts anticipate that First Citizens BancShares will post 201.38 EPS for the current fiscal year.

First Citizens BancShares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Monday, November 30th will be given a dividend of $2.25 per share. This represents a $9.00 annualized dividend and a dividend yield of 0.4%. This is a boost from First Citizens BancShares’s previous quarterly dividend of $2.10. The ex-dividend date is Monday, November 30th. First Citizens BancShares’s dividend payout ratio is currently 4.30%.

First Citizens BancShares declared that its board has initiated a stock repurchase plan on Friday, October 23rd that permits the company to buy back $1.20 billion in outstanding shares. This repurchase authorization permits the bank to buy up to 4.5% of its shares through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

About First Citizens BancShares

First Citizens BancShares, Inc is a bank holding company headquartered in Raleigh, North Carolina. Its principal subsidiary, First-Citizens Bank & Trust Company, provides banking and financial services to individuals, businesses, and institutions through a network of branches and digital banking channels.

The bank offers deposit accounts, consumer and residential lending, commercial and industrial loans, commercial real estate financing, equipment finance, treasury management, and payment services.