First Citizens BancShares’ (FCNCA) Outperform Rating Reiterated at Wedbush

Wedbush reissued their outperform rating on shares of First Citizens BancShares (NASDAQ:FCNCA) in a research report report published on Friday, Benzinga reports. Wedbush currently has a $1,800.00 price target on the bank’s stock.

Other analysts also recently issued reports about the company. StockNews.com initiated coverage on First Citizens BancShares in a research report on Thursday, October 5th. They set a hold rating on the stock. UBS Group boosted their target price on First Citizens BancShares from $1,490.00 to $1,780.00 and gave the stock a buy rating in a research report on Monday, August 7th. Citigroup initiated coverage on First Citizens BancShares in a research report on Friday, September 29th. They set a neutral rating and a $1,520.00 target price on the stock. Finally, JPMorgan Chase & Co. started coverage on First Citizens BancShares in a research report on Wednesday, September 20th. They set an overweight rating and a $1,850.00 price target for the company. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, First Citizens BancShares currently has a consensus rating of Moderate Buy and a consensus target price of $1,625.00.

First Citizens BancShares Stock Down 0.5 %

FCNCA opened at $1,428.26 on Friday. The business’s fifty day moving average is $1,357.47 and its two-hundred day moving average is $1,309.28. The company has a debt-to-equity ratio of 2.10, a quick ratio of 1.20 and a current ratio of 1.20. The company has a market cap of $20.74 billion, a price-to-earnings ratio of 1.86 and a beta of 0.95. First Citizens BancShares has a one year low of $505.84 and a one year high of $1,512.07.

First Citizens BancShares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 30th will be issued a dividend of $1.64 per share. The ex-dividend date of this dividend is Wednesday, November 29th. This is an increase from First Citizens BancShares’s previous quarterly dividend of $0.75. This represents a $6.56 dividend on an annualized basis and a dividend yield of 0.46%. First Citizens BancShares’s payout ratio is 0.39%.

Insider Transactions at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. acquired 110 shares of the company’s stock in a transaction dated Tuesday, September 19th. The stock was bought at an average price of $1,150.00 per share, with a total value of $126,500.00. Following the purchase, the chief executive officer now directly owns 97,442 shares in the company, valued at approximately $112,058,300. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 13.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. BDO Wealth Advisors LLC raised its holdings in shares of First Citizens BancShares by 1,900.0% in the 2nd quarter. BDO Wealth Advisors LLC now owns 20 shares of the bank’s stock worth $26,000 after purchasing an additional 19 shares during the period. Exchange Traded Concepts LLC purchased a new position in shares of First Citizens BancShares in the 2nd quarter worth about $31,000. Castleview Partners LLC purchased a new position in shares of First Citizens BancShares in the 2nd quarter worth about $31,000. Lindbrook Capital LLC raised its holdings in shares of First Citizens BancShares by 53.3% in the 3rd quarter. Lindbrook Capital LLC now owns 23 shares of the bank’s stock worth $32,000 after purchasing an additional 8 shares during the period. Finally, Resurgent Financial Advisors LLC purchased a new position in shares of First Citizens BancShares in the 4th quarter worth about $35,000. Institutional investors and hedge funds own 62.73% of the company’s stock.

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.