First Citizens BancShares (NASDAQ:FCNCA) Given New $2,625.00 Price Target at The Goldman Sachs Group

First Citizens BancShares (NASDAQ:FCNCA) had its price target boosted by The Goldman Sachs Group from $2,025.00 to $2,625.00 in a research report released on Tuesday,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the bank’s stock.

FCNCA has been the subject of several other reports. Barclays lifted their price objective on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Wedbush reduced their price objective on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a report on Friday, October 25th. JPMorgan Chase & Co. cut their price target on First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating for the company in a research note on Friday, October 25th. Finally, StockNews.com upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Thursday, November 14th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $2,093.40.

First Citizens BancShares Price Performance

FCNCA opened at $2,295.00 on Tuesday. First Citizens BancShares has a 1 year low of $1,363.97 and a 1 year high of $2,388.78. The stock has a 50-day moving average price of $2,049.18 and a 200-day moving average price of $1,907.40. The firm has a market cap of $32.11 billion, a PE ratio of 13.23 and a beta of 0.80. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings data on Thursday, October 24th. The bank reported $45.87 earnings per share for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53). First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. The firm had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.36 billion. During the same quarter in the previous year, the firm earned $55.92 earnings per share. Sell-side analysts predict that First Citizens BancShares will post 187.88 earnings per share for the current fiscal year.

First Citizens BancShares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a $1.95 dividend. The ex-dividend date is Friday, November 29th. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.64. This represents a $7.80 dividend on an annualized basis and a yield of 0.34%. First Citizens BancShares’s payout ratio is currently 3.76%.

Hedge Funds Weigh In On First Citizens BancShares

Several institutional investors have recently bought and sold shares of FCNCA. Price T Rowe Associates Inc. MD lifted its stake in shares of First Citizens BancShares by 4.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,769 shares of the bank’s stock valued at $14,339,000 after purchasing an additional 365 shares during the last quarter. Janus Henderson Group PLC lifted its position in First Citizens BancShares by 1.2% in the first quarter. Janus Henderson Group PLC now owns 903 shares of the bank’s stock worth $1,475,000 after buying an additional 11 shares during the last quarter. Tidal Investments LLC boosted its stake in First Citizens BancShares by 11.7% during the first quarter. Tidal Investments LLC now owns 592 shares of the bank’s stock worth $968,000 after buying an additional 62 shares during the period. Comerica Bank raised its stake in shares of First Citizens BancShares by 62.6% in the first quarter. Comerica Bank now owns 3,829 shares of the bank’s stock valued at $6,260,000 after acquiring an additional 1,474 shares during the period. Finally, Plato Investment Management Ltd raised its stake in shares of First Citizens BancShares by 1,271.4% in the first quarter. Plato Investment Management Ltd now owns 384 shares of the bank’s stock valued at $628,000 after acquiring an additional 356 shares during the period. Institutional investors own 61.18% of the company’s stock.

About First Citizens BancShares

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.