First Citizens BancShares (NASDAQ:FCNCA) Given New $2,000.00 Price Target at Citigroup

First Citizens BancShares (NASDAQ:FCNCA) had its target price lowered by Citigroup from $2,250.00 to $2,000.00 in a research note published on Monday morning,Benzinga reports. The firm currently has a neutral rating on the bank’s stock.

FCNCA has been the topic of a number of other reports. Raymond James Financial set a $2,100.00 price target on shares of First Citizens BancShares in a research note on Tuesday, October 7th. UBS Group restated a “buy” rating and issued a $2,410.00 price target on shares of First Citizens BancShares in a research note on Wednesday, July 9th. Cowen restated a “buy” rating on shares of First Citizens BancShares in a research note on Monday, July 28th. Piper Sandler reduced their price target on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a research note on Friday. Finally, Keefe, Bruyette & Woods reduced their price target on shares of First Citizens BancShares from $2,100.00 to $2,050.00 and set an “outperform” rating on the stock in a research note on Friday. Seven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $2,166.67.

First Citizens BancShares Trading Up 0.6%

Shares of First Citizens BancShares stock opened at $1,786.10 on Monday. The company has a market capitalization of $23.08 billion, a price-to-earnings ratio of 10.56 and a beta of 0.60. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.76. First Citizens BancShares has a 12-month low of $1,473.62 and a 12-month high of $2,412.93. The firm’s 50-day moving average price is $1,857.30 and its two-hundred day moving average price is $1,884.71.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings data on Thursday, October 23rd. The bank reported $44.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $41.51 by $3.11. The firm had revenue of $2.25 billion for the quarter, compared to the consensus estimate of $2.21 billion. First Citizens BancShares had a net margin of 15.99% and a return on equity of 11.06%. On average, analysts forecast that First Citizens BancShares will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Friday, November 28th will be issued a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a yield of 0.5%. The ex-dividend date is Friday, November 28th. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.95. First Citizens BancShares’s dividend payout ratio (DPR) is 4.97%.

Insiders Place Their Bets

In other news, CEO Frank B. Holding, Jr. purchased 600 shares of the stock in a transaction on Thursday, August 7th. The stock was purchased at an average price of $1,698.75 per share, for a total transaction of $1,019,250.00. Following the acquisition, the chief executive officer owned 32,300 shares in the company, valued at $54,869,625. This trade represents a 1.89% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Hope Holding Bryant purchased 409 shares of the stock in a transaction on Thursday, August 7th. The shares were purchased at an average price of $1,630.00 per share, with a total value of $666,670.00. Following the acquisition, the insider owned 1,764 shares in the company, valued at approximately $2,875,320. The trade was a 30.18% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 1,428 shares of company stock worth $2,371,476. 13.40% of the stock is currently owned by insiders.

Institutional Trading of First Citizens BancShares

Several hedge funds have recently modified their holdings of the stock. Cresset Asset Management LLC increased its stake in shares of First Citizens BancShares by 3.8% in the 1st quarter. Cresset Asset Management LLC now owns 163 shares of the bank’s stock valued at $302,000 after acquiring an additional 6 shares in the last quarter. Allworth Financial LP increased its stake in shares of First Citizens BancShares by 35.3% in the 2nd quarter. Allworth Financial LP now owns 23 shares of the bank’s stock valued at $45,000 after acquiring an additional 6 shares in the last quarter. Personal CFO Solutions LLC increased its stake in shares of First Citizens BancShares by 4.0% in the 2nd quarter. Personal CFO Solutions LLC now owns 156 shares of the bank’s stock valued at $305,000 after acquiring an additional 6 shares in the last quarter. Corient Private Wealth LLC increased its stake in shares of First Citizens BancShares by 0.6% in the 2nd quarter. Corient Private Wealth LLC now owns 1,049 shares of the bank’s stock valued at $2,051,000 after acquiring an additional 6 shares in the last quarter. Finally, US Bancorp DE increased its stake in shares of First Citizens BancShares by 0.8% in the 2nd quarter. US Bancorp DE now owns 873 shares of the bank’s stock valued at $1,708,000 after acquiring an additional 7 shares in the last quarter. Institutional investors own 78.01% 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.