First Citizens BancShares’ (FCNCA) “Neutral” Rating Reaffirmed at JPMorgan Chase & Co.

JPMorgan Chase & Co. reaffirmed their neutral rating on shares of First Citizens BancShares (NASDAQ:FCNCA) in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $2,200.00 price objective on the bank’s stock, down from their previous price objective of $2,450.00.

Other equities research analysts have also recently issued research reports about the stock. Zacks Research upgraded shares of First Citizens BancShares from a “strong sell” rating to a “hold” rating in a report on Monday. TD Cowen lowered their price target on First Citizens BancShares from $2,600.00 to $2,500.00 and set a “buy” rating on the stock in a report on Monday, January 26th. Wall Street Zen upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Weiss Ratings reiterated a “buy (b-)” rating on shares of First Citizens BancShares in a research report on Friday, March 27th. Finally, UBS Group set a $2,325.00 target price on First Citizens BancShares in a report on Wednesday, February 4th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $2,211.00.

First Citizens BancShares Price Performance

FCNCA opened at $1,894.38 on Wednesday. The company’s 50-day simple moving average is $1,962.88 and its two-hundred day simple moving average is $1,941.51. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market capitalization of $22.62 billion, a P/E ratio of 11.43, a P/E/G ratio of 1.40 and a beta of 0.65. First Citizens BancShares has a 52-week low of $1,473.62 and a 52-week high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Friday, January 23rd. The bank reported $51.27 EPS for the quarter, topping analysts’ consensus estimates of $44.24 by $7.03. First Citizens BancShares had a net margin of 15.21% and a return on equity of 11.18%. The firm had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.24 billion. As a group, analysts predict that First Citizens BancShares will post 167.59 EPS for the current year.

First Citizens BancShares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Friday, February 27th were paid a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Friday, February 27th. First Citizens BancShares’s dividend payout ratio (DPR) is currently 5.07%.

Insider Activity

In related news, CEO Frank B. Holding, Jr. acquired 92 shares of First Citizens BancShares stock in a transaction dated Thursday, March 19th. The stock was purchased at an average cost of $1,550.00 per share, for a total transaction of $142,600.00. Following the purchase, the chief executive officer directly owned 2,841 shares of the company’s stock, valued at approximately $4,403,550. This trade represents a 3.35% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Over the last ninety days, insiders have acquired 258 shares of company stock worth $404,236. Insiders own 13.40% of the company’s stock.

Hedge Funds Weigh In On First Citizens BancShares

Several institutional investors and hedge funds have recently bought and sold shares of FCNCA. Hilton Head Capital Partners LLC purchased a new stake in First Citizens BancShares in the fourth quarter worth about $26,000. SBI Securities Co. Ltd. bought a new position in shares of First Citizens BancShares during the 3rd quarter valued at approximately $27,000. UMB Bank n.a. grew its stake in shares of First Citizens BancShares by 100.0% during the 3rd quarter. UMB Bank n.a. now owns 16 shares of the bank’s stock valued at $29,000 after acquiring an additional 8 shares during the period. Steph & Co. purchased a new stake in First Citizens BancShares in the 3rd quarter worth approximately $32,000. Finally, Root Financial Partners LLC purchased a new stake in First Citizens BancShares in the 3rd quarter worth approximately $32,000. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

About First Citizens BancShares

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.