First Citizens BancShares (NASDAQ:FCNCA) Upgraded at Zacks Research

Zacks Research upgraded shares of First Citizens BancShares (NASDAQ:FCNCA) from a strong sell rating to a hold rating in a research note published on Monday,Zacks.com reports.

Other equities research analysts have also issued reports about the company. Truist Financial boosted their target price on First Citizens BancShares from $2,050.00 to $2,150.00 and gave the stock a “hold” rating in a report on Monday, January 26th. Weiss Ratings reiterated a “buy (b-)” rating on shares of First Citizens BancShares in a report on Friday, March 27th. Wall Street Zen raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. The Goldman Sachs Group downgraded shares of First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,300.00 price objective for the company. in a report on Tuesday, January 6th. Finally, Barclays lowered their target price on shares of First Citizens BancShares from $2,456.00 to $2,346.00 and set an “equal weight” rating on the stock in a research note on Monday, January 26th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $2,211.00.

First Citizens BancShares Trading Up 0.5%

First Citizens BancShares stock opened at $1,894.38 on Monday. First Citizens BancShares has a one year low of $1,473.62 and a one year high of $2,232.21. The company’s fifty day moving average price is $1,962.88 and its two-hundred day moving average price is $1,941.51. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.03 and a quick ratio of 1.03. The company has a market capitalization of $22.62 billion, a price-to-earnings ratio of 11.43, a PEG ratio of 1.40 and a beta of 0.65.

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

First Citizens BancShares Announces Dividend

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

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 134 shares of the business’s stock in a transaction dated Friday, March 13th. The stock was bought at an average cost of $1,550.00 per share, for a total transaction of $207,700.00. Following the completion of the acquisition, the chief executive officer directly owned 2,749 shares in the company, valued at $4,260,950. This represents a 5.12% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders purchased 258 shares of company stock worth $404,236 in the last three months. 13.40% of the stock is owned by insiders.

Institutional Investors Weigh In On First Citizens BancShares

Several hedge funds and other institutional investors have recently modified their holdings of FCNCA. Goldman Sachs Group Inc. boosted its holdings in First Citizens BancShares by 1.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 37,389 shares of the bank’s stock valued at $69,324,000 after purchasing an additional 681 shares during the period. Empowered Funds LLC increased its holdings in shares of First Citizens BancShares by 71.9% during the 1st quarter. Empowered Funds LLC now owns 392 shares of the bank’s stock worth $727,000 after purchasing an additional 164 shares during the period. Focus Partners Wealth raised its position in shares of First Citizens BancShares by 5.2% during the first quarter. Focus Partners Wealth now owns 241 shares of the bank’s stock valued at $447,000 after buying an additional 12 shares during the last quarter. Prudential Financial Inc. raised its position in shares of First Citizens BancShares by 19.0% during the second quarter. Prudential Financial Inc. now owns 870 shares of the bank’s stock valued at $1,702,000 after buying an additional 139 shares during the last quarter. Finally, Advisors Asset Management Inc. lifted its stake in shares of First Citizens BancShares by 39.2% in the second quarter. Advisors Asset Management Inc. now owns 277 shares of the bank’s stock valued at $542,000 after buying an additional 78 shares during the period. Institutional investors and hedge funds own 78.01% of the company’s stock.

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.