Keefe, Bruyette & Woods Cuts First Citizens BancShares (NASDAQ:FCNCA) Price Target to $2,300.00

First Citizens BancShares (NASDAQ:FCNCA) had its price target decreased by Keefe, Bruyette & Woods from $2,375.00 to $2,300.00 in a research report sent to investors on Thursday morning,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the bank’s stock.

Several other analysts have also issued reports on the stock. Truist Financial increased their price target on shares of First Citizens BancShares from $2,050.00 to $2,150.00 and gave the stock a “hold” rating in a research report on Monday, January 26th. TD Cowen decreased their price objective on shares of First Citizens BancShares from $2,600.00 to $2,500.00 and set a “buy” rating on the stock in a research note on Monday, January 26th. Citigroup reissued a “buy” rating on shares of First Citizens BancShares in a research note on Monday, January 26th. Barclays decreased their price objective 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. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and issued a $2,200.00 price objective (down from $2,450.00) on shares of First Citizens BancShares in a research note on Wednesday, April 1st. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $2,227.08.

First Citizens BancShares Stock Down 0.4%

Shares of FCNCA opened at $1,989.75 on Thursday. First Citizens BancShares has a 12 month low of $1,581.27 and a 12 month high of $2,232.21. The firm’s 50 day moving average is $1,948.66 and its 200-day moving average is $1,944.90. The stock has a market capitalization of $23.76 billion, a PE ratio of 12.01, a P/E/G ratio of 1.48 and a beta of 0.65. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.72.

First Citizens BancShares (NASDAQ:FCNCA) last announced its earnings results on Friday, January 23rd. The bank reported $51.27 EPS for the quarter, topping the consensus estimate 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 company had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.24 billion. Equities research analysts forecast that First Citizens BancShares will post 167.59 EPS for the current year.

First Citizens BancShares Dividend Announcement

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

Insiders Place Their Bets

In related news, CEO Frank B. Holding, Jr. bought 92 shares of the business’s stock in a transaction on Thursday, March 19th. The shares were purchased at an average price of $1,550.00 per share, for a total transaction of $142,600.00. Following the completion of the transaction, the chief executive officer directly owned 2,841 shares of the company’s stock, valued at approximately $4,403,550. This represents a 3.35% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Insiders have purchased a total of 258 shares of company stock valued at $404,236 in the last quarter. Company insiders own 14.63% of the company’s stock.

Institutional Trading of First Citizens BancShares

Hedge funds have recently added to or reduced their stakes in the stock. Citigroup Inc. boosted its position in First Citizens BancShares by 23.4% in the third quarter. Citigroup Inc. now owns 16,938 shares of the bank’s stock valued at $30,305,000 after buying an additional 3,215 shares in the last quarter. Founders Financial Alliance LLC boosted its position in First Citizens BancShares by 484.7% in the third quarter. Founders Financial Alliance LLC now owns 1,532 shares of the bank’s stock valued at $2,742,000 after buying an additional 1,270 shares in the last quarter. AlphaQuest LLC boosted its position in First Citizens BancShares by 577.7% in the third quarter. AlphaQuest LLC now owns 759 shares of the bank’s stock valued at $1,358,000 after buying an additional 647 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of First Citizens BancShares by 122.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,440 shares of the bank’s stock worth $5,237,000 after purchasing an additional 1,342 shares during the period. Finally, AdvisorShares Investments LLC acquired a new position in shares of First Citizens BancShares during the third quarter worth $415,000. Institutional investors and hedge funds own 78.01% of the company’s stock.

First Citizens BancShares Company Profile

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.