First Citizens BancShares (NASDAQ:FCNCA) Upgraded at TD Cowen

TD Cowen upgraded shares of First Citizens BancShares (NASDAQ:FCNCA) to a strong-buy rating in a report published on Monday morning,Zacks.com reports.

Other equities analysts have also issued reports about the stock. Piper Sandler increased their price objective on shares of First Citizens BancShares from $2,000.00 to $2,100.00 and gave the company a “neutral” rating in a research report on Thursday, January 29th. 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. Keefe, Bruyette & Woods dropped their price objective on shares of First Citizens BancShares from $2,375.00 to $2,300.00 and set an “outperform” rating on the stock in a research report on Thursday, April 9th. Barclays dropped 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 report on Monday, January 26th. Finally, Deutsche Bank Aktiengesellschaft lowered shares of First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,154.00 price objective on the stock. in a research report on Wednesday, April 8th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $2,227.08.

First Citizens BancShares Price Performance

Shares of FCNCA opened at $1,987.01 on Monday. The firm has a market capitalization of $23.72 billion, a PE ratio of 11.99, a PEG ratio of 1.49 and a beta of 0.65. The company’s 50-day moving average is $1,943.13 and its 200-day moving average is $1,947.90. First Citizens BancShares has a fifty-two week low of $1,623.76 and a fifty-two week high of $2,232.21. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.03 and a quick ratio of 1.03.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings data on Friday, January 23rd. The bank reported $51.27 earnings per share for the quarter, beating the consensus estimate of $44.24 by $7.03. The company had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.24 billion. First Citizens BancShares had a net margin of 15.21% and a return on equity of 11.18%. Equities analysts forecast that First Citizens BancShares will post 167.59 EPS for the current year.

First Citizens BancShares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Friday, February 27th were paid a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Friday, February 27th. First Citizens BancShares’s dividend payout ratio is presently 5.07%.

Insider Transactions at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. acquired 92 shares of First Citizens BancShares stock in a transaction on Thursday, March 19th. The shares were purchased at an average cost of $1,550.00 per share, for a total transaction of $142,600.00. Following the completion of the purchase, 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have bought 258 shares of company stock worth $404,236 in the last 90 days. Corporate insiders own 14.63% of the company’s stock.

Institutional Investors Weigh In On First Citizens BancShares

A number of large investors have recently bought and sold shares of the company. Rockefeller Capital Management L.P. grew its stake in First Citizens BancShares by 28.1% during the fourth quarter. Rockefeller Capital Management L.P. now owns 374 shares of the bank’s stock worth $804,000 after buying an additional 82 shares in the last quarter. World Investment Advisors acquired a new stake in First Citizens BancShares during the fourth quarter worth about $371,000. Corient Private Wealth LLC grew its stake in First Citizens BancShares by 20.3% during the fourth quarter. Corient Private Wealth LLC now owns 1,462 shares of the bank’s stock worth $3,138,000 after buying an additional 247 shares in the last quarter. AG Campbell Advisory LLC acquired a new stake in shares of First Citizens BancShares in the 4th quarter valued at approximately $2,168,000. Finally, Reflection Asset Management acquired a new stake in shares of First Citizens BancShares in the 4th quarter valued at approximately $45,000. 78.01% of the stock is currently owned by institutional investors and hedge funds.

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.