First Citizens BancShares (NASDAQ:FCNCA) Price Target Cut to $2,300.00 by Analysts at TD Cowen

First Citizens BancShares (NASDAQ:FCNCA) had its price target lowered by TD Cowen from $2,500.00 to $2,300.00 in a report issued on Monday,Benzinga reports. TD Cowen currently has a buy rating on the bank’s stock.

A number of other analysts also recently commented on the company. JPMorgan Chase & Co. decreased their price target on First Citizens BancShares from $2,200.00 to $2,150.00 and set a “neutral” rating for the company in a research report on Friday. Keefe, Bruyette & Woods decreased their target price on First Citizens BancShares from $2,375.00 to $2,300.00 and set an “outperform” rating for the company in a research report on Thursday, April 9th. Weiss Ratings reissued a “buy (b-)” rating on shares of First Citizens BancShares in a research report on Friday, March 27th. Truist Financial raised their target price on 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. Finally, The Goldman Sachs Group downgraded First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,300.00 target price for the company. in a research report on Tuesday, January 6th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, First Citizens BancShares has an average rating of “Hold” and an average target price of $2,202.08.

First Citizens BancShares Stock Performance

Shares of FCNCA opened at $1,973.53 on Monday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.72. The company has a market capitalization of $23.56 billion, a price-to-earnings ratio of 11.35, a PEG ratio of 1.44 and a beta of 0.65. The stock has a 50 day moving average of $1,929.98 and a 200 day moving average of $1,962.62. First Citizens BancShares has a 12 month low of $1,623.76 and a 12 month high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, beating analysts’ consensus estimates of $43.31 by $1.55. The company had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.20 billion. First Citizens BancShares had a return on equity of 11.37% and a net margin of 15.62%.During the same period last year, the business posted $37.79 earnings per share. As a group, sell-side analysts forecast that First Citizens BancShares will post 178.89 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, May 29th will be given a $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Friday, May 29th. First Citizens BancShares’s dividend payout ratio (DPR) is currently 4.83%.

Insider Transactions at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. bought 92 shares of the firm’s stock in a transaction on Thursday, March 19th. The stock was acquired at an average cost of $1,550.00 per share, with a total value 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 $4,403,550. This represents a 3.35% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders acquired 258 shares of company stock valued at $404,236 over the last three months. Company insiders own 14.63% of the company’s stock.

Hedge Funds Weigh In On First Citizens BancShares

Several hedge funds have recently made changes to their positions in the stock. PFG Investments LLC purchased a new position in shares of First Citizens BancShares in the first quarter valued at $211,000. Optas LLC grew its position in shares of First Citizens BancShares by 49.1% in the first quarter. Optas LLC now owns 158 shares of the bank’s stock valued at $298,000 after purchasing an additional 52 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its position in shares of First Citizens BancShares by 43.3% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 3,805 shares of the bank’s stock valued at $7,171,000 after purchasing an additional 1,150 shares in the last quarter. SOL Capital Management CO purchased a new position in shares of First Citizens BancShares in the first quarter valued at $1,243,000. Finally, IFM Investors Pty Ltd purchased a new position in shares of First Citizens BancShares in the first quarter valued at $3,145,000. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

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.