First Citizens BancShares (NASDAQ:FCNCA) Price Target Raised to $2,376.00 at Barclays

First Citizens BancShares (NASDAQ:FCNCA) had its target price raised by Barclays from $2,346.00 to $2,376.00 in a research report released on Monday morning, MarketBeat reports. The firm currently has an equal weight rating on the bank’s stock.

FCNCA has been the subject of a number of other reports. Jefferies Financial Group reaffirmed a “hold” rating and issued a $2,300.00 price objective on shares of First Citizens BancShares in a research note on Thursday. Citigroup reissued a “neutral” rating on shares of First Citizens BancShares in a research note on Friday. Weiss Ratings upgraded First Citizens BancShares from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, July 8th. TD Cowen dropped their target price on First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating for the company in a research report on Monday, April 27th. Finally, The Goldman Sachs Group boosted their price target on shares of First Citizens BancShares from $2,100.00 to $2,340.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, First Citizens BancShares presently has a consensus rating of “Hold” and an average price target of $2,265.00.

First Citizens BancShares Stock Performance

NASDAQ:FCNCA opened at $2,137.36 on Monday. First Citizens BancShares has a fifty-two week low of $1,623.76 and a fifty-two week high of $2,237.81. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.00 and a current ratio of 1.00. The company has a 50 day moving average price of $2,068.00 and a 200 day moving average price of $2,016.83. The stock has a market capitalization of $24.77 billion, a P/E ratio of 11.43, a PEG ratio of 1.63 and a beta of 0.62.

First Citizens BancShares (NASDAQ:FCNCA) last announced its earnings results on Thursday, July 23rd. The bank reported $57.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $56.68. First Citizens BancShares had a return on equity of 11.98% and a net margin of 16.28%.The company had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.16 billion. Equities research analysts forecast that First Citizens BancShares will post 177.18 EPS for the current year.

First Citizens BancShares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be paid a $2.10 dividend. The ex-dividend date is Monday, August 31st. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. First Citizens BancShares’s payout ratio is 4.49%.

Insider Buying and Selling at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. acquired 528 shares of First Citizens BancShares stock in a transaction dated Friday, June 5th. The shares were acquired at an average cost of $1,813.37 per share, for a total transaction of $957,459.36. Following the completion of the purchase, the chief executive officer owned 64,100 shares in the company, valued at approximately $116,237,017. The trade was a 0.83% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders acquired a total of 7,190 shares of company stock worth $12,573,868 over the last 90 days. 14.63% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Hilton Head Capital Partners LLC acquired a new stake in First Citizens BancShares in the 4th quarter valued at about $26,000. Reflection Asset Management purchased a new position in shares of First Citizens BancShares in the 4th quarter valued at about $45,000. Global Assets Advisory LLC acquired a new position in shares of First Citizens BancShares during the first quarter worth about $45,000. UMB Bank n.a. grew its position in shares of First Citizens BancShares by 50.0% during the fourth quarter. UMB Bank n.a. now owns 24 shares of the bank’s stock worth $52,000 after buying an additional 8 shares in the last quarter. Finally, Jessup Wealth Management Inc acquired a new position in shares of First Citizens BancShares during the fourth quarter worth about $56,000. 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.