First Citizens BancShares (NASDAQ:FCNCA) Price Target Lowered to $2,500.00 at TD Cowen

First Citizens BancShares (NASDAQ:FCNCA) had its price objective decreased by TD Cowen from $2,600.00 to $2,500.00 in a report issued on Monday,Benzinga reports. TD Cowen currently has a buy rating on the bank’s stock.

Other research analysts also recently issued research reports about the company. Barclays lowered their target price on 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. Truist Financial lifted their price target on First Citizens BancShares from $2,000.00 to $2,050.00 and gave the company a “hold” rating in a report on Tuesday, October 28th. Wall Street Zen downgraded First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Sunday, September 28th. Raymond James Financial raised shares of First Citizens BancShares from an “outperform” rating to a “strong-buy” rating and raised their price objective for the company from $2,100.00 to $2,200.00 in a research report on Thursday, November 20th. Finally, JPMorgan Chase & Co. lifted their target price on shares of First Citizens BancShares from $2,300.00 to $2,500.00 and gave the company an “overweight” rating in a research note on Tuesday, December 16th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $2,245.09.

First Citizens BancShares Stock Down 0.1%

First Citizens BancShares stock opened at $2,014.66 on Monday. First Citizens BancShares has a twelve month low of $1,473.62 and a twelve month high of $2,245.33. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market cap of $25.06 billion, a PE ratio of 12.16 and a beta of 0.69. The firm’s 50 day moving average price is $2,063.19 and its two-hundred day moving average price is $1,951.04.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Friday, January 23rd. The bank reported $51.27 EPS for the quarter, beating 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 11.12%. The business had revenue of $2.25 billion for the quarter, compared to analysts’ expectations of $2.24 billion. On average, research analysts predict that First Citizens BancShares will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Friday, February 27th will be given a $2.10 dividend. The ex-dividend date of this dividend is Friday, February 27th. This represents a $8.40 dividend on an annualized basis and a dividend yield of 0.4%. First Citizens BancShares’s dividend payout ratio (DPR) is currently 4.97%.

Insiders Place Their Bets

In other news, Director Ellen R. Alemany acquired 300 shares of First Citizens BancShares stock in a transaction dated Thursday, November 13th. The stock was acquired at an average cost of $1,000.00 per share, for a total transaction of $300,000.00. Following the completion of the purchase, the director owned 300 shares of the company’s stock, valued at $300,000. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Frank B. Holding, Jr. bought 135 shares of the stock in a transaction that occurred on Wednesday, November 26th. The stock was purchased at an average price of $1,629.67 per share, for a total transaction of $220,005.45. Following the completion of the purchase, the chief executive officer directly owned 2,527 shares in the company, valued at $4,118,176.09. The trade was a 5.64% increase in their position. The disclosure for this purchase is available in the SEC filing. 13.19% of the stock is currently owned by insiders.

Hedge Funds Weigh In On First Citizens BancShares

Large investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. grew its position in First Citizens BancShares by 4.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 435,278 shares of the bank’s stock worth $778,785,000 after purchasing an additional 18,190 shares during the last quarter. Norges Bank bought a new stake in shares of First Citizens BancShares in the second quarter valued at about $177,604,000. First Citizens Bank & Trust Co. lifted its stake in shares of First Citizens BancShares by 0.3% in the second quarter. First Citizens Bank & Trust Co. now owns 79,132 shares of the bank’s stock valued at $154,819,000 after buying an additional 258 shares during the period. Alliancebernstein L.P. grew its position in First Citizens BancShares by 16.3% during the third quarter. Alliancebernstein L.P. now owns 78,310 shares of the bank’s stock worth $140,109,000 after buying an additional 10,948 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in First Citizens BancShares by 57.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 76,088 shares of the bank’s stock valued at $164,247,000 after acquiring an additional 27,789 shares during the period. 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.