First Citizens BancShares (NASDAQ:FCNCA) Upgraded to Outperform by Raymond James

Raymond James upgraded shares of First Citizens BancShares (NASDAQ:FCNCA) from a market perform rating to an outperform rating in a report released on Tuesday, Marketbeat.com reports. The firm currently has $1,900.00 target price on the bank’s stock.

Other research analysts also recently issued research reports about the stock. Piper Sandler downgraded shares of First Citizens BancShares from an overweight rating to a neutral rating and increased their price objective for the company from $1,850.00 to $1,950.00 in a report on Friday, April 26th. StockNews.com raised First Citizens BancShares from a sell rating to a hold rating in a research note on Monday, April 29th. DA Davidson reiterated a neutral rating and set a $1,650.00 target price (up from $1,600.00) on shares of First Citizens BancShares in a research report on Monday, April 15th. Barclays boosted their price target on shares of First Citizens BancShares from $1,850.00 to $1,950.00 and gave the stock an equal weight rating in a research report on Friday, April 26th. Finally, The Goldman Sachs Group assumed coverage on shares of First Citizens BancShares in a research report on Thursday, March 21st. They set a buy rating and a $1,950.00 price objective for the company. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $1,842.40.

First Citizens BancShares Stock Up 1.8 %

NASDAQ FCNCA opened at $1,728.20 on Tuesday. First Citizens BancShares has a 52 week low of $1,241.05 and a 52 week high of $1,810.03. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 1.77. The company has a market capitalization of $25.11 billion, a P/E ratio of 9.59 and a beta of 0.83. The stock’s 50-day moving average price is $1,705.27 and its 200-day moving average price is $1,579.03.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings data on Thursday, April 25th. The bank reported $52.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $44.27 by $8.65. First Citizens BancShares had a net margin of 18.22% and a return on equity of 15.48%. The firm had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.30 billion. On average, equities research analysts predict that First Citizens BancShares will post 188.62 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Friday, May 31st were paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 0.38%. The ex-dividend date was Friday, May 31st. First Citizens BancShares’s dividend payout ratio (DPR) is presently 3.64%.

Insider Transactions at First Citizens BancShares

In other First Citizens BancShares news, Director Ellen R. Alemany sold 1,000 shares of the business’s stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $1,757.27, for a total transaction of $1,757,270.00. Following the sale, the director now owns 1,335 shares in the company, valued at approximately $2,345,955.45. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Ellen R. Alemany sold 1,000 shares of the stock in a transaction on Monday, April 29th. The shares were sold at an average price of $1,757.27, for a total value of $1,757,270.00. Following the sale, the director now owns 1,335 shares in the company, valued at $2,345,955.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ellen R. Alemany sold 516 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $1,750.00, for a total transaction of $903,000.00. Following the transaction, the director now directly owns 819 shares of the company’s stock, valued at approximately $1,433,250. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,000 shares of company stock worth $5,273,568. Company insiders own 12.85% of the company’s stock.

Institutional Trading of First Citizens BancShares

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Blue Trust Inc. grew its stake in First Citizens BancShares by 100.0% in the 4th quarter. Blue Trust Inc. now owns 20 shares of the bank’s stock valued at $27,000 after acquiring an additional 10 shares during the period. ORG Partners LLC acquired a new stake in shares of First Citizens BancShares in the first quarter valued at about $29,000. GAMMA Investing LLC purchased a new stake in shares of First Citizens BancShares during the fourth quarter worth about $30,000. Mather Group LLC. acquired a new position in shares of First Citizens BancShares during the 1st quarter worth about $31,000. Finally, LRI Investments LLC purchased a new position in First Citizens BancShares in the 1st quarter valued at about $33,000. Institutional investors and hedge funds own 61.18% of the company’s stock.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc operates as the holding company for First-Citizens Bank & Trust Company that provides retail and commercial banking services to individuals, businesses, and professionals. The company's deposit products include checking, savings, money market, and time deposit accounts.