First Citizens BancShares (NASDAQ:FCNCA) Trading Down 4%

First Citizens BancShares, Inc. (NASDAQ:FCNCA)’s share price were down 4% during trading on Tuesday . The stock traded as low as $1,877.30 and last traded at $1,877.30. Approximately 121,436 shares were traded during mid-day trading, an increase of 41% from the average daily volume of 86,365 shares. The stock had previously closed at $1,955.89.

Analyst Upgrades and Downgrades

FCNCA has been the topic of several analyst reports. Raymond James upgraded First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price target on the stock in a research report on Tuesday, July 2nd. Barclays boosted their price target on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Piper Sandler boosted their target price on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. Keefe, Bruyette & Woods increased their price target on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Finally, Jefferies Financial Group assumed coverage on First Citizens BancShares in a report on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 price objective for the company. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $1,962.90.

First Citizens BancShares Stock Performance

The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.72. The firm has a market cap of $26.98 billion, a P/E ratio of 10.86 and a beta of 0.82. The business has a fifty day simple moving average of $1,952.91 and a 200-day simple moving average of $1,765.02.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings data on Thursday, July 25th. The bank reported $50.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $44.91 by $5.96. The business had revenue of $3.77 billion during the quarter, compared to analysts’ expectations of $2.30 billion. First Citizens BancShares had a return on equity of 14.84% and a net margin of 18.19%. During the same quarter in the previous year, the business earned $52.60 earnings per share. On average, sell-side analysts predict that First Citizens BancShares, Inc. will post 200.92 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date of this dividend was Friday, August 30th. First Citizens BancShares’s payout ratio is 3.64%.

First Citizens BancShares announced that its Board of Directors has approved a share repurchase program on Thursday, July 25th that authorizes the company to repurchase $3.50 billion in shares. This repurchase authorization authorizes the bank to repurchase up to 12.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Envestnet Portfolio Solutions Inc. boosted its stake in shares of First Citizens BancShares by 4.5% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 161 shares of the bank’s stock worth $229,000 after acquiring an additional 7 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in First Citizens BancShares by 4.3% during the fourth quarter. PNC Financial Services Group Inc. now owns 832 shares of the bank’s stock valued at $1,181,000 after purchasing an additional 34 shares in the last quarter. Wells Fargo & Company MN grew its holdings in First Citizens BancShares by 83.7% during the fourth quarter. Wells Fargo & Company MN now owns 15,212 shares of the bank’s stock valued at $21,586,000 after purchasing an additional 6,931 shares during the period. Corient Private Wealth LLC increased its position in First Citizens BancShares by 5.6% in the fourth quarter. Corient Private Wealth LLC now owns 1,675 shares of the bank’s stock worth $2,377,000 after buying an additional 89 shares in the last quarter. Finally, Franklin Resources Inc. raised its stake in shares of First Citizens BancShares by 3.5% in the fourth quarter. Franklin Resources Inc. now owns 14,331 shares of the bank’s stock worth $20,335,000 after buying an additional 481 shares during the period. Institutional investors 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.