First Citizens BancShares (NASDAQ:FCNCA) Reaches New 52-Week High After Earnings Beat

First Citizens BancShares, Inc. (NASDAQ:FCNCA) shares hit a new 52-week high on Friday following a stronger than expected earnings report. The company traded as high as $2,412.93 and last traded at $2,286.32, with a volume of 20146 shares changing hands. The stock had previously closed at $2,216.49.

The bank reported $45.10 earnings per share for the quarter, topping the consensus estimate of $39.32 by $5.78. First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%.

First Citizens BancShares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Friday, February 28th will be given a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a yield of 0.35%. First Citizens BancShares’s dividend payout ratio (DPR) is currently 4.47%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on FCNCA shares. StockNews.com cut shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Friday. Keefe, Bruyette & Woods raised shares of First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $2,500.00 target price on the stock in a research report on Tuesday, January 14th. The Goldman Sachs Group boosted their price target on First Citizens BancShares from $2,025.00 to $2,625.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Deutsche Bank Aktiengesellschaft began coverage on First Citizens BancShares in a research note on Monday, December 9th. They issued a “buy” rating and a $2,600.00 price objective on the stock. Finally, JPMorgan Chase & Co. upped their target price on First Citizens BancShares from $2,550.00 to $2,600.00 and gave the stock an “overweight” rating in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $2,290.75.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. FMR LLC grew its stake in shares of First Citizens BancShares by 11.6% during the 3rd quarter. FMR LLC now owns 323,532 shares of the bank’s stock worth $595,607,000 after purchasing an additional 33,713 shares during the period. International Assets Investment Management LLC increased its holdings in First Citizens BancShares by 183,992.3% in the third quarter. International Assets Investment Management LLC now owns 23,932 shares of the bank’s stock valued at $440,580,000 after buying an additional 23,919 shares in the last quarter. Commerce Bank raised its position in shares of First Citizens BancShares by 4,762.2% in the third quarter. Commerce Bank now owns 21,345 shares of the bank’s stock worth $39,295,000 after acquiring an additional 20,906 shares during the period. Caisse DE Depot ET Placement DU Quebec boosted its stake in shares of First Citizens BancShares by 337.2% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 26,125 shares of the bank’s stock worth $48,095,000 after acquiring an additional 20,149 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its position in shares of First Citizens BancShares by 6.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 288,960 shares of the bank’s stock valued at $531,961,000 after acquiring an additional 18,501 shares during the period. 78.01% of the stock is currently owned by institutional investors and hedge funds.

First Citizens BancShares Trading Up 0.4 %

The stock has a market cap of $31.13 billion, a PE ratio of 12.75, a price-to-earnings-growth ratio of 1.03 and a beta of 0.86. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. The company has a 50 day moving average of $2,171.41 and a two-hundred day moving average of $2,033.79.

About First Citizens BancShares

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.