Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA – Get Free Report) have received an average recommendation of “Moderate Buy” from the nine brokerages that are covering the company, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $2,012.11.
FCNCA has been the subject of several analyst reports. Jefferies Financial Group initiated 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. Wedbush cut First Citizens BancShares from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $2,450.00 to $2,150.00 in a report on Tuesday, September 24th. Raymond James raised First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price objective for the company in a report on Tuesday, July 2nd. Keefe, Bruyette & Woods lifted their price objective on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Finally, Piper Sandler lifted their price objective on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a report on Friday, July 26th.
Get Our Latest Research Report on First Citizens BancShares
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First Citizens BancShares Stock Performance
FCNCA opened at $1,945.48 on Tuesday. First Citizens BancShares has a 12-month low of $1,290.60 and a 12-month high of $2,174.80. The stock has a market cap of $28.27 billion, a price-to-earnings ratio of 10.80 and a beta of 0.81. The business has a 50 day moving average of $1,942.79 and a 200-day moving average of $1,787.12. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.72.
First Citizens BancShares (NASDAQ:FCNCA – Get Free Report) last released its quarterly earnings results on Thursday, July 25th. The bank reported $50.87 earnings per share for the quarter, topping the consensus estimate 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 period last year, the firm posted $52.60 EPS. On average, equities research analysts expect that First Citizens BancShares will post 200.92 earnings per share for the current year.
First Citizens BancShares declared that its Board of Directors has initiated a share repurchase plan on Thursday, July 25th that allows the company to repurchase $3.50 billion in outstanding shares. This repurchase authorization allows the bank to purchase up to 12.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
First Citizens BancShares Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were issued a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 0.34%. The ex-dividend date was Friday, August 30th. First Citizens BancShares’s payout ratio is presently 3.64%.
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.
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