First Citizens BancShares (NASDAQ:FCNCA) PT Lowered to $2,000.00 at Wedbush

First Citizens BancShares (NASDAQ:FCNCA) had its price target cut by Wedbush from $2,150.00 to $2,000.00 in a research note released on Friday morning, Benzinga reports. The firm currently has a neutral rating on the bank’s stock.

A number of other equities analysts also recently commented on the company. Jefferies Financial Group initiated coverage on First Citizens BancShares in a research report on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 price objective for the company. Piper Sandler upped their price target 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. Keefe, Bruyette & Woods upped their price target 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. Raymond James raised First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price target for the company in a report on Tuesday, July 2nd. Finally, Barclays upped their price target on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $2,025.90.

First Citizens BancShares Stock Performance

Shares of First Citizens BancShares stock opened at $1,926.03 on Friday. First Citizens BancShares has a one year low of $1,339.10 and a one year high of $2,174.80. The company has a market cap of $27.99 billion, a PE ratio of 10.69 and a beta of 0.81. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.08 and a current ratio of 1.08. The business has a 50-day simple moving average of $1,948.26 and a 200-day simple moving average of $1,827.43.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings data on Thursday, October 24th. The bank reported $45.87 EPS for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53). First Citizens BancShares had a return on equity of 14.84% and a net margin of 18.19%. The company had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same period in the prior year, the firm posted $55.92 earnings per share. On average, equities research analysts forecast that First Citizens BancShares will post 198.72 EPS for the current fiscal year.

First Citizens BancShares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be issued a $1.95 dividend. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.64. This represents a $7.80 annualized dividend and a dividend yield of 0.40%. The ex-dividend date is Friday, November 29th. First Citizens BancShares’s dividend payout ratio is presently 4.33%.

First Citizens BancShares announced that its board has authorized a stock buyback plan on Thursday, July 25th that permits the company to repurchase $3.50 billion in shares. This repurchase authorization permits the bank to purchase up to 12.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On First Citizens BancShares

Several large investors have recently modified their holdings of FCNCA. Vanguard Group Inc. raised its stake in shares of First Citizens BancShares by 4.6% during the first quarter. Vanguard Group Inc. now owns 1,064,822 shares of the bank’s stock worth $1,740,984,000 after purchasing an additional 47,167 shares during the last quarter. Capital Research Global Investors purchased a new stake in shares of First Citizens BancShares during the first quarter worth approximately $298,180,000. Reinhart Partners LLC. raised its stake in shares of First Citizens BancShares by 0.7% during the third quarter. Reinhart Partners LLC. now owns 56,798 shares of the bank’s stock worth $104,562,000 after purchasing an additional 416 shares during the last quarter. Zurich Insurance Group Ltd FI raised its stake in shares of First Citizens BancShares by 225.2% during the second quarter. Zurich Insurance Group Ltd FI now owns 42,159 shares of the bank’s stock worth $70,979,000 after purchasing an additional 29,194 shares during the last quarter. Finally, Sculptor Capital LP raised its stake in shares of First Citizens BancShares by 16.8% during the second quarter. Sculptor Capital LP now owns 37,998 shares of the bank’s stock worth $63,974,000 after purchasing an additional 5,467 shares during the last quarter. 61.18% of the stock is owned by institutional investors and hedge funds.

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.