First Citizens BancShares (NASDAQ:FCNCA) Price Target Raised to $2,600.00

First Citizens BancShares (NASDAQ:FCNCA) had its target price upped by JPMorgan Chase & Co. from $2,550.00 to $2,600.00 in a report released on Tuesday,Benzinga reports. The firm currently has an overweight rating on the bank’s stock.

Several other brokerages also recently commented on FCNCA. Deutsche Bank Aktiengesellschaft initiated coverage on shares of First Citizens BancShares in a research report on Monday, December 9th. They set a “buy” rating and a $2,600.00 price objective on the stock. The Goldman Sachs Group raised 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. Keefe, Bruyette & Woods cut First Citizens BancShares from an “outperform” rating to a “market perform” rating and increased their target price for the stock from $2,100.00 to $2,500.00 in a research report on Wednesday, December 4th. UBS Group assumed coverage on First Citizens BancShares in a research note on Tuesday, December 17th. They set a “buy” rating and a $2,700.00 target price on the stock. Finally, Wedbush dropped their price target on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a research note on Friday, October 25th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $2,290.75.

First Citizens BancShares Stock Performance

NASDAQ:FCNCA opened at $2,094.00 on Tuesday. 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 stock has a 50-day simple moving average of $2,155.93 and a two-hundred day simple moving average of $1,996.00. The firm has a market capitalization of $29.29 billion, a PE ratio of 12.00 and a beta of 0.86. First Citizens BancShares has a 52-week low of $1,363.97 and a 52-week high of $2,388.78.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings data on Thursday, October 24th. The bank reported $45.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53). First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%. The company had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter last year, the firm posted $55.92 earnings per share. Analysts forecast that First Citizens BancShares will post 188.21 EPS for the current year.

First Citizens BancShares Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were given a $1.95 dividend. This represents a $7.80 annualized dividend and a yield of 0.37%. The ex-dividend date was Friday, November 29th. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.64. First Citizens BancShares’s payout ratio is currently 4.47%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Oliver Luxxe Assets LLC boosted its stake in shares of First Citizens BancShares by 6.7% during the 4th quarter. Oliver Luxxe Assets LLC now owns 3,111 shares of the bank’s stock worth $6,574,000 after purchasing an additional 195 shares during the period. Everence Capital Management Inc. purchased a new position in First Citizens BancShares in the fourth quarter worth $655,000. GAMMA Investing LLC increased its position in First Citizens BancShares by 16.1% during the 4th quarter. GAMMA Investing LLC now owns 72 shares of the bank’s stock valued at $152,000 after buying an additional 10 shares in the last quarter. Trust Co of the South raised its position in shares of First Citizens BancShares by 136.8% in the 4th quarter. Trust Co of the South now owns 947 shares of the bank’s stock valued at $2,001,000 after purchasing an additional 547 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in First Citizens BancShares by 6.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 288,960 shares of the bank’s stock worth $531,961,000 after purchasing an additional 18,501 shares in the last quarter. Institutional investors own 78.01% 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.