First Citizens BancShares (NASDAQ:FCNCA) Research Coverage Started at Truist Financial

Truist Financial initiated coverage on shares of First Citizens BancShares (NASDAQ:FCNCA) in a research report report published on Tuesday,Benzinga reports. The brokerage issued a hold rating and a $2,303.00 target price on the bank’s stock.

FCNCA has been the subject of a number of other research reports. Deutsche Bank Aktiengesellschaft initiated coverage on First Citizens BancShares in a research report on Monday, December 9th. They issued a “buy” rating and a $2,600.00 price target for the company. UBS Group began coverage on shares of First Citizens BancShares in a report on Tuesday, December 17th. They issued a “buy” rating and a $2,700.00 target price for the company. Wedbush cut their price target on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. The Goldman Sachs Group raised their price objective on shares of First Citizens BancShares from $2,025.00 to $2,625.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Finally, Barclays boosted their target price on shares of First Citizens BancShares from $2,250.00 to $2,456.00 and gave the company an “equal weight” rating in a research note on Monday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $2,290.75.

First Citizens BancShares Price Performance

Shares of NASDAQ:FCNCA opened at $2,094.00 on Tuesday. First Citizens BancShares has a 52 week low of $1,363.97 and a 52 week high of $2,388.78. The firm has a market capitalization of $29.29 billion, a P/E ratio of 12.00 and a beta of 0.86. The firm’s 50 day moving average is $2,155.93 and its two-hundred day moving average is $1,996.00. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings results 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 13.63% and a net margin of 17.36%. 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 anticipate that First Citizens BancShares will post 188.21 earnings per share 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 of this dividend was Friday, November 29th. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.64. First Citizens BancShares’s dividend payout ratio is 4.47%.

Institutional Trading of First Citizens BancShares

A number of large investors have recently bought and sold shares of the stock. Toronto Dominion Bank boosted its holdings in shares of First Citizens BancShares by 3,577.5% in the 2nd quarter. Toronto Dominion Bank now owns 35,010 shares of the bank’s stock worth $58,943,000 after acquiring an additional 34,058 shares in the last quarter. FMR LLC grew its position in 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 acquiring an additional 33,713 shares during the last quarter. Zurich Insurance Group Ltd FI increased its holdings in First Citizens BancShares by 225.2% during the 2nd quarter. Zurich Insurance Group Ltd FI now owns 42,159 shares of the bank’s stock valued at $70,979,000 after purchasing an additional 29,194 shares in the last quarter. International Assets Investment Management LLC raised its position in First Citizens BancShares by 183,992.3% in the 3rd quarter. International Assets Investment Management LLC now owns 23,932 shares of the bank’s stock valued at $440,580,000 after purchasing an additional 23,919 shares during the last quarter. Finally, Thrivent Financial for Lutherans boosted its stake in First Citizens BancShares by 6,773.9% in the second quarter. Thrivent Financial for Lutherans now owns 23,921 shares of the bank’s stock worth $40,274,000 after purchasing an additional 23,573 shares in the last quarter. 78.01% of the stock is currently owned by institutional investors.

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.