First Citizens BancShares (NASDAQ:FCNCA) Upgraded at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods upgraded shares of First Citizens BancShares (NASDAQ:FCNCA) from a market perform rating to an outperform rating in a research note released on Tuesday morning, MarketBeat.com reports. The firm currently has $2,500.00 target price on the bank’s stock.

FCNCA has been the subject of several other research reports. Deutsche Bank Aktiengesellschaft initiated coverage on First Citizens BancShares in a research report on Monday, December 9th. They set a “buy” rating and a $2,600.00 target price for the company. JPMorgan Chase & Co. raised their price objective on shares of First Citizens BancShares from $2,550.00 to $2,600.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 7th. StockNews.com lowered shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Wednesday, January 8th. Wedbush decreased their price objective on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a report on Friday, October 25th. Finally, Citigroup cut First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $2,290.75.

First Citizens BancShares Stock Up 0.2 %

Shares of First Citizens BancShares stock opened at $2,156.01 on Tuesday. The company has a market cap of $30.16 billion, a price-to-earnings ratio of 12.35, a price-to-earnings-growth ratio of 0.96 and a beta of 0.86. First Citizens BancShares has a twelve month low of $1,363.97 and a twelve month high of $2,388.78. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68. The company’s 50 day moving average is $2,167.03 and its 200 day moving average is $2,012.73.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share for the quarter, missing the consensus estimate of $47.40 by ($1.53). The business had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.36 billion. First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. During the same quarter in the prior year, the business earned $55.92 EPS. Research analysts anticipate that First Citizens BancShares will post 186.98 EPS for the current year.

First Citizens BancShares Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were paid a dividend of $1.95 per share. The ex-dividend date was Friday, November 29th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.36%. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.64. First Citizens BancShares’s dividend payout ratio (DPR) is presently 4.47%.

Hedge Funds Weigh In On First Citizens BancShares

Large investors have recently made changes to their positions in the company. Brooklyn Investment Group purchased a new stake in shares of First Citizens BancShares in the third quarter valued at approximately $39,000. GAMMA Investing LLC lifted its stake in shares of First Citizens BancShares by 129.6% in the 3rd quarter. GAMMA Investing LLC now owns 62 shares of the bank’s stock valued at $114,000 after purchasing an additional 35 shares during the last quarter. Quarry LP acquired a new stake in shares of First Citizens BancShares during the second quarter valued at about $126,000. Private Trust Co. NA raised its position in First Citizens BancShares by 2,100.0% in the third quarter. Private Trust Co. NA now owns 88 shares of the bank’s stock valued at $162,000 after purchasing an additional 84 shares during the period. Finally, UMB Bank n.a. purchased a new stake in shares of First Citizens BancShares in the 3rd quarter valued at $177,000. 78.01% of the stock is currently 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.