First Citizens BancShares (NASDAQ:FCNCA) Price Target Raised to $2,456.00

First Citizens BancShares (NASDAQ:FCNCA) had its target price hoisted by Barclays from $2,250.00 to $2,456.00 in a research note published on Monday morning,Benzinga reports. They currently have an equal weight rating on the bank’s stock.

A number of other research analysts have also weighed in on the company. JPMorgan Chase & Co. dropped their target price on First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. Deutsche Bank Aktiengesellschaft began coverage on shares of First Citizens BancShares in a report on Monday, December 9th. They set a “buy” rating and a $2,600.00 price objective on the stock. The Goldman Sachs Group increased their target price on shares of 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. Citigroup cut shares of First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. Finally, StockNews.com upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Thursday, November 14th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $2,290.75.

First Citizens BancShares Price Performance

Shares of FCNCA opened at $2,094.00 on Monday. The stock has a market cap of $29.29 billion, a P/E ratio of 12.00 and a beta of 0.86. The business’s fifty day moving average is $2,153.54 and its 200 day moving average is $1,995.31. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68. First Citizens BancShares has a 12-month low of $1,363.97 and a 12-month high of $2,388.78.

First Citizens BancShares (NASDAQ:FCNCA) last issued 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 business had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same quarter in the prior year, the business earned $55.92 earnings per share. Sell-side analysts anticipate that First Citizens BancShares will post 188.21 earnings per share for the current fiscal year.

First Citizens BancShares Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were given a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a dividend 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 dividend payout ratio is currently 4.47%.

Hedge Funds Weigh In On First Citizens BancShares

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FCNCA. Toronto Dominion Bank lifted its stake in shares of First Citizens BancShares by 3,577.5% during the 2nd quarter. Toronto Dominion Bank now owns 35,010 shares of the bank’s stock valued at $58,943,000 after buying an additional 34,058 shares in the last quarter. FMR LLC lifted its position in shares of First Citizens BancShares by 11.6% during the third quarter. FMR LLC now owns 323,532 shares of the bank’s stock worth $595,607,000 after acquiring an additional 33,713 shares in the last quarter. Zurich Insurance Group Ltd FI boosted its holdings in shares of First Citizens BancShares by 225.2% in the second quarter. Zurich Insurance Group Ltd FI now owns 42,159 shares of the bank’s stock worth $70,979,000 after acquiring an additional 29,194 shares during the period. International Assets Investment Management LLC boosted its holdings in shares of First Citizens BancShares by 183,992.3% in the third quarter. International Assets Investment Management LLC now owns 23,932 shares of the bank’s stock worth $440,580,000 after acquiring an additional 23,919 shares during the period. Finally, Thrivent Financial for Lutherans grew its position in shares of 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 valued at $40,274,000 after purchasing an additional 23,573 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.