First Citizens BancShares (NASDAQ:FCNCA) Reaches New 12-Month High at $1,629.18

First Citizens BancShares, Inc. (NASDAQ:FCNCA) reached a new 52-week high during trading on Thursday . The company traded as high as $1,629.18 and last traded at $1,628.04, with a volume of 28599 shares. The stock had previously closed at $1,616.88.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on FCNCA shares. Wedbush restated an “outperform” rating and issued a $1,800.00 price target on shares of First Citizens BancShares in a report on Monday, January 29th. StockNews.com upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Wednesday, March 6th. DA Davidson reiterated a “neutral” rating on shares of First Citizens BancShares in a report on Monday, January 15th. UBS Group increased their target price on shares of First Citizens BancShares from $1,644.00 to $1,754.00 and gave the stock a “buy” rating in a report on Tuesday, January 30th. Finally, The Goldman Sachs Group began coverage on shares of First Citizens BancShares in a report on Thursday, March 21st. They set a “buy” rating and a $1,950.00 target price on the stock. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $1,667.71.

First Citizens BancShares Trading Up 1.1 %

The firm has a market capitalization of $23.74 billion, a PE ratio of 2.06 and a beta of 0.88. The company’s 50-day simple moving average is $1,524.96 and its 200 day simple moving average is $1,441.35. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 1.82.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings results on Friday, January 26th. The bank reported $46.58 EPS for the quarter, missing the consensus estimate of $48.49 by ($1.91). The firm had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.36 billion. First Citizens BancShares had a net margin of 51.04% and a return on equity of 13.52%. As a group, sell-side analysts expect that First Citizens BancShares, Inc. will post 177.52 EPS for the current year.

First Citizens BancShares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Thursday, February 29th were given a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 0.40%. The ex-dividend date was Wednesday, February 28th. First Citizens BancShares’s payout ratio is 0.84%.

Insider Activity at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. acquired 622 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The stock was purchased at an average cost of $1,315.00 per share, with a total value of $817,930.00. Following the transaction, the chief executive officer now directly owns 97,609 shares of the company’s stock, valued at approximately $128,355,835. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other First Citizens BancShares news, major shareholder Olivia Britton Holding purchased 466 shares of First Citizens BancShares stock in a transaction on Tuesday, February 20th. The stock was bought at an average cost of $1,315.00 per share, with a total value of $612,790.00. Following the transaction, the insider now owns 121,694 shares of the company’s stock, valued at approximately $160,027,610. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Frank B. Holding, Jr. purchased 622 shares of First Citizens BancShares stock in a transaction on Tuesday, February 20th. The shares were acquired at an average cost of $1,315.00 per share, with a total value of $817,930.00. Following the completion of the transaction, the chief executive officer now directly owns 97,609 shares in the company, valued at approximately $128,355,835. The disclosure for this purchase can be found here. Insiders purchased 1,388 shares of company stock valued at $1,825,220 in the last three months. 13.40% of the stock is owned by insiders.

Hedge Funds Weigh In On First Citizens BancShares

A number of institutional investors have recently bought and sold shares of FCNCA. Vanguard Group Inc. grew its stake in shares of First Citizens BancShares by 106.0% during the 1st quarter. Vanguard Group Inc. now owns 1,105,554 shares of the bank’s stock worth $735,855,000 after purchasing an additional 568,929 shares during the period. Invesco Ltd. grew its stake in First Citizens BancShares by 113.0% in the 1st quarter. Invesco Ltd. now owns 371,016 shares of the bank’s stock valued at $246,949,000 after acquiring an additional 196,851 shares during the period. Sessa Capital IM L.P. acquired a new stake in First Citizens BancShares in the 1st quarter valued at $158,509,000. Imprint Wealth LLC acquired a new stake in First Citizens BancShares in the 2nd quarter valued at $15,016,000. Finally, State Street Corp grew its stake in First Citizens BancShares by 53.7% in the 1st quarter. State Street Corp now owns 402,593 shares of the bank’s stock valued at $267,966,000 after acquiring an additional 140,626 shares during the period. 61.18% of the stock is owned by hedge funds and other 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.