First Citizens BancShares (NASDAQ:FCNCA) Downgraded by Piper Sandler to Neutral

Piper Sandler downgraded shares of First Citizens BancShares (NASDAQ:FCNCA) from an overweight rating to a neutral rating in a research report released on Friday morning, Marketbeat.com reports. They currently have $1,950.00 price objective on the bank’s stock, up from their prior price objective of $1,850.00.

Other equities research analysts have also recently issued reports about the stock. DA Davidson reiterated a neutral rating and issued a $1,650.00 price target (up from $1,600.00) on shares of First Citizens BancShares in a research report on Monday, April 15th. Wedbush reiterated an outperform rating and issued a $1,800.00 target price on shares of First Citizens BancShares in a report on Monday, January 29th. The Goldman Sachs Group initiated 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 for the company. StockNews.com downgraded First Citizens BancShares from a hold rating to a sell rating in a research report on Wednesday, April 3rd. Finally, UBS Group lifted their target price on 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. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Hold and a consensus target price of $1,829.90.

First Citizens BancShares Stock Down 2.5 %

First Citizens BancShares stock opened at $1,754.50 on Friday. The company’s 50-day moving average price is $1,578.09 and its two-hundred day moving average price is $1,477.46. The stock has a market cap of $25.48 billion, a price-to-earnings ratio of 9.74 and a beta of 0.89. First Citizens BancShares has a 52 week low of $945.32 and a 52 week high of $1,810.03. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.82.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Friday, January 26th. The bank reported $46.58 earnings per share for the quarter, missing analysts’ consensus estimates of $48.49 by ($1.91). First Citizens BancShares had a return on equity of 15.75% and a net margin of 18.22%. The firm had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.36 billion. On average, analysts expect that First Citizens BancShares will post 179.92 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Friday, May 31st will be paid a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 0.37%. The ex-dividend date of this dividend is Thursday, May 30th. First Citizens BancShares’s dividend payout ratio (DPR) is presently 3.64%.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. acquired 622 shares of First Citizens BancShares stock in a transaction that occurred on Tuesday, February 20th. The stock was acquired at an average price of $1,315.00 per share, with a total value of $817,930.00. Following the purchase, the chief executive officer now owns 97,609 shares in the company, valued at $128,355,835. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Ellen R. Alemany sold 600 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $1,559.09, for a total value of $935,454.00. Following the completion of the sale, the director now directly owns 4,842 shares in the company, valued at approximately $7,549,113.78. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Frank B. Holding, Jr. purchased 622 shares of the stock in a transaction on Tuesday, February 20th. The shares were bought at an average price of $1,315.00 per share, for a total transaction of $817,930.00. Following the acquisition, the chief executive officer now owns 97,609 shares of the company’s stock, valued at $128,355,835. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 1,388 shares of company stock valued at $1,825,220. 13.40% of the stock is currently owned by corporate insiders.

Institutional Trading of First Citizens BancShares

Several large investors have recently modified their holdings of the company. Norges Bank bought a new stake in First Citizens BancShares during the 4th quarter valued at approximately $180,039,000. Wellington Management Group LLP lifted its holdings in shares of First Citizens BancShares by 21.1% during the fourth quarter. Wellington Management Group LLP now owns 239,563 shares of the bank’s stock worth $339,933,000 after buying an additional 41,793 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of First Citizens BancShares by 756.8% in the third quarter. AQR Capital Management LLC now owns 38,436 shares of the bank’s stock valued at $53,046,000 after acquiring an additional 33,950 shares during the period. FMR LLC grew its stake in shares of First Citizens BancShares by 17.2% in the third quarter. FMR LLC now owns 189,186 shares of the bank’s stock worth $261,095,000 after acquiring an additional 27,729 shares during the last quarter. Finally, Point72 Asset Management L.P. grew its stake in shares of First Citizens BancShares by 130.1% in the fourth quarter. Point72 Asset Management L.P. now owns 46,180 shares of the bank’s stock worth $65,528,000 after acquiring an additional 26,107 shares during the last quarter. 61.18% of the stock is 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.