First Citizens BancShares (NASDAQ:FCNCA) Upgraded at StockNews.com

StockNews.com upgraded shares of First Citizens BancShares (NASDAQ:FCNCA) from a sell rating to a hold rating in a research report sent to investors on Thursday morning.

Several other research analysts have also recently commented on the company. Wedbush reduced their target price on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a research report on Friday, October 25th. Barclays raised their price objective on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Piper Sandler increased their price target on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. JPMorgan Chase & Co. cut their price target on shares of First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating for the company in a research note on Friday, October 25th. Finally, Keefe, Bruyette & Woods upped their price objective on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, First Citizens BancShares currently has a consensus rating of “Moderate Buy” and an average target price of $2,025.90.

First Citizens BancShares Stock Performance

NASDAQ:FCNCA opened at $2,200.46 on Thursday. The firm’s 50-day moving average is $1,973.28 and its 200-day moving average is $1,872.59. The company has a market cap of $31.84 billion, a price-to-earnings ratio of 12.61 and a beta of 0.80. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. First Citizens BancShares has a 52-week low of $1,363.97 and a 52-week high of $2,275.90.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter in the prior year, the firm earned $55.92 earnings per share. Equities research analysts anticipate that First Citizens BancShares will post 189.06 earnings per share for the current year.

First Citizens BancShares announced that its Board of Directors has approved a stock repurchase program on Thursday, July 25th that allows the company to buyback $3.50 billion in outstanding shares. This buyback authorization allows the bank to buy up to 12.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

First Citizens BancShares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be given a $1.95 dividend. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.64. The ex-dividend date of this dividend is Friday, November 29th. This represents a $7.80 annualized dividend and a yield of 0.35%. First Citizens BancShares’s payout ratio is presently 3.76%.

Institutional Trading of First Citizens BancShares

A number of hedge funds and other institutional investors have recently made changes to their positions in FCNCA. Vanguard Group Inc. raised its position in First Citizens BancShares by 4.6% in the 1st quarter. Vanguard Group Inc. now owns 1,064,822 shares of the bank’s stock worth $1,740,984,000 after purchasing an additional 47,167 shares during the last quarter. FMR LLC lifted its stake 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 valued at $595,607,000 after acquiring an additional 33,713 shares during the period. Capital Research Global Investors bought a new position in First Citizens BancShares in the first quarter valued at about $298,180,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in First Citizens BancShares by 15.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 58,529 shares of the bank’s stock worth $107,749,000 after purchasing an additional 7,613 shares during the period. Finally, Reinhart Partners LLC. raised its holdings in First Citizens BancShares by 0.7% during the 3rd quarter. Reinhart Partners LLC. now owns 56,798 shares of the bank’s stock worth $104,562,000 after purchasing an additional 416 shares during the last quarter. 61.18% of the stock is currently owned by institutional investors and hedge funds.

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.