First Citizens BancShares’ (FCNCA) Market Perform Rating Reaffirmed at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods restated their market perform rating on shares of First Citizens BancShares (NASDAQ:FCNCA) in a research report report published on Thursday, Marketbeat Ratings reports. Keefe, Bruyette & Woods currently has a $2,300.00 price target on the bank’s stock.

Several other equities analysts also recently commented on the stock. The Goldman Sachs Group upped their price target on shares of First Citizens BancShares from $2,100.00 to $2,340.00 and gave the company a “neutral” rating in a research note on Tuesday. Wall Street Zen upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Saturday, June 27th. Fundamental Research set a $2,350.00 price objective on shares of First Citizens BancShares in a report on Wednesday, July 1st. JPMorgan Chase & Co. increased their target price on shares of First Citizens BancShares from $2,150.00 to $2,350.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 1st. Finally, Weiss Ratings lowered shares of First Citizens BancShares from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 22nd. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $2,247.08.

First Citizens BancShares Stock Performance

FCNCA opened at $2,083.00 on Thursday. The business has a fifty day simple moving average of $2,029.32 and a 200 day simple moving average of $2,021.94. The company has a market capitalization of $24.14 billion, a PE ratio of 11.98, a price-to-earnings-growth ratio of 1.54 and a beta of 0.62. First Citizens BancShares has a 1 year low of $1,623.76 and a 1 year high of $2,232.21. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.00 and a quick ratio of 1.00.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data on Thursday, April 23rd. The bank reported $44.86 earnings per share for the quarter, topping the consensus estimate of $43.31 by $1.55. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.The firm had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.20 billion. During the same quarter last year, the business earned $37.79 EPS. Research analysts expect that First Citizens BancShares will post 177.18 EPS for the current year.

First Citizens BancShares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 29th were given a $2.10 dividend. The ex-dividend date was Friday, May 29th. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. First Citizens BancShares’s payout ratio is presently 4.83%.

Insider Buying and Selling at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. purchased 528 shares of First Citizens BancShares stock in a transaction that occurred on Friday, June 5th. The shares were acquired at an average price of $1,813.37 per share, for a total transaction of $957,459.36. Following the transaction, the chief executive officer owned 64,100 shares of the company’s stock, valued at approximately $116,237,017. The trade was a 0.83% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Over the last ninety days, insiders have purchased 7,190 shares of company stock worth $12,573,868. Corporate insiders own 14.63% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Legacy Wealth Asset Management LLC lifted its stake in First Citizens BancShares by 6.7% during the second quarter. Legacy Wealth Asset Management LLC now owns 224 shares of the bank’s stock worth $466,000 after purchasing an additional 14 shares during the last quarter. Reinhart Partners LLC. increased its stake in shares of First Citizens BancShares by 7.5% in the 2nd quarter. Reinhart Partners LLC. now owns 84,206 shares of the bank’s stock valued at $175,253,000 after purchasing an additional 5,909 shares during the last quarter. Cooper Financial Group increased its stake in shares of First Citizens BancShares by 6.5% in the 2nd quarter. Cooper Financial Group now owns 131 shares of the bank’s stock valued at $273,000 after purchasing an additional 8 shares during the last quarter. Balefire LLC acquired a new position in shares of First Citizens BancShares during the 2nd quarter worth $223,000. Finally, Versant Capital Management Inc raised its holdings in shares of First Citizens BancShares by 78.9% during the 2nd quarter. Versant Capital Management Inc now owns 68 shares of the bank’s stock worth $141,000 after buying an additional 30 shares in the last quarter. 78.01% of the stock is currently owned by institutional investors and hedge funds.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.