First Citizens BancShares (NASDAQ:FCNCA) Earns “Neutral” Rating from DA Davidson

DA Davidson restated their neutral rating on shares of First Citizens BancShares (NASDAQ:FCNCA) in a research report sent to investors on Monday morning, Benzinga reports. The firm currently has a $1,650.00 target price on the bank’s stock, up from their prior target price of $1,600.00. DA Davidson also issued estimates for First Citizens BancShares’ Q1 2024 earnings at $42.92 EPS.

Several other research analysts also recently issued reports on the stock. Barclays assumed coverage on shares of First Citizens BancShares in a report on Thursday, April 11th. They set an equal weight rating and a $1,850.00 price target for the company. The Goldman Sachs Group assumed coverage on shares of First Citizens BancShares in a report on Thursday, March 21st. They set a buy rating and a $1,950.00 price target for the company. StockNews.com downgraded shares of First Citizens BancShares from a hold rating to a sell rating in a report on Wednesday, April 3rd. Wedbush reiterated an outperform rating and set a $1,800.00 price target on shares of First Citizens BancShares in a report on Monday, January 29th. Finally, UBS Group increased their price objective on First Citizens BancShares from $1,644.00 to $1,754.00 and gave the company a buy rating in a report on Tuesday, January 30th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Hold and an average price target of $1,768.63.

First Citizens BancShares Stock Up 1.1 %

NASDAQ FCNCA opened at $1,550.00 on Monday. The business has a fifty day moving average price of $1,561.43 and a two-hundred day moving average price of $1,465.85. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.14 and a quick ratio of 1.14. First Citizens BancShares has a fifty-two week low of $945.32 and a fifty-two week high of $1,651.73. The stock has a market capitalization of $22.51 billion, a PE ratio of 1.98 and a beta of 0.89.

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 the consensus estimate of $48.49 by ($1.91). First Citizens BancShares had a return on equity of 13.52% and a net margin of 51.04%. The business had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.36 billion. Equities analysts expect that First Citizens BancShares will post 178.72 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 29th were given a dividend of $1.64 per share. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 0.42%. First Citizens BancShares’s dividend payout ratio (DPR) is presently 0.84%.

Insider Transactions at First Citizens BancShares

In related news, major shareholder Olivia Britton Holding acquired 466 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were bought at an average price of $1,315.00 per share, with a total value of $612,790.00. Following the transaction, the insider now directly owns 121,694 shares of the company’s stock, valued at $160,027,610. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other First Citizens BancShares news, insider Hope Holding Bryant purchased 300 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The shares were acquired at an average price of $1,315.00 per share, with a total value of $394,500.00. Following the transaction, the insider now owns 1,978 shares in the company, valued at $2,601,070. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Olivia Britton Holding purchased 466 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The stock was acquired at an average cost of $1,315.00 per share, for a total transaction of $612,790.00. Following the transaction, the insider now owns 121,694 shares in the company, valued at approximately $160,027,610. The disclosure for this purchase can be found here. Insiders have purchased 1,388 shares of company stock valued at $1,825,220 in the last 90 days. 12.85% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On First Citizens BancShares

Several large investors have recently added to or reduced their stakes in the business. Raymond James & Associates boosted its stake in shares of First Citizens BancShares by 19.9% in the 1st quarter. Raymond James & Associates now owns 2,959 shares of the bank’s stock worth $1,970,000 after buying an additional 491 shares during the last quarter. Raymond James Financial Services Advisors Inc. purchased a new position in shares of First Citizens BancShares in the 1st quarter worth approximately $207,000. US Bancorp DE boosted its stake in shares of First Citizens BancShares by 277.0% in the 1st quarter. US Bancorp DE now owns 475 shares of the bank’s stock worth $317,000 after buying an additional 349 shares during the last quarter. Cetera Advisor Networks LLC boosted its stake in shares of First Citizens BancShares by 21.0% in the 1st quarter. Cetera Advisor Networks LLC now owns 513 shares of the bank’s stock worth $341,000 after buying an additional 89 shares during the last quarter. Finally, MetLife Investment Management LLC purchased a new position in shares of First Citizens BancShares in the 1st quarter worth approximately $162,000. Institutional investors own 61.18% of the company’s stock.

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.