First Citizens BancShares (NASDAQ:FCNCA) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of First Citizens BancShares (NASDAQ:FCNCA) from a sell rating to a hold rating in a report released on Saturday.

A number of other equities research analysts also recently weighed in on FCNCA. JPMorgan Chase & Co. raised their price objective on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an “overweight” rating in a research report on Tuesday, July 1st. Cowen reaffirmed a “buy” rating on shares of First Citizens BancShares in a research report on Monday, July 28th. Citigroup raised their price objective on First Citizens BancShares from $1,900.00 to $2,050.00 and gave the company a “neutral” rating in a research report on Wednesday, July 2nd. Piper Sandler set a $2,150.00 price objective on First Citizens BancShares and gave the company a “neutral” rating in a research report on Monday, July 28th. Finally, UBS Group reaffirmed a “buy” rating and set a $2,410.00 price objective on shares of First Citizens BancShares in a research report on Wednesday, July 9th. Seven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, First Citizens BancShares has an average rating of “Moderate Buy” and a consensus target price of $2,291.17.

First Citizens BancShares Stock Down 0.9%

NASDAQ:FCNCA opened at $1,850.42 on Friday. First Citizens BancShares has a 1-year low of $1,473.62 and a 1-year high of $2,412.93. The company has a 50-day moving average of $1,966.46 and a 200 day moving average of $1,885.73. The firm has a market cap of $23.91 billion, a PE ratio of 10.92 and a beta of 0.71. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.04 and a quick ratio of 1.04.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings data on Friday, July 25th. The bank reported $44.78 earnings per share for the quarter, beating analysts’ consensus estimates of $39.08 by $5.70. First Citizens BancShares had a return on equity of 11.32% and a net margin of 16.37%.The company had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.21 billion. As a group, research analysts anticipate that First Citizens BancShares will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were paid a $1.95 dividend. This represents a $7.80 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Friday, August 29th. First Citizens BancShares’s dividend payout ratio (DPR) is presently 4.60%.

Insider Transactions at First Citizens BancShares

In related news, insider Hope Holding Bryant purchased 409 shares of First Citizens BancShares stock in a transaction that occurred on Thursday, August 7th. The stock was bought at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the completion of the transaction, the insider owned 1,764 shares in the company, valued at $2,875,320. The trade was a 30.18% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Frank B. Holding, Jr. purchased 600 shares of First Citizens BancShares stock in a transaction that occurred on Thursday, August 7th. The shares were bought at an average price of $1,698.75 per share, with a total value of $1,019,250.00. Following the completion of the transaction, the chief executive officer owned 32,300 shares of the company’s stock, valued at $54,869,625. This represents a 1.89% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 1,494 shares of company stock worth $2,485,986 over the last three months. 13.19% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of FCNCA. MassMutual Private Wealth & Trust FSB raised its position in First Citizens BancShares by 54.5% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank’s stock valued at $32,000 after acquiring an additional 6 shares in the last quarter. SVB Wealth LLC purchased a new position in First Citizens BancShares during the first quarter valued at approximately $35,000. MAI Capital Management raised its position in First Citizens BancShares by 500.0% during the second quarter. MAI Capital Management now owns 18 shares of the bank’s stock valued at $35,000 after acquiring an additional 15 shares in the last quarter. Creekmur Asset Management LLC purchased a new position in First Citizens BancShares during the second quarter valued at approximately $39,000. Finally, Community Bank N.A. purchased a new stake in shares of First Citizens BancShares in the first quarter valued at approximately $44,000. 78.01% of the stock is currently 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.