First Citizens BancShares (NASDAQ:FCNCA) Price Target Raised to $2,470.00

First Citizens BancShares (NASDAQ:FCNCA) had its price objective raised by Truist Financial from $2,323.00 to $2,470.00 in a research report report published on Wednesday morning,Benzinga reports. The brokerage currently has a hold rating on the bank’s stock.

Several other equities analysts have also commented on the company. The Goldman Sachs Group upped their price target on First Citizens BancShares from $2,100.00 to $2,340.00 and gave the company a “neutral” rating in a research note on Tuesday, July 7th. Keefe, Bruyette & Woods downgraded First Citizens BancShares from an “outperform” rating to a “market perform” rating and set a $2,300.00 price objective for the company. in a research report on Thursday, July 9th. Jefferies Financial Group restated a “hold” rating and issued a $2,550.00 price objective on shares of First Citizens BancShares in a report on Friday, October 23rd. Citigroup restated a “neutral” rating on shares of First Citizens BancShares in a report on Thursday, October 1st. Finally, Barclays upped their target price on shares of First Citizens BancShares from $2,376.00 to $2,650.00 and gave the company an “equal weight” rating in a research report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, First Citizens BancShares has a consensus rating of “Hold” and an average target price of $2,355.31.

First Citizens BancShares Stock Performance

NASDAQ:FCNCA opened at $2,352.64 on Wednesday. The company’s 50-day moving average price is $2,150.18 and its 200-day moving average price is $2,064.76. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.59. The company has a market cap of $26.56 billion, a P/E ratio of 11.42, a P/E/G ratio of 1.23 and a beta of 0.58. First Citizens BancShares has a twelve month low of $1,759.27 and a twelve month high of $2,429.96.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Friday, October 23rd. The bank reported $55.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $46.18 by $9.19. First Citizens BancShares had a return on equity of 12.49% and a net margin of 16.54%. The business had revenue of $2.27 billion during the quarter, compared to the consensus estimate of $2.23 billion. On average, sell-side analysts forecast that First Citizens BancShares will post 201.38 earnings per share for the current fiscal year.

First Citizens BancShares announced that its board has approved a stock repurchase plan on Friday, October 23rd that allows the company to repurchase $1.20 billion in shares. This repurchase authorization allows the bank to purchase up to 4.5% of its stock through open market purchases. Share repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

First Citizens BancShares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Monday, November 30th will be issued a dividend of $2.25 per share. This is an increase from First Citizens BancShares’s previous quarterly dividend of $2.10. This represents a $9.00 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Monday, November 30th. First Citizens BancShares’s dividend payout ratio is currently 4.30%.

Insider Activity

In other news, major shareholder Olivia Britton Holding sold 7,000 shares of the stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $19.53, for a total value of $136,710.00. Following the completion of the sale, the insider owned 15,000 shares of the company’s stock, valued at $292,950. This represents a 31.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Diane Morais acquired 50 shares of First Citizens BancShares stock in a transaction on Wednesday, August 19th. The shares were bought at an average price of $2,168.11 per share, for a total transaction of $108,405.50. Following the purchase, the director owned 100 shares of the company’s stock, valued at $216,811. This represents a 100.00% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 14.63% of the company’s stock.

Hedge Funds Weigh In On First Citizens BancShares

A number of hedge funds have recently modified their holdings of FCNCA. Integrity Alliance LLC. bought a new position in First Citizens BancShares during the third quarter worth about $220,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of First Citizens BancShares in the 3rd quarter worth approximately $39,000. Vise Technologies Inc. acquired a new stake in shares of First Citizens BancShares during the third quarter worth $357,000. North Dakota State Investment Board lifted its holdings in First Citizens BancShares by 89.2% in the third quarter. North Dakota State Investment Board now owns 492 shares of the bank’s stock valued at $1,014,000 after buying an additional 232 shares during the period. Finally, North Star Investment Management Corp. grew its stake in First Citizens BancShares by 10.0% during the third quarter. North Star Investment Management Corp. now owns 66 shares of the bank’s stock worth $135,000 after purchasing an additional 6 shares during the period. 78.01% of the stock is owned by institutional investors and hedge funds.

About First Citizens BancShares

First Citizens BancShares, Inc is a bank holding company headquartered in Raleigh, North Carolina. Its principal subsidiary, First-Citizens Bank & Trust Company, provides banking and financial services to individuals, businesses, and institutions through a network of branches and digital banking channels.

The bank offers deposit accounts, consumer and residential lending, commercial and industrial loans, commercial real estate financing, equipment finance, treasury management, and payment services.