First Citizens BancShares (NASDAQ:FCNCA) Price Target Raised to $2,625.00

First Citizens BancShares (NASDAQ:FCNCA) had its price target upped by The Goldman Sachs Group from $2,025.00 to $2,625.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the bank’s stock.

FCNCA has been the topic of a number of other reports. Barclays upped their price target on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Wedbush reduced their target price on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a research report on Friday, October 25th. StockNews.com upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Thursday, November 14th. Finally, JPMorgan Chase & Co. dropped their price target on First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating on the stock in a research note on Friday, October 25th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $2,093.40.

First Citizens BancShares Price Performance

NASDAQ FCNCA opened at $2,308.48 on Tuesday. The company has a market cap of $32.30 billion, a PE ratio of 13.23 and a beta of 0.80. First Citizens BancShares has a 52-week low of $1,363.97 and a 52-week high of $2,388.78. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. The firm’s 50 day moving average price is $2,041.80 and its 200-day moving average price is $1,904.59.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53). The company had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.36 billion. First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%. During the same quarter in the prior year, the business posted $55.92 earnings per share. Sell-side analysts forecast that First Citizens BancShares will post 187.88 EPS for the current fiscal year.

First Citizens BancShares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be given a dividend of $1.95 per share. The ex-dividend date of this dividend is Friday, November 29th. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.64. This represents a $7.80 dividend on an annualized basis and a yield of 0.34%. First Citizens BancShares’s dividend payout ratio (DPR) is currently 3.76%.

Institutional Trading of First Citizens BancShares

Large investors have recently made changes to their positions in the business. Raymond James & Associates boosted its stake in shares of First Citizens BancShares by 5.1% in the third quarter. Raymond James & Associates now owns 16,826 shares of the bank’s stock worth $30,976,000 after buying an additional 811 shares during the last quarter. Balentine LLC purchased a new stake in First Citizens BancShares in the 3rd quarter worth approximately $3,564,000. Cetera Investment Advisers grew its stake in shares of First Citizens BancShares by 301.3% during the 1st quarter. Cetera Investment Advisers now owns 1,244 shares of the bank’s stock worth $2,034,000 after purchasing an additional 934 shares during the period. Oliver Luxxe Assets LLC increased its holdings in shares of First Citizens BancShares by 22.6% during the 3rd quarter. Oliver Luxxe Assets LLC now owns 2,916 shares of the bank’s stock valued at $5,368,000 after purchasing an additional 537 shares in the last quarter. Finally, Hiddenite Capital Partners LP lifted its stake in shares of First Citizens BancShares by 14.1% in the 3rd quarter. Hiddenite Capital Partners LP now owns 3,230 shares of the bank’s stock valued at $5,946,000 after purchasing an additional 400 shares during the period. 61.18% of the stock is owned by hedge funds and other institutional investors.

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.