JPMorgan Chase & Co. Forecasts Strong Price Appreciation for First Citizens BancShares (NASDAQ:FCNCA) Stock

First Citizens BancShares (NASDAQ:FCNCA) had its price target raised by JPMorgan Chase & Co. from $2,550.00 to $2,600.00 in a research report released on Tuesday,Benzinga reports. They currently have an overweight rating on the bank’s stock.

Other research analysts have also issued reports about the company. Deutsche Bank Aktiengesellschaft started coverage on First Citizens BancShares in a research report on Monday, December 9th. They issued a “buy” rating and a $2,600.00 price objective on the stock. UBS Group started coverage on shares of First Citizens BancShares in a research note on Tuesday, December 17th. They issued a “buy” rating and a $2,700.00 target price on the stock. The Goldman Sachs Group boosted their target price on shares of First Citizens BancShares from $2,025.00 to $2,625.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Citigroup downgraded First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. Finally, StockNews.com upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Thursday, November 14th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $2,290.75.

First Citizens BancShares Price Performance

Shares of NASDAQ FCNCA opened at $2,116.86 on Tuesday. The company’s 50-day moving average price is $2,153.54 and its 200 day moving average price is $1,995.31. The stock has a market cap of $29.61 billion, a price-to-earnings ratio of 12.13 and a beta of 0.86. 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 current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53). First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. The business had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.36 billion. During the same period in the prior year, the company earned $55.92 EPS. As a group, research analysts forecast that First Citizens BancShares will post 188.21 earnings per share for the current fiscal year.

First Citizens BancShares Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were given a $1.95 dividend. The ex-dividend date of this dividend was Friday, November 29th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.37%. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.64. First Citizens BancShares’s dividend payout ratio is currently 4.47%.

Institutional Investors Weigh In On First Citizens BancShares

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. M&T Bank Corp lifted its stake in First Citizens BancShares by 0.8% in the 3rd quarter. M&T Bank Corp now owns 607 shares of the bank’s stock valued at $1,117,000 after purchasing an additional 5 shares during the last quarter. Wedbush Securities Inc. increased its position in shares of First Citizens BancShares by 0.5% during the second quarter. Wedbush Securities Inc. now owns 1,199 shares of the bank’s stock worth $2,019,000 after buying an additional 6 shares during the period. Metis Global Partners LLC raised its position in shares of First Citizens BancShares by 4.9% in the 3rd quarter. Metis Global Partners LLC now owns 129 shares of the bank’s stock worth $237,000 after acquiring an additional 6 shares in the last quarter. Tandem Capital Management Corp ADV lifted its stake in First Citizens BancShares by 1.8% in the third quarter. Tandem Capital Management Corp ADV now owns 459 shares of the bank’s stock valued at $845,000 after buying an additional 8 shares during the period. Finally, Mount Lucas Management LP boosted its stake in First Citizens BancShares by 2.6% during the third quarter. Mount Lucas Management LP now owns 315 shares of the bank’s stock worth $580,000 after acquiring an additional 8 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 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.