StockNews.com Upgrades First Citizens BancShares (NASDAQ:FCNCA) to “Hold”

StockNews.com upgraded shares of First Citizens BancShares (NASDAQ:FCNCA) from a sell rating to a hold rating in a report released on Thursday morning.

Several other brokerages have also recently weighed in on FCNCA. UBS Group began coverage on First Citizens BancShares in a research note on Tuesday, December 17th. They issued a “buy” rating and a $2,700.00 price target on the stock. Truist Financial assumed coverage on shares of First Citizens BancShares in a research note on Tuesday, January 7th. They issued a “hold” rating and a $2,303.00 price target for the company. Keefe, Bruyette & Woods raised shares of First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $2,500.00 price objective on the stock in a research note on Tuesday. Citigroup downgraded shares of First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Finally, JPMorgan Chase & Co. boosted their price target on First Citizens BancShares from $2,550.00 to $2,600.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 7th. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, First Citizens BancShares has an average rating of “Moderate Buy” and a consensus target price of $2,290.75.

First Citizens BancShares Trading Up 0.2 %

Shares of FCNCA opened at $2,156.01 on Thursday. First Citizens BancShares has a 1-year low of $1,363.97 and a 1-year 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. The firm’s 50-day moving average price is $2,167.03 and its 200-day moving average price is $2,012.73. The firm has a market capitalization of $30.16 billion, a price-to-earnings ratio of 12.35, a PEG ratio of 0.96 and a beta of 0.86.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data on Thursday, October 24th. The bank reported $45.87 earnings per share for the quarter, missing the consensus estimate of $47.40 by ($1.53). First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%. The firm had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same period in the previous year, the firm posted $55.92 earnings per share. Sell-side analysts anticipate that First Citizens BancShares will post 186.98 EPS for the current year.

First Citizens BancShares Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were issued a dividend of $1.95 per share. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.64. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.36%. The ex-dividend date was Friday, November 29th. First Citizens BancShares’s dividend payout ratio is presently 4.47%.

Institutional Trading of First Citizens BancShares

A number of institutional investors have recently made changes to their positions in FCNCA. Brooklyn Investment Group bought a new position in shares of First Citizens BancShares during the 3rd quarter valued at $39,000. GAMMA Investing LLC lifted its holdings in First Citizens BancShares by 129.6% in the third quarter. GAMMA Investing LLC now owns 62 shares of the bank’s stock valued at $114,000 after acquiring an additional 35 shares during the period. Quarry LP purchased a new position in First Citizens BancShares in the second quarter worth about $126,000. Private Trust Co. NA grew its stake in shares of First Citizens BancShares by 2,100.0% during the 3rd quarter. Private Trust Co. NA now owns 88 shares of the bank’s stock valued at $162,000 after purchasing an additional 84 shares during the period. Finally, UMB Bank n.a. purchased a new stake in shares of First Citizens BancShares during the 3rd quarter valued at about $177,000. Hedge funds and other institutional investors own 78.01% 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.