Brokerages Set First Citizens BancShares, Inc. (NASDAQ:FCNCA) Price Target at $1,768.63

First Citizens BancShares, Inc. (NASDAQ:FCNCA) has been given a consensus recommendation of “Moderate Buy” by the nine brokerages that are covering the firm, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $1,768.63.

A number of analysts recently issued reports on FCNCA shares. DA Davidson restated a “neutral” rating and issued a $1,650.00 price target (up from $1,600.00) on shares of First Citizens BancShares in a research report on Monday. Barclays began coverage on First Citizens BancShares in a report on Thursday, April 11th. They issued an “equal weight” rating and a $1,850.00 price objective for the company. UBS Group lifted their price objective on First Citizens BancShares from $1,644.00 to $1,754.00 and gave the company a “buy” rating in a report on Tuesday, January 30th. Wedbush restated an “outperform” rating and issued a $1,800.00 price objective on shares of First Citizens BancShares in a report on Monday, January 29th. Finally, The Goldman Sachs Group began coverage on First Citizens BancShares in a report on Thursday, March 21st. They issued a “buy” rating and a $1,950.00 price objective for the company.

First Citizens BancShares Stock Up 0.1 %

NASDAQ FCNCA opened at $1,551.91 on Tuesday. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.14 and a current ratio of 1.14. The company has a market capitalization of $22.53 billion, a P/E ratio of 1.98 and a beta of 0.89. First Citizens BancShares has a one year low of $945.32 and a one year high of $1,651.73. The stock has a 50 day moving average price of $1,562.91 and a 200-day moving average price of $1,466.44.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results on Friday, January 26th. The bank reported $46.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $48.49 by ($1.91). The company had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.36 billion. First Citizens BancShares had a return on equity of 13.52% and a net margin of 51.04%. As a group, equities analysts predict that First Citizens BancShares will post 178.72 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Thursday, February 29th were issued a $1.64 dividend. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $6.56 dividend on an annualized basis and a yield of 0.42%. First Citizens BancShares’s dividend payout ratio is presently 0.84%.

Insiders Place Their Bets

In other news, major shareholder Olivia Britton Holding bought 466 shares of First Citizens BancShares stock in a transaction on Tuesday, February 20th. The stock was acquired at an average cost of $1,315.00 per share, for a total transaction of $612,790.00. Following the completion of the acquisition, the insider now owns 121,694 shares of the company’s stock, valued at approximately $160,027,610. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Ellen R. Alemany sold 600 shares of the company’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $1,559.09, for a total transaction of $935,454.00. Following the transaction, the director now owns 4,842 shares in the company, valued at $7,549,113.78. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Olivia Britton Holding acquired 466 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were bought at an average price of $1,315.00 per share, for a total transaction of $612,790.00. Following the acquisition, the insider now owns 121,694 shares of the company’s stock, valued at $160,027,610. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 1,388 shares of company stock worth $1,825,220. 13.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On First Citizens BancShares

Several hedge funds have recently modified their holdings of FCNCA. Vanguard Group Inc. boosted its position in First Citizens BancShares by 106.0% in the first quarter. Vanguard Group Inc. now owns 1,105,554 shares of the bank’s stock valued at $735,855,000 after buying an additional 568,929 shares during the last quarter. Invesco Ltd. boosted its position in First Citizens BancShares by 113.0% in the first quarter. Invesco Ltd. now owns 371,016 shares of the bank’s stock valued at $246,949,000 after buying an additional 196,851 shares during the last quarter. Sessa Capital IM L.P. purchased a new stake in First Citizens BancShares in the first quarter valued at approximately $158,509,000. Imprint Wealth LLC purchased a new stake in First Citizens BancShares in the second quarter valued at approximately $15,016,000. Finally, State Street Corp boosted its position in First Citizens BancShares by 53.7% in the first quarter. State Street Corp now owns 402,593 shares of the bank’s stock valued at $267,966,000 after buying an additional 140,626 shares during the last quarter. Institutional investors and hedge funds own 61.18% 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.