First Citizens BancShares (NASDAQ:FCNCA) Downgraded to Sell Rating by StockNews.com

StockNews.com lowered shares of First Citizens BancShares (NASDAQ:FCNCA) from a hold rating to a sell rating in a report issued on Wednesday.

Other research analysts have also issued reports about the stock. Wedbush decreased their price target on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a research note on Friday, October 25th. Citigroup lowered First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Deutsche Bank Aktiengesellschaft assumed coverage on First Citizens BancShares in a research report on Monday, December 9th. They set a “buy” rating and a $2,600.00 price target for the company. Keefe, Bruyette & Woods lowered First Citizens BancShares from an “outperform” rating to a “market perform” rating and raised their price objective for the company from $2,100.00 to $2,500.00 in a report on Wednesday, December 4th. Finally, JPMorgan Chase & Co. upped their target price on shares of First Citizens BancShares from $2,550.00 to $2,600.00 and gave the stock an “overweight” rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $2,290.75.

First Citizens BancShares Trading Down 1.4 %

Shares of FCNCA stock opened at $2,063.80 on Wednesday. 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 market cap of $28.87 billion, a price-to-earnings ratio of 11.82 and a beta of 0.86. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08. The stock has a 50 day simple moving average of $2,159.07 and a 200-day simple moving average of $1,996.68.

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 analysts’ consensus estimates of $47.40 by ($1.53). The company had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.36 billion. First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. During the same quarter in the prior year, the company posted $55.92 earnings per share. On average, equities research analysts expect that First Citizens BancShares will post 188.21 EPS 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 dividend of $1.95 per share. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.64. This represents a $7.80 annualized dividend and a yield of 0.38%. The ex-dividend date of this dividend was Friday, November 29th. First Citizens BancShares’s dividend payout ratio (DPR) is presently 4.47%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in FCNCA. Brooklyn Investment Group acquired a new stake in shares of First Citizens BancShares during the third quarter valued at about $39,000. GAMMA Investing LLC lifted its holdings in shares of First Citizens BancShares by 129.6% in the 3rd quarter. GAMMA Investing LLC now owns 62 shares of the bank’s stock worth $114,000 after acquiring an additional 35 shares during the last quarter. National Bank of Canada FI boosted its position in shares of First Citizens BancShares by 17.7% during the 2nd quarter. National Bank of Canada FI now owns 73 shares of the bank’s stock worth $124,000 after purchasing an additional 11 shares during the period. Quarry LP acquired a new stake in First Citizens BancShares in the 2nd quarter valued at approximately $126,000. Finally, Private Trust Co. NA raised its position in First Citizens BancShares by 2,100.0% in the third 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. 78.01% of the stock is currently owned by institutional investors and hedge funds.

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.