First Citizens BancShares (NASDAQ:FCNCA) Sets New 52-Week High Following Strong Earnings

Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) reached a new 52-week high during trading on Friday following a stronger than expected earnings report. The stock traded as high as $2,412.93 and last traded at $2,286.32, with a volume of 20146 shares trading hands. The stock had previously closed at $2,216.49.

The bank reported $45.10 earnings per share for the quarter, topping analysts’ consensus estimates of $39.32 by $5.78. First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%.

First Citizens BancShares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Friday, February 28th will be given a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a yield of 0.35%. First Citizens BancShares’s dividend payout ratio is currently 4.47%.

Analysts Set New Price Targets

Several research analysts have commented on FCNCA shares. The Goldman Sachs Group lifted their target price on First Citizens BancShares from $2,025.00 to $2,625.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Truist Financial initiated coverage on First Citizens BancShares in a report on Tuesday, January 7th. They issued a “hold” rating and a $2,303.00 target price on the stock. StockNews.com cut First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Friday. Keefe, Bruyette & Woods upgraded 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, January 14th. Finally, Barclays raised their price objective on First Citizens BancShares from $2,250.00 to $2,456.00 and gave the company an “equal weight” rating in a research note on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, First Citizens BancShares currently has a consensus rating of “Hold” and a consensus target price of $2,290.75.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Raymond James & Associates grew its holdings in shares of First Citizens BancShares by 5.1% during the third quarter. Raymond James & Associates now owns 16,826 shares of the bank’s stock worth $30,976,000 after purchasing an additional 811 shares in the last quarter. Balentine LLC purchased a new stake in shares of First Citizens BancShares during the third quarter valued at approximately $3,564,000. Hiddenite Capital Partners LP boosted its stake in shares of First Citizens BancShares by 14.1% during the third 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. Retireful LLC bought a new position in shares of First Citizens BancShares during the third quarter valued at approximately $801,000. Finally, Oliver Luxxe Assets LLC raised its holdings in shares of First Citizens BancShares by 22.6% during the third quarter. Oliver Luxxe Assets LLC now owns 2,916 shares of the bank’s stock valued at $5,368,000 after acquiring an additional 537 shares in the last quarter. Hedge funds and other institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Stock Performance

The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68. The company has a market cap of $31.13 billion, a P/E ratio of 12.75, a P/E/G ratio of 1.03 and a beta of 0.86. The business has a fifty day moving average of $2,171.41 and a 200 day moving average of $2,035.98.

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.