First Citizens BancShares (NASDAQ:FCNCA) Raised to Outperform at Raymond James

Raymond James upgraded shares of First Citizens BancShares (NASDAQ:FCNCA) from a market perform rating to an outperform rating in a report published on Tuesday, Marketbeat reports. They currently have $1,900.00 target price on the bank’s stock.

Other equities analysts have also issued research reports about the stock. DA Davidson restated a neutral rating and set a $1,650.00 target price (up previously from $1,600.00) on shares of First Citizens BancShares in a report on Monday, April 15th. Barclays upped their target price on First Citizens BancShares from $1,850.00 to $1,950.00 and gave the stock an equal weight rating in a research report on Friday, April 26th. The Goldman Sachs Group began coverage on First Citizens BancShares in a research note on Thursday, March 21st. They issued a buy rating and a $1,950.00 target price for the company. StockNews.com raised First Citizens BancShares from a sell rating to a hold rating in a research report on Monday, April 29th. Finally, Keefe, Bruyette & Woods reaffirmed an outperform rating and issued a $2,100.00 price objective (up previously from $1,900.00) on shares of First Citizens BancShares in a research report on Friday, April 26th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, First Citizens BancShares currently has a consensus rating of Moderate Buy and a consensus price target of $1,842.40.

First Citizens BancShares Stock Performance

First Citizens BancShares stock opened at $1,728.20 on Tuesday. The company has a market cap of $25.11 billion, a price-to-earnings ratio of 9.59 and a beta of 0.83. First Citizens BancShares has a 12 month low of $1,241.05 and a 12 month high of $1,810.03. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.10 and a quick ratio of 1.10. The stock’s 50-day moving average is $1,705.27 and its 200-day moving average is $1,579.03.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Thursday, April 25th. The bank reported $52.92 EPS for the quarter, beating the consensus estimate of $44.27 by $8.65. The firm had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.30 billion. First Citizens BancShares had a net margin of 18.22% and a return on equity of 15.48%. Equities analysts anticipate that First Citizens BancShares will post 188.62 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Friday, May 31st were given a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 0.38%. The ex-dividend date was Friday, May 31st. First Citizens BancShares’s payout ratio is currently 3.64%.

Insider Buying and Selling

In other news, Director Ellen R. Alemany sold 1,000 shares of the company’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $1,757.27, for a total value of $1,757,270.00. Following the sale, the director now owns 1,335 shares in the company, valued at approximately $2,345,955.45. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Ellen R. Alemany sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $1,757.27, for a total value of $1,757,270.00. Following the completion of the sale, the director now directly owns 1,335 shares in the company, valued at approximately $2,345,955.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ellen R. Alemany sold 484 shares of the firm’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $1,750.12, for a total value of $847,058.08. Following the transaction, the director now owns 335 shares in the company, valued at $586,290.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,000 shares of company stock worth $5,273,568. Insiders own 12.85% of the company’s stock.

Institutional Investors Weigh In On First Citizens BancShares

A number of institutional investors have recently modified their holdings of FCNCA. Capital Research Global Investors bought a new position in First Citizens BancShares during the 1st quarter worth $298,180,000. Norges Bank bought a new position in shares of First Citizens BancShares during the fourth quarter worth about $180,039,000. Vanguard Group Inc. lifted its position in First Citizens BancShares by 4.6% in the 1st quarter. Vanguard Group Inc. now owns 1,064,822 shares of the bank’s stock valued at $1,740,984,000 after purchasing an additional 47,167 shares during the last quarter. Wellington Management Group LLP boosted its stake in First Citizens BancShares by 21.1% during the 4th quarter. Wellington Management Group LLP now owns 239,563 shares of the bank’s stock valued at $339,933,000 after purchasing an additional 41,793 shares during the period. Finally, Point72 Asset Management L.P. grew its position in First Citizens BancShares by 130.1% in the 4th quarter. Point72 Asset Management L.P. now owns 46,180 shares of the bank’s stock worth $65,528,000 after purchasing an additional 26,107 shares during the last quarter. Institutional investors 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.