First Citizens BancShares (NASDAQ:FCNCA) PT Lowered to $2,000.00 at Wedbush

First Citizens BancShares (NASDAQ:FCNCA) had its price objective trimmed by Wedbush from $2,150.00 to $2,000.00 in a research note released on Friday morning, Benzinga reports. The firm currently has a neutral rating on the bank’s stock.

Several other research firms have also recently issued reports on FCNCA. StockNews.com cut First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Monday, October 7th. Keefe, Bruyette & Woods raised their price target on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Raymond James upgraded First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price target for the company in a research report on Tuesday, July 2nd. Piper Sandler raised their price target on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Finally, Jefferies Financial Group began coverage on First Citizens BancShares in a research report on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 price target for the company. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $2,025.90.

First Citizens BancShares Trading Up 2.3 %

NASDAQ:FCNCA opened at $1,926.03 on Friday. The stock has a fifty day moving average price of $1,948.26 and a two-hundred day moving average price of $1,827.43. The stock has a market capitalization of $27.99 billion, a price-to-earnings ratio of 10.69 and a beta of 0.81. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.08 and a current ratio of 1.08. First Citizens BancShares has a 1 year low of $1,339.10 and a 1 year high of $2,174.80.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings data on Thursday, October 24th. The bank reported $45.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $47.40 by ($1.53). The business had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.36 billion. First Citizens BancShares had a return on equity of 14.84% and a net margin of 18.19%. During the same quarter in the previous year, the company posted $55.92 EPS. As a group, sell-side analysts anticipate that First Citizens BancShares will post 198.72 earnings per share for the current fiscal year.

First Citizens BancShares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be paid a dividend of $1.95 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.40%. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.64. First Citizens BancShares’s dividend payout ratio (DPR) is presently 4.33%.

First Citizens BancShares announced that its board has approved a share repurchase plan on Thursday, July 25th that authorizes the company to buyback $3.50 billion in outstanding shares. This buyback authorization authorizes the bank to buy up to 12.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of First Citizens BancShares

A number of large investors have recently made changes to their positions in FCNCA. ORG Partners LLC acquired a new stake in First Citizens BancShares in the 1st quarter worth about $29,000. LRI Investments LLC acquired a new stake in First Citizens BancShares in the 1st quarter worth about $33,000. V Square Quantitative Management LLC acquired a new stake in First Citizens BancShares in the 2nd quarter worth about $35,000. Gradient Investments LLC acquired a new stake in First Citizens BancShares in the 2nd quarter worth about $52,000. Finally, Blue Trust Inc. boosted its stake in First Citizens BancShares by 120.0% in the 2nd quarter. Blue Trust Inc. now owns 66 shares of the bank’s stock worth $108,000 after buying an additional 36 shares during the last quarter. Institutional investors and hedge funds own 61.18% of the company’s stock.

First Citizens BancShares Company Profile

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.