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

StockNews.com cut shares of First Citizens BancShares (NASDAQ:FCNCA) from a hold rating to a sell rating in a report published on Tuesday.

A number of other research firms have also weighed in on FCNCA. Wedbush decreased their target price 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. Jefferies Financial Group began coverage on First Citizens BancShares in a report on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 target price for the company. Keefe, Bruyette & Woods lifted their price target on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Piper Sandler boosted their price target on shares of 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, JPMorgan Chase & Co. cut their price objective on shares of First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, First Citizens BancShares has a consensus rating of “Hold” and a consensus target price of $2,025.90.

First Citizens BancShares Trading Down 0.3 %

Shares of NASDAQ:FCNCA opened at $2,165.65 on Tuesday. The business’s 50 day moving average price is $1,952.89 and its 200-day moving average price is $1,854.91. First Citizens BancShares has a 1 year low of $1,363.97 and a 1 year high of $2,275.90. The firm has a market capitalization of $31.34 billion, a price-to-earnings ratio of 12.41 and a beta of 0.80. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.08 and a quick ratio of 1.08.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share for the quarter, missing the consensus estimate of $47.40 by ($1.53). First Citizens BancShares had a return on equity of 13.78% and a net margin of 17.36%. The company had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same quarter last year, the company earned $55.92 EPS. On average, equities research analysts forecast that First Citizens BancShares will post 189.06 earnings per share for the current fiscal year.

First Citizens BancShares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be issued a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.36%. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.64. The ex-dividend date is Friday, November 29th. First Citizens BancShares’s dividend payout ratio (DPR) is presently 3.76%.

First Citizens BancShares declared that its Board of Directors has initiated a share buyback plan on Thursday, July 25th that allows the company to repurchase $3.50 billion in shares. This repurchase authorization allows the bank to repurchase up to 12.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of FCNCA. ORG Partners LLC acquired a new position in First Citizens BancShares during the first quarter worth approximately $29,000. LRI Investments LLC purchased a new position in First Citizens BancShares during the 1st quarter worth $33,000. V Square Quantitative Management LLC purchased a new position in First Citizens BancShares during the 2nd quarter worth $35,000. Gradient Investments LLC acquired a new position in First Citizens BancShares in the second quarter valued at $52,000. Finally, Blue Trust Inc. raised its holdings in shares of First Citizens BancShares by 120.0% in the second quarter. Blue Trust Inc. now owns 66 shares of the bank’s stock valued at $108,000 after buying an additional 36 shares during the last quarter. 61.18% of the stock is owned by hedge funds and other institutional investors.

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.