First Citizens BancShares (NASDAQ:FCNCA) Upgraded by Citigroup to Strong-Buy Rating

Citigroup upgraded shares of First Citizens BancShares (NASDAQ:FCNCA) from a hold rating to a strong-buy rating in a report released on Monday morning,Zacks.com reports.

A number of other analysts have also recently weighed in on FCNCA. Wedbush reduced their price target on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a research report on Friday, October 25th. JPMorgan Chase & Co. dropped their price target on shares of First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating on the stock in a research report on Friday, October 25th. Deutsche Bank Aktiengesellschaft started coverage on shares of First Citizens BancShares in a report on Monday. They set a “buy” rating and a $2,600.00 price objective for the company. Keefe, Bruyette & Woods lowered shares of First Citizens BancShares from an “outperform” rating to a “market perform” rating and boosted their target price for the stock from $2,100.00 to $2,500.00 in a research report on Wednesday, December 4th. Finally, StockNews.com raised First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Thursday, November 14th. Six research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, First Citizens BancShares presently has an average rating of “Moderate Buy” and a consensus target price of $2,157.64.

First Citizens BancShares Trading Down 1.1 %

NASDAQ:FCNCA opened at $2,097.67 on Monday. The stock has a market cap of $29.35 billion, a PE ratio of 12.02 and a beta of 0.83. First Citizens BancShares has a fifty-two week low of $1,363.97 and a fifty-two week high of $2,388.78. 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’s 50-day moving average is $2,106.48 and its two-hundred day moving average is $1,935.50.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results 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 firm had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.36 billion. First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%. During the same quarter in the prior year, the firm earned $55.92 earnings per share. As a group, equities research analysts forecast that First Citizens BancShares will post 187.88 earnings per share for the current fiscal year.

First Citizens BancShares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be paid a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.37%. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.64. The ex-dividend date of this dividend is Friday, November 29th. First Citizens BancShares’s dividend payout ratio is presently 4.47%.

Institutional Trading of First Citizens BancShares

Several institutional investors have recently made changes to their positions in FCNCA. V Square Quantitative Management LLC acquired a new position in First Citizens BancShares during the second quarter worth $35,000. Brooklyn Investment Group bought a new stake in shares of First Citizens BancShares in the 3rd quarter worth about $39,000. Gradient Investments LLC acquired a new stake in shares of First Citizens BancShares during the 2nd quarter worth about $52,000. Blue Trust Inc. lifted its holdings in First Citizens BancShares by 120.0% during the 2nd quarter. Blue Trust Inc. now owns 66 shares of the bank’s stock valued at $108,000 after purchasing an additional 36 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in First Citizens BancShares by 129.6% in the third quarter. GAMMA Investing LLC now owns 62 shares of the bank’s stock valued at $114,000 after buying an additional 35 shares in the last quarter. 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.