Truist Financial Begins Coverage on First Citizens BancShares (NASDAQ:FCNCA)

Truist Financial assumed coverage on shares of First Citizens BancShares (NASDAQ:FCNCA) in a research note issued to investors on Tuesday morning,Benzinga reports. The brokerage issued a hold rating and a $2,303.00 target price on the bank’s stock.

A number of other brokerages have also recently commented on FCNCA. Citigroup cut shares of First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 17th. UBS Group began coverage on First Citizens BancShares in a research note on Tuesday, December 17th. They set a “buy” rating and a $2,700.00 target price for the company. JPMorgan Chase & Co. dropped their price target on First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating on the stock in a research note on Friday, October 25th. Keefe, Bruyette & Woods cut First Citizens BancShares from an “outperform” rating to a “market perform” rating and increased their price target for the stock from $2,100.00 to $2,500.00 in a report on Wednesday, December 4th. Finally, Wedbush lowered their price objective on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a research note on Friday, October 25th. Eight 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 an average rating of “Hold” and a consensus price target of $2,290.75.

First Citizens BancShares Trading Down 1.5 %

Shares of FCNCA stock opened at $2,116.86 on Tuesday. The stock has a 50-day moving average of $2,153.54 and a 200-day moving average of $1,995.31. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68. The stock has a market cap of $29.61 billion, a price-to-earnings ratio of 12.13 and a beta of 0.86. First Citizens BancShares has a 1-year low of $1,363.97 and a 1-year high of $2,388.78.

First Citizens BancShares (NASDAQ:FCNCA) last released 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). First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. The firm had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter in the previous year, the business posted $55.92 EPS. On average, equities research analysts forecast that First Citizens BancShares will post 188.21 earnings per share for the current year.

First Citizens BancShares Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were given a $1.95 dividend. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.64. The ex-dividend date of this dividend was Friday, November 29th. This represents a $7.80 annualized dividend and a yield of 0.37%. First Citizens BancShares’s dividend payout ratio (DPR) is presently 4.47%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of FCNCA. Principal Financial Group Inc. boosted its holdings in First Citizens BancShares by 84.9% during the second quarter. Principal Financial Group Inc. now owns 1,751 shares of the bank’s stock worth $2,948,000 after purchasing an additional 804 shares during the last quarter. Commonwealth Equity Services LLC boosted its stake in shares of First Citizens BancShares by 20.3% in the 2nd quarter. Commonwealth Equity Services LLC now owns 427 shares of the bank’s stock worth $720,000 after buying an additional 72 shares during the last quarter. TD Asset Management Inc grew its holdings in shares of First Citizens BancShares by 3.2% in the second quarter. TD Asset Management Inc now owns 1,829 shares of the bank’s stock valued at $3,079,000 after acquiring an additional 57 shares in the last quarter. National Bank of Canada FI increased its position in shares of First Citizens BancShares by 17.7% during the second quarter. National Bank of Canada FI now owns 73 shares of the bank’s stock valued at $124,000 after acquiring an additional 11 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of First Citizens BancShares by 0.8% during the second quarter. Victory Capital Management Inc. now owns 9,103 shares of the bank’s stock valued at $15,326,000 after acquiring an additional 68 shares during the last quarter. Hedge funds and other institutional investors own 78.01% 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.