Keefe, Bruyette & Woods Cuts First Citizens BancShares (NASDAQ:FCNCA) Price Target to $2,050.00

First Citizens BancShares (NASDAQ:FCNCA) had its target price reduced by Keefe, Bruyette & Woods from $2,100.00 to $2,050.00 in a research report report published on Friday morning,Benzinga reports. They currently have an outperform rating on the bank’s stock.

Other equities analysts have also issued research reports about the stock. Wall Street Zen lowered shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Sunday, September 28th. JPMorgan Chase & Co. boosted their price target on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an “overweight” rating in a report on Tuesday, July 1st. Piper Sandler decreased their price target on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a report on Friday. Raymond James Financial set a $2,100.00 price target on shares of First Citizens BancShares in a report on Tuesday, October 7th. Finally, Cowen reissued a “buy” rating on shares of First Citizens BancShares in a report on Monday, July 28th. Eight investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $2,170.83.

First Citizens BancShares Price Performance

FCNCA opened at $1,775.21 on Friday. The company has a fifty day moving average price of $1,860.19 and a two-hundred day moving average price of $1,884.37. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.04 and a current ratio of 1.04. First Citizens BancShares has a 52 week low of $1,473.62 and a 52 week high of $2,412.93. The firm has a market capitalization of $22.94 billion, a PE ratio of 10.50 and a beta of 0.60.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Thursday, October 23rd. The bank reported $44.62 EPS for the quarter, topping analysts’ consensus estimates of $41.51 by $3.11. First Citizens BancShares had a net margin of 15.99% and a return on equity of 11.06%. The firm had revenue of $2.25 billion during the quarter, compared to analyst estimates of $2.21 billion. As a group, analysts anticipate that First Citizens BancShares will post 167.59 earnings per share for the current year.

First Citizens BancShares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Friday, November 28th will be issued a dividend of $2.10 per share. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.95. This represents a $8.40 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend is Friday, November 28th. First Citizens BancShares’s payout ratio is 4.61%.

Insider Transactions at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 600 shares of the stock in a transaction dated Thursday, August 7th. The shares were bought at an average cost of $1,698.75 per share, with a total value of $1,019,250.00. Following the completion of the acquisition, the chief executive officer owned 32,300 shares of the company’s stock, valued at $54,869,625. This trade represents a 1.89% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Olivia Britton Holding bought 409 shares of the stock in a transaction dated Thursday, August 7th. The shares were acquired at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the completion of the acquisition, the insider directly owned 1,764 shares of the company’s stock, valued at approximately $2,875,320. This trade represents a 30.18% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 1,494 shares of company stock valued at $2,485,986. 13.19% of the stock is currently owned by company insiders.

Institutional Trading of First Citizens BancShares

Large investors have recently made changes to their positions in the company. MAI Capital Management boosted its position in shares of First Citizens BancShares by 500.0% during the 2nd quarter. MAI Capital Management now owns 18 shares of the bank’s stock worth $35,000 after acquiring an additional 15 shares in the last quarter. Steph & Co. acquired a new stake in shares of First Citizens BancShares during the 3rd quarter worth approximately $32,000. SVB Wealth LLC acquired a new stake in shares of First Citizens BancShares during the 1st quarter worth approximately $35,000. Creekmur Asset Management LLC acquired a new stake in shares of First Citizens BancShares during the 2nd quarter worth approximately $39,000. Finally, Allworth Financial LP boosted its position in shares of First Citizens BancShares by 35.3% during the 2nd quarter. Allworth Financial LP now owns 23 shares of the bank’s stock worth $45,000 after acquiring an additional 6 shares in the last quarter. Institutional investors and hedge funds own 78.01% 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.