Piper Sandler Cuts First Citizens BancShares (NASDAQ:FCNCA) Price Target to $2,000.00

First Citizens BancShares (NASDAQ:FCNCA) had its price target reduced by Piper Sandler from $2,150.00 to $2,000.00 in a report published on Friday, MarketBeat Ratings reports. They currently have a neutral rating on the bank’s stock.

A number of other analysts also recently weighed in on FCNCA. JPMorgan Chase & Co. boosted their target price on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an “overweight” rating in a report on Tuesday, July 1st. Citigroup restated an “overweight” rating on shares of First Citizens BancShares in a report on Friday. Truist Financial reduced their target price on shares of First Citizens BancShares from $2,240.00 to $2,000.00 and set a “hold” rating on the stock in a report on Friday, October 3rd. Cowen restated a “buy” rating on shares of First Citizens BancShares in a report on Monday, July 28th. Finally, Wall Street Zen downgraded shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Sunday, September 28th. Eight equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $2,170.83.

First Citizens BancShares Stock Performance

Shares of NASDAQ FCNCA opened at $1,775.21 on Friday. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.04 and a current ratio of 1.04. The company has a market cap of $22.94 billion, a P/E ratio of 10.50 and a beta of 0.60. The firm’s fifty day moving average is $1,860.19 and its two-hundred day moving average is $1,884.37. First Citizens BancShares has a 52-week low of $1,473.62 and a 52-week high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Thursday, October 23rd. The bank reported $44.62 earnings per share (EPS) for the quarter, beating 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 company had revenue of $2.25 billion for the quarter, compared to the consensus estimate of $2.21 billion. As a group, analysts anticipate that First Citizens BancShares will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Increases Dividend

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

Insider Activity at First Citizens BancShares

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

Institutional Investors Weigh In On First Citizens BancShares

Large investors have recently added to or reduced their stakes in the stock. Teacher Retirement System of Texas purchased a new stake in First Citizens BancShares in the 1st quarter valued at about $2,642,000. Bank of New York Mellon Corp boosted its position in First Citizens BancShares by 1.9% in the 1st quarter. Bank of New York Mellon Corp now owns 40,553 shares of the bank’s stock valued at $75,190,000 after buying an additional 772 shares during the period. Cambridge Investment Research Advisors Inc. boosted its position in First Citizens BancShares by 16.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 190 shares of the bank’s stock valued at $352,000 after buying an additional 27 shares during the period. DAVENPORT & Co LLC purchased a new stake in First Citizens BancShares in the 1st quarter valued at about $221,000. Finally, Malaga Cove Capital LLC purchased a new stake in First Citizens BancShares in the 1st quarter valued at about $714,000. 78.01% 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.