First Citizens BancShares, Inc. (NASDAQ:FCNCA) receives consensus PT of $2,012.11 from the brokerage

First Citizens BancShares, Inc. (NASDAQ:FNCCA – Get Your Free Report ) has been assigned an average rating of “Moderate Buy” from the nine research firms that are covering the stock, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $2,012.11.

Several equities research analysts recently issued reports on the company. Piper Sandler boosted their price target on 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. Raymond James raised shares of First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price objective on the stock in a research report on Tuesday, July 2nd. Wedbush cut shares of First Citizens BancShares from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $2,450.00 to $2,150.00 in a research note on Tuesday, September 24th. Jefferies Financial Group began coverage on shares of First Citizens BancShares in a research note on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 price target for the company. Finally, Barclays boosted their price objective on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th .

Get the latest stock analysis on FCNCA

First Citizens BancShares rose 1.1%

Shares of First Citizens BancShares opened at $1,996.73 on Tuesday. The firm has a market cap of $29.01 billion, a price-to-earnings ratio of 11.08 and a beta of 0.81. The company’s fifty day moving average price is $1,935.23 and its two hundred day moving average price is $1,792.23. First Citizens BancShares has a 1 year low of $1,290.60 and a 1 year high of $2,174.80. The company has a current ratio of 1.08, a quick ratio of 1.08, and a debt-to-equity ratio of 1.72.

First Citizens BancShares (NASDAQ:FNCCA – Get Free Report ) last posted its earnings results on Thursday, July 25th. The bank reported $50.87 earnings per share for the quarter, beating analysts’ consensus estimates of $44.91 by $5.96. The company had revenue of $3.77 billion for the quarter, compared to analyst estimates of $2.30 billion. First Citizens BancShares had a return on equity of 14.84% and a net margin of 18.19%. In the same quarter last year, the company earned $52.60 per share. On average, equities research analysts anticipate that First Citizens BancShares will post 200.92 earnings per share for the current fiscal year.

First Citizens BancShares announced that its board has approved a stock buyback program on Thursday, July 25th that authorizes the company to repurchase $3.50 billion in shares. This buyback authorization authorizes the bank to buy back up to 12.3% of its shares through open market purchases. Stock buyback programs are often a sign that a company’s board believes its stock is undervalued.

First Citizens BancShares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were given a dividend of $1.64 per share. This represents an annualized dividend of $6.56 and a dividend yield of 0.33%. The ex-dividend date was Friday, August 30. First Citizens BancShares’ payout ratio is currently 3.64%.

Institutional inputs and outputs

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. ORG Partners LLC purchased a new position in shares of First Citizens BancShares in the first quarter valued at $29,000. Mather Group LLC. bought a new position in shares of First Citizens BancShares in the first quarter valued at about $31,000. LRI Investments LLC purchased a new position in First Citizens BancShares in the first quarter worth approximately $33,000. V Square Quantitative Management LLC purchased a new position in First Citizens BancShares in the second quarter valued at about $35,000. Finally, Riverview Trust Co purchased a new stake in First Citizens BancShares in the first quarter valued at about $49,000. 61.18% of the shares are currently owned by institutional investors.

About First Citizens BancShares

(Get a free report

First Citizens BancShares, Inc operates as the holding company for First-Citizens Bank & Trust Company, which provides commercial and retail banking services to individuals, businesses and professionals. The company’s deposit products include checking, savings, money market and time deposit accounts.

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