JPMorgan Chase & Co. Forecasts Strong Price Appreciation for First Citizens BancShares (NASDAQ:FCNCA) Stock

First Citizens BancShares (NASDAQ:FCNCA - Free Report) had its price objective boosted by JPMorgan Chase & Co. from $2,550.00 to $2,600.00 in a report published on Tuesday morning,Benzinga reports. The firm currently has an overweight rating on the bank's stock.

Several other equities research analysts also recently commented on the stock. Keefe, Bruyette & Woods downgraded shares of First Citizens BancShares from an "outperform" rating to a "market perform" rating and lifted their target price for the stock from $2,100.00 to $2,500.00 in a research report on Wednesday, December 4th. Citigroup downgraded First Citizens BancShares from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, December 17th. StockNews.com upgraded shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a report on Thursday, November 14th. Deutsche Bank Aktiengesellschaft began coverage on shares of First Citizens BancShares in a report on Monday, December 9th. They set a "buy" rating and a $2,600.00 price target on the stock. Finally, UBS Group assumed coverage on First Citizens BancShares in a research note on Tuesday, December 17th. They issued a "buy" rating and a $2,700.00 price objective for the company. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, First Citizens BancShares currently has an average rating of "Hold" and a consensus target price of $2,290.75.

First Citizens BancShares Price Performance

FCNCA stock traded down $32.89 on Tuesday, reaching $2,116.86. The company had a trading volume of 85,498 shares, compared to its average volume of 85,155. First Citizens BancShares has a 1 year low of $1,363.97 and a 1 year high of $2,388.78. The company's fifty day moving average is $2,150.04 and its 200 day moving average is $1,991.99. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. The company has a market cap of $29.61 billion, a P/E ratio of 12.13 and a beta of 0.83.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 company had revenue of $2.45 billion during the quarter, compared to analysts' expectations of $2.36 billion. During the same period last year, the company earned $55.92 earnings per share. On average, research analysts forecast that First Citizens BancShares will post 188.21 earnings per share for the current year.

First Citizens BancShares Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were paid a dividend of $1.95 per share. The ex-dividend date was Friday, November 29th. This is a positive change from First Citizens BancShares's previous quarterly dividend of $1.64. This represents a $7.80 dividend on an annualized basis and a yield of 0.37%. First Citizens BancShares's dividend payout ratio is currently 4.47%.

Hedge Funds Weigh In On First Citizens BancShares

A number of institutional investors have recently made changes to their positions in the business. Oliver Luxxe Assets LLC grew its position in shares of First Citizens BancShares by 6.7% in the 4th quarter. Oliver Luxxe Assets LLC now owns 3,111 shares of the bank's stock valued at $6,574,000 after purchasing an additional 195 shares during the period. Everence Capital Management Inc. bought a new stake in shares of First Citizens BancShares during the fourth quarter worth about $655,000. GAMMA Investing LLC increased its position in shares of First Citizens BancShares by 16.1% during the fourth quarter. GAMMA Investing LLC now owns 72 shares of the bank's stock worth $152,000 after buying an additional 10 shares during the period. Trust Co of the South grew its holdings in shares of First Citizens BancShares by 136.8% during the fourth quarter. Trust Co of the South now owns 947 shares of the bank's stock valued at $2,001,000 after buying an additional 547 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in First Citizens BancShares by 6.8% in the third quarter. JPMorgan Chase & Co. now owns 288,960 shares of the bank's stock worth $531,961,000 after purchasing an additional 18,501 shares during the last quarter. 78.01% of the stock is currently owned by institutional investors.

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.