First Citizens BancShares (NASDAQ:FCNCA) Upgraded at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods upgraded shares of First Citizens BancShares (NASDAQ:FCNCA - Free Report) from a market perform rating to an outperform rating in a research report sent to investors on Tuesday, Marketbeat reports. Keefe, Bruyette & Woods currently has $2,500.00 price target on the bank's stock.

A number of other analysts have also issued reports on FCNCA. Barclays boosted their target price on shares of First Citizens BancShares from $2,250.00 to $2,456.00 and gave the company an "equal weight" rating in a research note on Monday, January 6th. JPMorgan Chase & Co. raised their price target on First Citizens BancShares from $2,550.00 to $2,600.00 and gave the company an "overweight" rating in a research note on Tuesday, January 7th. Truist Financial began coverage on shares of First Citizens BancShares in a research note on Tuesday, January 7th. They issued a "hold" rating and a $2,303.00 price objective for the company. Citigroup downgraded shares of First Citizens BancShares from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, December 17th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of First Citizens BancShares in a research report on Monday, December 9th. They issued a "buy" rating and a $2,600.00 price target for the company. One research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $2,290.75.

First Citizens BancShares Price Performance

FCNCA stock traded up $54.39 during mid-day trading on Tuesday, hitting $2,140.00. The company had a trading volume of 56,991 shares, compared to its average volume of 65,136. The company has a 50-day moving average price of $2,165.40 and a 200 day moving average price of $2,007.52. First Citizens BancShares has a 12-month low of $1,363.97 and a 12-month high of $2,388.78. The company has a market capitalization of $29.94 billion, a price-to-earnings ratio of 12.26 and a beta of 0.86. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share 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 business had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter in the prior year, the firm posted $55.92 EPS. On average, research analysts anticipate 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. Stockholders of record on Friday, November 29th were given a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.36%. The ex-dividend date was Friday, November 29th. This is a positive change from First Citizens BancShares's previous quarterly dividend of $1.64. First Citizens BancShares's payout ratio is currently 4.47%.

Hedge Funds Weigh In On First Citizens BancShares

A number of large investors have recently modified their holdings of the company. Raymond James & Associates grew its holdings in First Citizens BancShares by 5.1% during the 3rd quarter. Raymond James & Associates now owns 16,826 shares of the bank's stock valued at $30,976,000 after purchasing an additional 811 shares in the last quarter. Balentine LLC acquired a new position in shares of First Citizens BancShares in the third quarter worth about $3,564,000. Hiddenite Capital Partners LP lifted its stake in shares of First Citizens BancShares by 14.1% in the third quarter. Hiddenite Capital Partners LP now owns 3,230 shares of the bank's stock worth $5,946,000 after acquiring an additional 400 shares in the last quarter. Retireful LLC purchased a new position in First Citizens BancShares in the third quarter valued at about $801,000. Finally, Oliver Luxxe Assets LLC grew its stake in First Citizens BancShares by 22.6% during the 3rd quarter. Oliver Luxxe Assets LLC now owns 2,916 shares of the bank's stock valued at $5,368,000 after purchasing an additional 537 shares in the last quarter. 78.01% of the stock is currently owned by hedge funds and other 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.