First Citizens BancShares (NASDAQ:FCNCA) Sets New 12-Month High on Earnings Beat

First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report)'s share price hit a new 52-week high on Friday following a stronger than expected earnings report. The company traded as high as $2,412.93 and last traded at $2,286.32, with a volume of 20146 shares trading hands. The stock had previously closed at $2,216.49.

The bank reported $45.10 earnings per share for the quarter, beating analysts' consensus estimates of $39.32 by $5.78. First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%.

First Citizens BancShares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Friday, February 28th will be issued a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.35%. First Citizens BancShares's payout ratio is 4.47%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on FCNCA. UBS Group began coverage on shares of First Citizens BancShares in a research note on Tuesday, December 17th. They set a "buy" rating and a $2,700.00 price target on the stock. Barclays boosted their price target on shares of First Citizens BancShares from $2,250.00 to $2,456.00 and gave the stock an "equal weight" rating in a research note on Monday, January 6th. Deutsche Bank Aktiengesellschaft started coverage on shares of First Citizens BancShares in a research note on Monday, December 9th. They set a "buy" rating and a $2,600.00 price target on the stock. Citigroup lowered shares of First Citizens BancShares from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, December 17th. Finally, JPMorgan Chase & Co. upped their target price on shares of First Citizens BancShares from $2,550.00 to $2,600.00 and gave the stock an "overweight" rating in a research report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $2,290.75.

Hedge Funds Weigh In On First Citizens BancShares

A number of large investors have recently bought and sold shares of FCNCA. Financial Life Planners acquired a new stake in shares of First Citizens BancShares in the fourth quarter worth $33,000. Brooklyn Investment Group acquired a new stake in First Citizens BancShares during the 3rd quarter valued at $39,000. GAMMA Investing LLC grew its holdings in First Citizens BancShares by 129.6% during the 3rd quarter. GAMMA Investing LLC now owns 62 shares of the bank's stock valued at $114,000 after purchasing an additional 35 shares in the last quarter. Quarry LP acquired a new stake in First Citizens BancShares during the 2nd quarter valued at $126,000. Finally, Private Trust Co. NA grew its holdings in First Citizens BancShares by 2,100.0% during the 3rd quarter. Private Trust Co. NA now owns 88 shares of the bank's stock valued at $162,000 after purchasing an additional 84 shares in the last quarter. Hedge funds and other institutional investors own 78.01% of the company's stock.

First Citizens BancShares Stock Performance

The stock's fifty day moving average is $2,169.63 and its two-hundred day moving average is $2,028.74. The firm has a market capitalization of $31.13 billion, a price-to-earnings ratio of 12.75, a price-to-earnings-growth ratio of 1.03 and a beta of 0.86. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08.

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.