First Citizens BancShares, Inc. (NASDAQ:FCNCA) Given Average Recommendation of "Moderate Buy" by Analysts

Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) have earned an average rating of "Moderate Buy" from the ten research firms that are presently covering the stock, Marketbeat reports. Four equities research analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $2,025.90.

Several research analysts recently issued reports on the company. JPMorgan Chase & Co. cut their price objective on First Citizens BancShares from $2,550.00 to $2,300.00 and set an "overweight" rating for the company in a research report on Friday, October 25th. StockNews.com upgraded First Citizens BancShares from a "sell" rating to a "hold" rating in a research report on Monday, October 28th. Wedbush decreased their price objective on First Citizens BancShares from $2,150.00 to $2,000.00 and set a "neutral" rating on the stock in a research note on Friday, October 25th. Jefferies Financial Group assumed coverage on shares of First Citizens BancShares in a research note on Tuesday, July 9th. They issued a "buy" rating and a $2,005.00 target price for the company. Finally, Barclays raised their price target on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an "equal weight" rating in a research note on Monday, July 29th.

Institutional Investors Weigh In On First Citizens BancShares

Several hedge funds and other institutional investors have recently modified their holdings of FCNCA. First Trust Direct Indexing L.P. bought a new stake in shares of First Citizens BancShares in the 1st quarter valued at approximately $221,000. Principal Financial Group Inc. increased its stake in First Citizens BancShares by 28.7% during the first quarter. Principal Financial Group Inc. now owns 947 shares of the bank's stock valued at $1,548,000 after purchasing an additional 211 shares during the last quarter. Commonwealth Equity Services LLC raised its holdings in shares of First Citizens BancShares by 16.4% during the first quarter. Commonwealth Equity Services LLC now owns 355 shares of the bank's stock worth $581,000 after purchasing an additional 50 shares during the period. BNP Paribas Financial Markets lifted its position in shares of First Citizens BancShares by 19.4% in the 1st quarter. BNP Paribas Financial Markets now owns 3,492 shares of the bank's stock worth $5,709,000 after buying an additional 568 shares during the last quarter. Finally, Janney Montgomery Scott LLC boosted its holdings in shares of First Citizens BancShares by 16.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 3,167 shares of the bank's stock valued at $5,178,000 after buying an additional 447 shares during the period. Institutional investors own 61.18% of the company's stock.

First Citizens BancShares Price Performance

Shares of NASDAQ FCNCA traded down $10.58 during trading on Friday, hitting $1,926.77. 76,168 shares of the company were exchanged, compared to its average volume of 86,714. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.08 and a quick ratio of 1.08. First Citizens BancShares has a 1 year low of $1,359.29 and a 1 year high of $2,174.80. The company has a market cap of $27.87 billion, a price-to-earnings ratio of 11.04 and a beta of 0.81. The firm's fifty day moving average price is $1,942.36 and its 200 day moving average price is $1,836.76.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings results on Thursday, October 24th. The bank reported $45.87 EPS for the quarter, missing the consensus estimate of $47.40 by ($1.53). The firm had revenue of $2.45 billion for the quarter, compared to analysts' expectations of $2.36 billion. First Citizens BancShares had a return on equity of 13.78% and a net margin of 17.36%. During the same period last year, the firm earned $55.92 EPS. On average, sell-side analysts expect that First Citizens BancShares will post 189.06 earnings per share for the current fiscal year.

First Citizens BancShares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be paid a dividend of $1.95 per share. The ex-dividend date is Friday, November 29th. This is an increase from First Citizens BancShares's previous quarterly dividend of $1.64. This represents a $7.80 annualized dividend and a dividend yield of 0.40%. First Citizens BancShares's dividend payout ratio (DPR) is currently 4.47%.

First Citizens BancShares announced that its Board of Directors has authorized a share repurchase plan on Thursday, July 25th that allows the company to buyback $3.50 billion in shares. This buyback authorization allows the bank to reacquire up to 12.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company's leadership believes its shares are undervalued.

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.