First Citizens BancShares (NASDAQ:FCNCA) Price Target Raised to $2,625.00

First Citizens BancShares (NASDAQ:FCNCA - Free Report) had its price target boosted by The Goldman Sachs Group from $2,025.00 to $2,625.00 in a research report released on Tuesday,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the bank's stock.

Several other brokerages have also recently issued reports on FCNCA. Wedbush reduced their price objective on First Citizens BancShares from $2,150.00 to $2,000.00 and set a "neutral" rating for the company in a report on Friday, October 25th. JPMorgan Chase & Co. reduced 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 report on Friday, October 25th. Barclays lifted their price objective on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an "equal weight" rating in a report on Monday, July 29th. Finally, StockNews.com raised First Citizens BancShares from a "sell" rating to a "hold" rating in a report on Thursday, November 14th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, First Citizens BancShares currently has an average rating of "Moderate Buy" and a consensus price target of $2,093.40.

First Citizens BancShares Stock Performance

First Citizens BancShares stock traded down $15.06 during mid-day trading on Tuesday, reaching $2,325.96. 81,736 shares of the company were exchanged, compared to its average volume of 87,940. First Citizens BancShares has a twelve month low of $1,363.97 and a twelve month high of $2,388.78. The firm's 50-day simple moving average is $2,025.40 and its two-hundred day simple moving average is $1,897.60. 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 firm has a market cap of $32.54 billion, a PE ratio of 13.33 and a beta of 0.80.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted 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 business had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.36 billion. First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%. During the same period in the prior year, the business earned $55.92 earnings per share. Equities analysts predict that First Citizens BancShares will post 187.88 earnings per share for the current fiscal year.

First Citizens BancShares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be issued a dividend of $1.95 per share. The ex-dividend date is Friday, November 29th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.34%. This is a boost from First Citizens BancShares's previous quarterly dividend of $1.64. First Citizens BancShares's payout ratio is presently 4.47%.

Hedge Funds Weigh In On First Citizens BancShares

Several hedge funds and other institutional investors have recently made changes to their positions in FCNCA. LRI Investments LLC acquired a new stake in First Citizens BancShares in the first quarter valued at approximately $33,000. V Square Quantitative Management LLC purchased a new stake in shares of First Citizens BancShares during the second quarter worth about $35,000. Brooklyn Investment Group acquired a new position in shares of First Citizens BancShares in the third quarter worth about $39,000. Gradient Investments LLC purchased a new position in First Citizens BancShares in the second quarter valued at about $52,000. Finally, Blue Trust Inc. grew its stake in First Citizens BancShares by 120.0% during the 2nd quarter. Blue Trust Inc. now owns 66 shares of the bank's stock valued at $108,000 after purchasing an additional 36 shares in the last quarter. Institutional investors and hedge funds own 61.18% of the company's stock.

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.