First Citizens BancShares (NASDAQ:FCNCA) Given New $2,384.00 Price Target at Truist Financial

First Citizens BancShares (NASDAQ:FCNCA - Free Report) had its target price boosted by Truist Financial from $2,303.00 to $2,384.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The brokerage currently has a hold rating on the bank's stock.

Several other research analysts have also issued reports on the stock. Piper Sandler upped their target price on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock a "neutral" rating in a research report on Monday. Wedbush cut 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. Barclays raised their price objective on First Citizens BancShares from $2,456.00 to $2,568.00 and gave the company an "equal weight" rating in a report on Monday. Citigroup cut First Citizens BancShares from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, December 17th. Finally, Keefe, Bruyette & Woods upped their price target on shares of First Citizens BancShares from $2,500.00 to $2,600.00 and gave the company an "outperform" rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, First Citizens BancShares currently has a consensus rating of "Hold" and an average price target of $2,323.50.

First Citizens BancShares Stock Performance

Shares of FCNCA traded up $20.76 during mid-day trading on Wednesday, hitting $2,199.94. The stock had a trading volume of 68,369 shares, compared to its average volume of 79,137. First Citizens BancShares has a 52 week low of $1,438.08 and a 52 week high of $2,412.93. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08. The business has a fifty day moving average price of $2,170.40 and a 200-day moving average price of $2,044.13. The firm has a market cap of $30.77 billion, a P/E ratio of 12.60, a PEG ratio of 1.03 and a beta of 0.86.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings results on Friday, January 24th. The bank reported $45.10 EPS for the quarter, beating the consensus estimate of $39.32 by $5.78. First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%. On average, equities research analysts expect that First Citizens BancShares will post 187.95 EPS for the current year.

First Citizens BancShares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Friday, February 28th will be given a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a yield of 0.35%. The ex-dividend date of this dividend is Friday, February 28th. First Citizens BancShares's payout ratio is 4.12%.

Hedge Funds Weigh In On First Citizens BancShares

A number of hedge funds have recently modified their holdings of the company. M&T Bank Corp increased its holdings in First Citizens BancShares by 0.8% in the 3rd quarter. M&T Bank Corp now owns 607 shares of the bank's stock valued at $1,117,000 after acquiring an additional 5 shares during the last quarter. Mather Group LLC. boosted its holdings in First Citizens BancShares by 38.5% during the 4th quarter. Mather Group LLC. now owns 18 shares of the bank's stock valued at $38,000 after acquiring an additional 5 shares during the period. Metis Global Partners LLC increased its position in shares of First Citizens BancShares by 4.9% during the third quarter. Metis Global Partners LLC now owns 129 shares of the bank's stock worth $237,000 after acquiring an additional 6 shares during the period. Hemington Wealth Management raised its holdings in shares of First Citizens BancShares by 60.0% in the fourth quarter. Hemington Wealth Management now owns 16 shares of the bank's stock valued at $33,000 after acquiring an additional 6 shares in the last quarter. Finally, Brooklyn Investment Group raised its stake in First Citizens BancShares by 33.3% in the fourth quarter. Brooklyn Investment Group now owns 28 shares of the bank's stock worth $57,000 after buying an additional 7 shares in the last quarter. 78.01% of the stock is currently owned by institutional investors.

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.