First Citizens BancShares’ (FCNCA) Neutral Rating Reaffirmed at DA Davidson

DA Davidson reissued their neutral rating on shares of First Citizens BancShares (NASDAQ:FCNCA) in a research note issued to investors on Monday morning, Benzinga reports. The brokerage currently has a $1,650.00 target price on the bank’s stock, up from their previous target price of $1,600.00. DA Davidson also issued estimates for First Citizens BancShares’ Q1 2024 earnings at $42.92 EPS and FY2024 earnings at $180.00 EPS.

FCNCA has been the subject of several other reports. The Goldman Sachs Group assumed coverage on First Citizens BancShares in a report on Thursday, March 21st. They issued a buy rating and a $1,950.00 price target for the company. StockNews.com downgraded First Citizens BancShares from a hold rating to a sell rating in a report on Wednesday, April 3rd. Wedbush restated an outperform rating and issued a $1,800.00 price target on shares of First Citizens BancShares in a report on Monday, January 29th. UBS Group increased their price objective on First Citizens BancShares from $1,644.00 to $1,754.00 and gave the stock a buy rating in a report on Tuesday, January 30th. Finally, Barclays initiated coverage on First Citizens BancShares in a report on Thursday, April 11th. They set an equal weight rating and a $1,850.00 price objective for the company. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, First Citizens BancShares presently has a consensus rating of Hold and a consensus target price of $1,768.63.

First Citizens BancShares Stock Up 0.1 %

Shares of First Citizens BancShares stock opened at $1,551.91 on Monday. First Citizens BancShares has a 1 year low of $945.32 and a 1 year high of $1,651.73. The business has a 50-day moving average of $1,562.91 and a two-hundred day moving average of $1,466.44. The company has a market capitalization of $22.53 billion, a P/E ratio of 1.98 and a beta of 0.89. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.14 and a quick ratio of 1.14.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Friday, January 26th. The bank reported $46.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $48.49 by ($1.91). First Citizens BancShares had a return on equity of 13.52% and a net margin of 51.04%. The business had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.36 billion. As a group, equities analysts predict that First Citizens BancShares will post 178.72 EPS for the current year.

First Citizens BancShares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Thursday, February 29th were paid a $1.64 dividend. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $6.56 dividend on an annualized basis and a yield of 0.42%. First Citizens BancShares’s dividend payout ratio is 0.84%.

Insider Buying and Selling at First Citizens BancShares

In other First Citizens BancShares news, Director Ellen R. Alemany sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $1,559.09, for a total value of $935,454.00. Following the completion of the transaction, the director now directly owns 4,842 shares in the company, valued at $7,549,113.78. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other First Citizens BancShares news, major shareholder Olivia Britton Holding acquired 466 shares of the business’s stock in a transaction dated Tuesday, February 20th. The stock was bought at an average cost of $1,315.00 per share, with a total value of $612,790.00. Following the completion of the transaction, the insider now directly owns 121,694 shares in the company, valued at approximately $160,027,610. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Ellen R. Alemany sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $1,559.09, for a total value of $935,454.00. Following the completion of the sale, the director now directly owns 4,842 shares of the company’s stock, valued at $7,549,113.78. The disclosure for this sale can be found here. Insiders purchased a total of 1,388 shares of company stock worth $1,825,220 over the last ninety days. 13.40% of the stock is currently owned by corporate insiders.

Institutional Trading of First Citizens BancShares

A number of hedge funds have recently made changes to their positions in the business. Mather Group LLC. acquired a new stake in First Citizens BancShares during the 1st quarter worth approximately $31,000. Blue Trust Inc. lifted its holdings in First Citizens BancShares by 100.0% during the 4th quarter. Blue Trust Inc. now owns 20 shares of the bank’s stock worth $27,000 after purchasing an additional 10 shares during the last quarter. GAMMA Investing LLC acquired a new stake in First Citizens BancShares during the 4th quarter worth approximately $30,000. Lindbrook Capital LLC lifted its holdings in First Citizens BancShares by 53.3% during the 3rd quarter. Lindbrook Capital LLC now owns 23 shares of the bank’s stock worth $32,000 after purchasing an additional 8 shares during the last quarter. Finally, Castleview Partners LLC acquired a new stake in First Citizens BancShares during the 2nd quarter worth approximately $31,000. 61.18% of the stock is owned by institutional investors and hedge funds.

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.