First Citizens BancShares (NASDAQ:FCNCA) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of First Citizens BancShares (NASDAQ:FCNCA) from a sell rating to a hold rating in a research report released on Monday.

FCNCA has been the subject of a number of other research reports. UBS Group upped their price objective on shares of First Citizens BancShares from $1,644.00 to $1,754.00 and gave the company a buy rating in a research report on Tuesday, January 30th. DA Davidson restated a neutral rating and issued a $1,650.00 price target (up from $1,600.00) on shares of First Citizens BancShares in a report on Monday, April 15th. Keefe, Bruyette & Woods reiterated an outperform rating and set a $2,100.00 price objective (up previously from $1,900.00) on shares of First Citizens BancShares in a report on Friday, April 26th. Piper Sandler cut First Citizens BancShares from an overweight rating to a neutral rating and increased their target price for the stock from $1,850.00 to $1,950.00 in a research note on Friday, April 26th. Finally, The Goldman Sachs Group started coverage on shares of First Citizens BancShares in a report on Thursday, March 21st. They set a buy rating and a $1,950.00 target price on the stock. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $1,829.90.

First Citizens BancShares Stock Down 0.6 %

Shares of NASDAQ:FCNCA opened at $1,675.99 on Monday. The company has a 50 day moving average price of $1,593.32 and a two-hundred day moving average price of $1,487.76. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.14 and a current ratio of 1.14. The company has a market capitalization of $24.34 billion, a PE ratio of 9.30 and a beta of 0.89. First Citizens BancShares has a 52 week low of $945.32 and a 52 week high of $1,810.03.

First Citizens BancShares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Friday, May 31st will be paid a dividend of $1.64 per share. The ex-dividend date is Thursday, May 30th. This represents a $6.56 annualized dividend and a dividend yield of 0.39%. First Citizens BancShares’s dividend payout ratio is currently 3.64%.

Insider Activity

In related news, Director Ellen R. Alemany sold 1,000 shares of the firm’s stock in a transaction on Friday, April 26th. The shares were sold at an average price of $1,766.24, for a total value of $1,766,240.00. Following the completion of the transaction, the director now owns 2,335 shares of the company’s stock, valued at $4,124,170.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Ellen R. Alemany sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $1,766.24, for a total transaction of $1,766,240.00. Following the sale, the director now owns 2,335 shares in the company, valued at approximately $4,124,170.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Olivia Britton Holding bought 466 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The stock was purchased at an average cost of $1,315.00 per share, with a total value of $612,790.00. Following the completion of the purchase, the insider now directly owns 121,694 shares of the company’s stock, valued at approximately $160,027,610. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 1,388 shares of company stock worth $1,825,220 and have sold 2,600 shares worth $4,458,964. 12.85% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First Citizens BancShares

A number of institutional investors and hedge funds have recently modified their holdings of FCNCA. Capstone Investment Advisors LLC raised its stake in First Citizens BancShares by 22.0% in the 1st quarter. Capstone Investment Advisors LLC now owns 360 shares of the bank’s stock valued at $589,000 after acquiring an additional 65 shares during the period. Janney Montgomery Scott LLC increased its holdings in shares of First Citizens BancShares by 16.4% in the first quarter. Janney Montgomery Scott LLC now owns 3,167 shares of the bank’s stock valued at $5,178,000 after purchasing an additional 447 shares during the last quarter. BNP Paribas Financial Markets raised its position in shares of First Citizens BancShares by 19.4% in the first quarter. BNP Paribas Financial Markets now owns 3,492 shares of the bank’s stock valued at $5,709,000 after purchasing an additional 568 shares during the period. Peterson Wealth Services lifted its stake in shares of First Citizens BancShares by 184.5% during the 1st quarter. Peterson Wealth Services now owns 458 shares of the bank’s stock worth $749,000 after buying an additional 297 shares during the last quarter. Finally, SpiderRock Advisors LLC bought a new stake in shares of First Citizens BancShares during the 1st quarter worth about $1,822,000. 61.18% of the stock is 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.