Piper Sandler Increases First Citizens BancShares (NASDAQ:FCNCA) Price Target to $2,150.00

First Citizens BancShares (NASDAQ:FCNCA) had its price objective increased by Piper Sandler from $1,950.00 to $2,150.00 in a research note published on Friday morning, Benzinga reports. Piper Sandler currently has a neutral rating on the bank’s stock.

A number of other equities research analysts have also recently issued reports on the stock. DA Davidson reissued a neutral rating and issued a $1,650.00 price target (up previously from $1,600.00) on shares of First Citizens BancShares in a research note on Monday, April 15th. Keefe, Bruyette & Woods lifted their price target on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an outperform rating in a research note on Friday. StockNews.com raised shares of First Citizens BancShares from a sell rating to a hold rating in a research note on Monday, April 29th. Barclays raised their price objective on First Citizens BancShares from $1,850.00 to $1,950.00 and gave the company an equal weight rating in a report on Friday, April 26th. Finally, Jefferies Financial Group assumed coverage on First Citizens BancShares in a report on Tuesday, July 9th. They issued a buy rating and a $2,005.00 price objective on the stock. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, First Citizens BancShares has an average rating of Moderate Buy and a consensus price target of $1,920.82.

First Citizens BancShares Price Performance

Shares of NASDAQ FCNCA opened at $2,095.84 on Friday. The stock has a market capitalization of $30.45 billion, a price-to-earnings ratio of 11.64 and a beta of 0.83. First Citizens BancShares has a 12 month low of $1,274.91 and a 12 month high of $2,146.77. The firm’s 50 day simple moving average is $1,743.17 and its 200-day simple moving average is $1,633.80. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.10 and a quick ratio of 1.10.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings data on Thursday, July 25th. The bank reported $50.87 EPS for the quarter, topping analysts’ consensus estimates of $44.91 by $5.96. The business had revenue of $3.77 billion for the quarter, compared to analysts’ expectations of $2.30 billion. First Citizens BancShares had a net margin of 18.19% and a return on equity of 15.09%. During the same quarter last year, the company earned $52.60 EPS. Analysts expect that First Citizens BancShares will post 192.23 EPS for the current year.

First Citizens BancShares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be given a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 0.31%. The ex-dividend date is Friday, August 30th. First Citizens BancShares’s payout ratio is 3.64%.

Insider Buying and Selling

In related news, Director Ellen R. Alemany sold 484 shares of the firm’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $1,750.12, for a total transaction of $847,058.08. Following the completion of the sale, the director now directly owns 335 shares of the company’s stock, valued at approximately $586,290.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Ellen R. Alemany sold 484 shares of the firm’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $1,750.12, for a total transaction of $847,058.08. Following the completion of the sale, the director now directly owns 335 shares of the company’s stock, valued at approximately $586,290.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ellen R. Alemany sold 516 shares of First Citizens BancShares stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $1,750.00, for a total value of $903,000.00. Following the completion of the transaction, the director now directly owns 819 shares of the company’s stock, valued at $1,433,250. The disclosure for this sale can be found here. Corporate insiders own 13.40% of the company’s stock.

Hedge Funds Weigh In On First Citizens BancShares

Several institutional investors have recently bought and sold shares of FCNCA. HB Wealth Management LLC grew its position in First Citizens BancShares by 7.9% in the 4th quarter. HB Wealth Management LLC now owns 191 shares of the bank’s stock valued at $271,000 after acquiring an additional 14 shares in the last quarter. Raymond James & Associates grew its position in First Citizens BancShares by 25.1% in the 4th quarter. Raymond James & Associates now owns 15,328 shares of the bank’s stock valued at $21,750,000 after acquiring an additional 3,079 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its position in First Citizens BancShares by 145.4% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 1,406 shares of the bank’s stock valued at $1,995,000 after acquiring an additional 833 shares in the last quarter. Ritholtz Wealth Management grew its position in First Citizens BancShares by 17.6% in the 4th quarter. Ritholtz Wealth Management now owns 428 shares of the bank’s stock valued at $607,000 after acquiring an additional 64 shares in the last quarter. Finally, Blue Trust Inc. grew its position in First Citizens BancShares by 100.0% in the 4th quarter. Blue Trust Inc. now owns 20 shares of the bank’s stock valued at $27,000 after acquiring an additional 10 shares in the last quarter. 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.