Barclays Issues Positive Forecast for First Citizens BancShares (NASDAQ:FCNCA) Stock Price

First Citizens BancShares (NASDAQ:FCNCA) had its price objective hoisted by Barclays from $2,250.00 to $2,456.00 in a research report report published on Monday,Benzinga reports. The brokerage currently has an equal weight rating on the bank’s stock.

Other equities research analysts also recently issued reports about the stock. The Goldman Sachs Group raised their target price on shares of First Citizens BancShares from $2,025.00 to $2,625.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of First Citizens BancShares in a report on Monday, December 9th. They set a “buy” rating and a $2,600.00 price objective for the company. Wedbush reduced their target price on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a research note on Friday, October 25th. Keefe, Bruyette & Woods lowered First Citizens BancShares from an “outperform” rating to a “market perform” rating and lifted their price target for the stock from $2,100.00 to $2,500.00 in a research note on Wednesday, December 4th. Finally, JPMorgan Chase & Co. reduced their price objective on First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating on the stock in a research report on Friday, October 25th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $2,290.75.

First Citizens BancShares Stock Down 1.1 %

FCNCA opened at $2,094.00 on Monday. The firm has a market capitalization of $29.29 billion, a P/E ratio of 12.00 and a beta of 0.86. First Citizens BancShares has a one year low of $1,363.97 and a one year high of $2,388.78. The company has a fifty day moving average price of $2,153.54 and a 200-day moving average price of $1,995.31. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08.

First Citizens BancShares (NASDAQ:FCNCA) last posted its 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). First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. The business had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.36 billion. During the same quarter in the previous year, the firm earned $55.92 earnings per share. Equities research analysts expect that First Citizens BancShares will post 188.21 earnings per share for the current fiscal year.

First Citizens BancShares Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were issued a dividend of $1.95 per share. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.64. This represents a $7.80 dividend on an annualized basis and a yield of 0.37%. The ex-dividend date of this dividend was Friday, November 29th. First Citizens BancShares’s dividend payout ratio is currently 4.47%.

Hedge Funds Weigh In On First Citizens BancShares

Several hedge funds and other institutional investors have recently modified their holdings of FCNCA. Principal Financial Group Inc. lifted its stake in First Citizens BancShares by 84.9% in the second quarter. Principal Financial Group Inc. now owns 1,751 shares of the bank’s stock worth $2,948,000 after acquiring an additional 804 shares during the period. Commonwealth Equity Services LLC lifted its position in shares of First Citizens BancShares by 20.3% in the 2nd quarter. Commonwealth Equity Services LLC now owns 427 shares of the bank’s stock worth $720,000 after purchasing an additional 72 shares during the period. TD Asset Management Inc boosted its stake in shares of First Citizens BancShares by 3.2% during the 2nd quarter. TD Asset Management Inc now owns 1,829 shares of the bank’s stock valued at $3,079,000 after purchasing an additional 57 shares in the last quarter. National Bank of Canada FI increased its position in shares of First Citizens BancShares by 17.7% during the second quarter. National Bank of Canada FI now owns 73 shares of the bank’s stock valued at $124,000 after buying an additional 11 shares during the period. Finally, Victory Capital Management Inc. increased its position in shares of First Citizens BancShares by 0.8% during the second quarter. Victory Capital Management Inc. now owns 9,103 shares of the bank’s stock valued at $15,326,000 after buying an additional 68 shares during the period. 78.01% 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.