First Citizens BancShares (NASDAQ:FCNCA) Given New $2,600.00 Price Target at JPMorgan Chase & Co.

First Citizens BancShares (NASDAQ:FCNCA) had its target price boosted by JPMorgan Chase & Co. from $2,550.00 to $2,600.00 in a report published on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the bank’s stock.

Several other research analysts have also issued reports on the company. Citigroup lowered First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. Barclays increased their price target on First Citizens BancShares from $2,250.00 to $2,456.00 and gave the company an “equal weight” rating in a research report on Monday. Deutsche Bank Aktiengesellschaft initiated coverage on shares of First Citizens BancShares in a research report on Monday, December 9th. They set a “buy” rating and a $2,600.00 target price for the company. Truist Financial assumed coverage on First Citizens BancShares in a research note on Tuesday. They issued a “hold” rating and a $2,303.00 price objective on the stock. Finally, Keefe, Bruyette & Woods lowered First Citizens BancShares from an “outperform” rating to a “market perform” rating and raised their price target for the stock from $2,100.00 to $2,500.00 in a report on Wednesday, December 4th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $2,290.75.

First Citizens BancShares Stock Performance

Shares of NASDAQ FCNCA opened at $2,116.86 on Tuesday. The stock’s fifty day moving average price is $2,153.54 and its two-hundred day moving average price is $1,995.31. The firm has a market cap of $29.61 billion, a price-to-earnings ratio of 12.13 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 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 quarterly earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share (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 firm had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same quarter in the prior year, the business posted $55.92 EPS. On average, equities analysts forecast that First Citizens BancShares will post 188.21 EPS for the current year.

First Citizens BancShares Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were given a dividend of $1.95 per share. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.64. The ex-dividend date was Friday, November 29th. This represents a $7.80 dividend on an annualized basis and a yield of 0.37%. First Citizens BancShares’s dividend payout ratio (DPR) is 4.47%.

Institutional Trading of First Citizens BancShares

Several large investors have recently bought and sold shares of the stock. FMR LLC lifted its stake in First Citizens BancShares by 11.6% in the 3rd quarter. FMR LLC now owns 323,532 shares of the bank’s stock valued at $595,607,000 after buying an additional 33,713 shares in the last quarter. JPMorgan Chase & Co. lifted its position in First Citizens BancShares by 6.8% in the third quarter. JPMorgan Chase & Co. now owns 288,960 shares of the bank’s stock valued at $531,961,000 after buying an additional 18,501 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in First Citizens BancShares by 15.0% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 58,529 shares of the bank’s stock valued at $107,749,000 after purchasing an additional 7,613 shares during the last quarter. Reinhart Partners LLC. boosted its holdings in First Citizens BancShares by 0.7% during the 3rd quarter. Reinhart Partners LLC. now owns 56,798 shares of the bank’s stock valued at $104,562,000 after acquiring an additional 416 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of First Citizens BancShares by 2.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 47,156 shares of the bank’s stock worth $86,812,000 after acquiring an additional 1,339 shares in the last quarter. Hedge funds and other institutional investors own 78.01% of the company’s stock.

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.