First Citizens BancShares (NASDAQ:FCNCA) Downgraded to Sell Rating by StockNews.com

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

A number of other research firms have also weighed in on FCNCA. Wedbush dropped their price objective on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a research note on Friday, October 25th. JPMorgan Chase & Co. dropped their price target on First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating for the company in a research note on Friday, October 25th. Jefferies Financial Group started coverage on First Citizens BancShares in a research note on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 price target for the company. Piper Sandler raised their price target on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. Finally, Keefe, Bruyette & Woods raised their price target on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $2,025.90.

First Citizens BancShares Stock Up 0.8 %

Shares of NASDAQ FCNCA opened at $1,921.51 on Tuesday. First Citizens BancShares has a 12 month low of $1,363.97 and a 12 month high of $2,174.80. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.72. The firm has a market capitalization of $27.80 billion, a price-to-earnings ratio of 11.01 and a beta of 0.80. The business has a 50-day moving average of $1,940.68 and a 200-day moving average of $1,845.91.

First Citizens BancShares (NASDAQ:FCNCA) last issued its 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). The firm had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.36 billion. First Citizens BancShares had a return on equity of 13.78% and a net margin of 17.36%. During the same period in the prior year, the company earned $55.92 EPS. Sell-side analysts expect that First Citizens BancShares will post 189.06 earnings per share for the current fiscal year.

First Citizens BancShares declared that its Board of Directors has authorized a stock repurchase plan on Thursday, July 25th that authorizes the company to buyback $3.50 billion in shares. This buyback authorization authorizes the bank to repurchase up to 12.3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

First Citizens BancShares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be issued a dividend of $1.95 per share. The ex-dividend date of this dividend is Friday, November 29th. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.64. This represents a $7.80 annualized dividend and a dividend yield of 0.41%. First Citizens BancShares’s dividend payout ratio (DPR) is presently 4.47%.

Institutional Investors Weigh In On First Citizens BancShares

Several large investors have recently bought and sold shares of the business. Covestor Ltd increased its holdings in First Citizens BancShares by 2.9% in the 1st quarter. Covestor Ltd now owns 215 shares of the bank’s stock worth $352,000 after buying an additional 6 shares in the last quarter. Wedbush Securities Inc. boosted its position in First Citizens BancShares by 0.5% in the second quarter. Wedbush Securities Inc. now owns 1,199 shares of the bank’s stock worth $2,019,000 after purchasing an additional 6 shares during the last quarter. HB Wealth Management LLC boosted its position in First Citizens BancShares by 3.9% in the second quarter. HB Wealth Management LLC now owns 187 shares of the bank’s stock worth $315,000 after purchasing an additional 7 shares during the last quarter. Tandem Capital Management Corp ADV boosted its position in First Citizens BancShares by 1.8% in the third quarter. Tandem Capital Management Corp ADV now owns 459 shares of the bank’s stock worth $845,000 after purchasing an additional 8 shares during the last quarter. Finally, Raymond James Trust N.A. boosted its position in First Citizens BancShares by 1.6% in the second quarter. Raymond James Trust N.A. now owns 625 shares of the bank’s stock worth $1,052,000 after purchasing an additional 10 shares during the last quarter. 61.18% of the stock is currently 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.