First Citizens BancShares (NASDAQ:FCNCA) Hits New 12-Month High – Time to Buy?

First Citizens BancShares, Inc. (NASDAQ:FCNCA)’s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $2,190.00 and last traded at $2,191.12, with a volume of 37545 shares trading hands. The stock had previously closed at $1,921.51.

Wall Street Analyst Weigh In

Several brokerages have issued reports on FCNCA. Barclays lifted their target price on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Jefferies Financial Group initiated coverage on shares of First Citizens BancShares in a research report on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 target price for the company. Wedbush lowered their price objective on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a report on Friday, October 25th. JPMorgan Chase & Co. lowered their price objective on shares of First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating for the company in a report on Friday, October 25th. Finally, StockNews.com lowered shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Tuesday. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $2,025.90.

First Citizens BancShares Trading Up 18.3 %

The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.08 and a current ratio of 1.08. The stock’s 50-day simple moving average is $1,940.68 and its 200-day simple moving average is $1,845.91. The firm has a market capitalization of $32.88 billion, a PE ratio of 12.37 and a beta of 0.80.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53). The firm had revenue of $2.45 billion during the quarter, compared to the consensus estimate 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 quarter in the previous year, the firm earned $55.92 EPS. As a group, sell-side analysts expect that First Citizens BancShares, Inc. will post 189.06 EPS for the current fiscal year.

First Citizens BancShares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be paid a $1.95 dividend. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.64. The ex-dividend date is Friday, November 29th. This represents a $7.80 dividend on an annualized basis and a yield of 0.34%. First Citizens BancShares’s payout ratio is presently 4.47%.

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

Hedge Funds Weigh In On First Citizens BancShares

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BNP Paribas Financial Markets increased its holdings in First Citizens BancShares by 19.4% in the 1st quarter. BNP Paribas Financial Markets now owns 3,492 shares of the bank’s stock worth $5,709,000 after acquiring an additional 568 shares in the last quarter. Bessemer Group Inc. boosted its position in shares of First Citizens BancShares by 2,583.3% during the 1st quarter. Bessemer Group Inc. now owns 805 shares of the bank’s stock valued at $1,316,000 after acquiring an additional 775 shares during the last quarter. Raymond James & Associates increased its position in First Citizens BancShares by 5.1% during the third quarter. Raymond James & Associates now owns 16,826 shares of the bank’s stock valued at $30,976,000 after acquiring an additional 811 shares during the last quarter. Sei Investments Co. raised its stake in shares of First Citizens BancShares by 67.5% in the first quarter. Sei Investments Co. now owns 6,067 shares of the bank’s stock valued at $9,921,000 after acquiring an additional 2,444 shares during the period. Finally, Cetera Investment Advisers boosted its stake in shares of First Citizens BancShares by 301.3% during the 1st quarter. Cetera Investment Advisers now owns 1,244 shares of the bank’s stock worth $2,034,000 after purchasing an additional 934 shares during the period. Institutional investors own 61.18% of the company’s stock.

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.