First Citizens BancShares (NASDAQ:FCNCA) Earns Hold Rating from Analysts at Truist Financial

Truist Financial started coverage on shares of First Citizens BancShares (NASDAQ:FCNCA) in a research note released on Tuesday,Benzinga reports. The brokerage issued a hold rating and a $2,303.00 price objective on the bank’s stock.

Other equities research analysts have also recently issued research reports about the stock. Wedbush lowered their price target on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a research report on Friday, October 25th. UBS Group began coverage on shares of First Citizens BancShares in a research note on Tuesday, December 17th. They issued a “buy” rating and a $2,700.00 price objective on the stock. The Goldman Sachs Group upped 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 report on Tuesday, November 26th. Deutsche Bank Aktiengesellschaft assumed coverage on First Citizens BancShares in a research report on Monday, December 9th. They issued a “buy” rating and a $2,600.00 price target on the stock. Finally, Citigroup downgraded First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, First Citizens BancShares presently has a consensus rating of “Hold” and an average target price of $2,290.75.

First Citizens BancShares Stock Down 1.1 %

NASDAQ:FCNCA opened at $2,094.00 on Tuesday. The company has a market cap of $29.29 billion, a price-to-earnings ratio of 12.00 and a beta of 0.86. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. The stock’s fifty day moving average price is $2,155.93 and its two-hundred day moving average price is $1,996.00. First Citizens BancShares has a 52-week low of $1,363.97 and a 52-week high of $2,388.78.

First Citizens BancShares (NASDAQ:FCNCA) last issued 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). The firm had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.36 billion. First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%. During the same period last year, the company earned $55.92 EPS. On average, analysts anticipate 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. Stockholders of record on Friday, November 29th were paid a dividend of $1.95 per share. 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 0.37%. The ex-dividend date of this dividend was Friday, November 29th. First Citizens BancShares’s payout ratio is currently 4.47%.

Institutional Investors Weigh In On First Citizens BancShares

Several hedge funds have recently bought and sold shares of FCNCA. Toronto Dominion Bank increased its holdings in shares of First Citizens BancShares by 3,577.5% during the second quarter. Toronto Dominion Bank now owns 35,010 shares of the bank’s stock worth $58,943,000 after purchasing an additional 34,058 shares during the period. FMR LLC increased its holdings in First Citizens BancShares by 11.6% in the 3rd quarter. FMR LLC now owns 323,532 shares of the bank’s stock worth $595,607,000 after purchasing an additional 33,713 shares in the last quarter. Zurich Insurance Group Ltd FI boosted its position in First Citizens BancShares by 225.2% during the 2nd quarter. Zurich Insurance Group Ltd FI now owns 42,159 shares of the bank’s stock worth $70,979,000 after buying an additional 29,194 shares during the period. International Assets Investment Management LLC lifted its holdings in First Citizens BancShares by 183,992.3% during the 3rd quarter. International Assets Investment Management LLC now owns 23,932 shares of the bank’s stock worth $440,580,000 after buying an additional 23,919 shares during the period. Finally, Thrivent Financial for Lutherans raised its holdings in First Citizens BancShares by 6,773.9% during the 2nd quarter. Thrivent Financial for Lutherans now owns 23,921 shares of the bank’s stock worth $40,274,000 after purchasing an additional 23,573 shares during the last quarter. 78.01% of the stock is currently owned by institutional investors and hedge funds.

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.