Key Points
- Director Diane Morais purchased 50 FCNCA shares at an average price of $2,168.11, investing $108,405.50 and doubling her direct ownership to 100 shares.
- First Citizens reported quarterly EPS of $57.09 and revenue of $2.43 billion, exceeding analyst estimates; the company also declared a quarterly dividend of $2.10 per share, yielding approximately 0.4%.
- Analysts maintain a consensus “Hold” rating with a $2,278.31 price target, while institutional investors own 78.01% of the company’s outstanding shares.
First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) Director Diane Morais bought 50 shares of the stock in a transaction on Wednesday, August 19th. The stock was purchased at an average price of $2,168.11 per share, for a total transaction of $108,405.50. Following the purchase, the director directly owned 100 shares of the company's stock, valued at approximately $216,811. This represents a 100.00% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
First Citizens BancShares Stock Down 0.9%
FCNCA opened at $2,151.23 on Friday. First Citizens BancShares, Inc. has a fifty-two week low of $1,623.76 and a fifty-two week high of $2,296.30. The business has a 50-day moving average of $2,141.62 and a 200-day moving average of $2,029.74. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.00 and a quick ratio of 1.00. The company has a market capitalization of $24.29 billion, a PE ratio of 11.50, a price-to-earnings-growth ratio of 1.66 and a beta of 0.62.
First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The bank reported $57.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $56.68. The business had revenue of $2.43 billion during the quarter, compared to analyst estimates of $2.16 billion. First Citizens BancShares had a return on equity of 12.07% and a net margin of 16.28%. Equities research analysts forecast that First Citizens BancShares, Inc. will post 190.06 EPS for the current fiscal year.
First Citizens BancShares Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be paid a dividend of $2.10 per share. The ex-dividend date is Monday, August 31st. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. First Citizens BancShares's dividend payout ratio is 4.49%.
Institutional Investors Weigh In On First Citizens BancShares
A number of hedge funds and other institutional investors have recently made changes to their positions in FCNCA. Hilton Head Capital Partners LLC bought a new stake in First Citizens BancShares in the fourth quarter valued at approximately $26,000. Jones Financial Companies Lllp bought a new stake in First Citizens BancShares in the 2nd quarter valued at $42,000. Reflection Asset Management acquired a new position in First Citizens BancShares in the 4th quarter valued at $45,000. Global Assets Advisory LLC bought a new position in First Citizens BancShares during the 1st quarter worth $45,000. Finally, UMB Bank n.a. increased its position in First Citizens BancShares by 50.0% during the 4th quarter. UMB Bank n.a. now owns 24 shares of the bank's stock worth $52,000 after buying an additional 8 shares during the period. 78.01% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several equities analysts have commented on FCNCA shares. Citigroup reissued a "neutral" rating on shares of First Citizens BancShares in a research report on Friday, July 24th. Truist Financial increased their price objective on First Citizens BancShares from $2,150.00 to $2,323.00 and gave the company a "hold" rating in a report on Tuesday, July 28th. The Goldman Sachs Group boosted their target price on First Citizens BancShares from $2,100.00 to $2,340.00 and gave the stock a "neutral" rating in a report on Tuesday, July 7th. Fundamental Research set a $2,350.00 price target on First Citizens BancShares in a report on Wednesday, July 1st. Finally, Weiss Ratings upgraded shares of First Citizens BancShares from a "hold (c+)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat.com, First Citizens BancShares presently has a consensus rating of "Hold" and a consensus price target of $2,278.31.
View Our Latest Stock Analysis on FCNCA
About First Citizens BancShares
(
Get Free Report)
First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.
First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.
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