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

StockNews.com lowered shares of First Citizens BancShares (NASDAQ:FCNCA) from a hold rating to a sell rating in a report issued on Tuesday morning.

FCNCA has been the topic of several other research reports. Wedbush reduced their price target on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. Keefe, Bruyette & Woods upped their target price on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. 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 report on Friday, July 26th. Jefferies Financial Group initiated coverage on First Citizens BancShares in a research report on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 price objective on the stock. Finally, Barclays increased their price objective on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. One research 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.com, the company presently has an average rating of “Hold” and a consensus target price of $2,025.90.

First Citizens BancShares Stock Performance

NASDAQ FCNCA opened at $2,172.87 on Tuesday. The business has a 50 day moving average price of $1,950.19 and a 200 day moving average price of $1,851.14. The company has a market capitalization of $31.44 billion, a P/E ratio of 12.45 and a beta of 0.80. First Citizens BancShares has a 1-year low of $1,363.97 and a 1-year high of $2,275.90. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.08 and a quick ratio of 1.08.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53). First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.78%. The firm had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.36 billion. During the same quarter in the prior year, the business earned $55.92 EPS. Sell-side analysts expect that First Citizens BancShares will post 189.06 EPS for the current fiscal year.

First Citizens BancShares announced that its board has initiated a stock buyback program on Thursday, July 25th that authorizes the company to repurchase $3.50 billion in outstanding shares. This repurchase authorization authorizes the bank to repurchase up to 12.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

First Citizens BancShares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be paid a dividend of $1.95 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.36%. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.64. First Citizens BancShares’s dividend payout ratio is currently 3.76%.

Institutional Trading of First Citizens BancShares

A number of institutional investors and hedge funds have recently made changes to their positions in FCNCA. ORG Partners LLC acquired a new position in First Citizens BancShares in the first quarter valued at $29,000. LRI Investments LLC purchased a new position in shares of First Citizens BancShares in the 1st quarter worth about $33,000. V Square Quantitative Management LLC purchased a new stake in shares of First Citizens BancShares during the 2nd quarter worth about $35,000. Gradient Investments LLC purchased a new stake in shares of First Citizens BancShares during the 2nd quarter worth about $52,000. Finally, Blue Trust Inc. increased its position in First Citizens BancShares by 120.0% during the 2nd quarter. Blue Trust Inc. now owns 66 shares of the bank’s stock worth $108,000 after purchasing an additional 36 shares in the last quarter. 61.18% of the stock is currently owned by institutional investors and hedge funds.

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.