First Citizens BancShares (NASDAQ:FCNCA) Reaches New 52-Week High Following Better-Than-Expected Earnings

Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) hit a new 52-week high during mid-day trading on Friday following a stronger than expected earnings report. The stock traded as high as $2,412.93 and last traded at $2,286.32, with a volume of 20146 shares changing hands. The stock had previously closed at $2,216.49.

The bank reported $45.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $39.32 by $5.78. First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%.

First Citizens BancShares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Friday, February 28th will be given a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a yield of 0.34%. First Citizens BancShares’s dividend payout ratio is presently 4.47%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. lifted their target price on shares of First Citizens BancShares from $2,550.00 to $2,600.00 and gave the company an “overweight” rating in a report on Tuesday, January 7th. Wedbush cut 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. UBS Group started coverage on shares of First Citizens BancShares in a research note on Tuesday, December 17th. They set a “buy” rating and a $2,700.00 target price on the stock. Barclays lifted their price target on First Citizens BancShares from $2,250.00 to $2,456.00 and gave the company an “equal weight” rating in a research note on Monday, January 6th. Finally, StockNews.com lowered First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, First Citizens BancShares currently has an average rating of “Hold” and an average target price of $2,290.75.

Institutional Investors Weigh In On First Citizens BancShares

A number of hedge funds have recently added to or reduced their stakes in the business. FMR LLC grew its stake in shares of First Citizens BancShares by 11.6% during the third 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. JPMorgan Chase & Co. lifted its stake in First Citizens BancShares by 6.8% during the third quarter. JPMorgan Chase & Co. now owns 288,960 shares of the bank’s stock worth $531,961,000 after purchasing an additional 18,501 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in First Citizens BancShares by 15.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 58,529 shares of the bank’s stock valued at $107,749,000 after purchasing an additional 7,613 shares in the last quarter. Reinhart Partners LLC. increased its stake in First Citizens BancShares by 2.1% in the fourth quarter. Reinhart Partners LLC. now owns 57,981 shares of the bank’s stock valued at $122,516,000 after purchasing an additional 1,183 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in First Citizens BancShares by 2.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 47,156 shares of the bank’s stock worth $86,812,000 after purchasing an additional 1,339 shares in the last quarter. 78.01% of the stock is currently owned by institutional investors and hedge funds.

First Citizens BancShares Stock Performance

The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68. The firm’s fifty day moving average price is $2,169.63 and its 200-day moving average price is $2,028.74. The firm has a market cap of $32.41 billion, a price-to-earnings ratio of 13.10, a PEG ratio of 1.03 and a beta of 0.86.

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.