StockNews.com Downgrades First Citizens BancShares (NASDAQ:FCNCA) to Sell

StockNews.com downgraded shares of First Citizens BancShares (NASDAQ:FCNCA) from a hold rating to a sell rating in a research report released on Friday morning.

FCNCA has been the topic of several other research reports. The Goldman Sachs Group raised their price objective on First Citizens BancShares from $2,025.00 to $2,625.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Barclays upped their price objective on shares of 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. Truist Financial started coverage on shares of First Citizens BancShares in a research report on Tuesday, January 7th. They issued a “hold” rating and a $2,303.00 target price on the stock. Citigroup lowered shares of First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Finally, 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 research note on Friday, October 25th. 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 stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $2,290.75.

First Citizens BancShares Price Performance

NASDAQ:FCNCA opened at $2,225.00 on Friday. First Citizens BancShares has a 12-month low of $1,383.00 and a 12-month high of $2,412.93. The firm has a market cap of $31.13 billion, a price-to-earnings ratio of 12.75, a price-to-earnings-growth ratio of 1.03 and a beta of 0.86. The company’s 50-day moving average is $2,171.41 and its two-hundred day moving average is $2,033.79. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings data on Friday, January 24th. The bank reported $45.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $39.32 by $5.78. First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%. Research analysts expect that First Citizens BancShares will post 187.95 EPS for the current year.

First Citizens BancShares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Friday, February 28th will be given a $1.95 dividend. This represents a $7.80 annualized dividend and a yield of 0.35%. First Citizens BancShares’s dividend payout ratio (DPR) is presently 4.47%.

Hedge Funds Weigh In On First Citizens BancShares

Institutional investors and hedge funds have recently bought and sold shares of the stock. Mercer Global Advisors Inc. ADV boosted its position in First Citizens BancShares by 17.2% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 218 shares of the bank’s stock valued at $367,000 after buying an additional 32 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in First Citizens BancShares by 60.4% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,943 shares of the bank’s stock valued at $3,271,000 after purchasing an additional 732 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in First Citizens BancShares during the 2nd quarter worth approximately $639,000. APG Asset Management N.V. raised its position in shares of First Citizens BancShares by 2,957.0% in the 2nd quarter. APG Asset Management N.V. now owns 11,372 shares of the bank’s stock valued at $17,864,000 after purchasing an additional 11,000 shares in the last quarter. Finally, Dark Forest Capital Management LP boosted its stake in shares of First Citizens BancShares by 211.5% during the 2nd quarter. Dark Forest Capital Management LP now owns 542 shares of the bank’s stock valued at $913,000 after buying an additional 368 shares during the last quarter. Hedge funds and other institutional investors own 78.01% 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.