Barclays Begins Coverage on First Citizens BancShares (NASDAQ:FCNCA)

Barclays began coverage on shares of First Citizens BancShares (NASDAQ:FCNCA) in a research note released on Thursday morning, MarketBeat Ratings reports. The firm issued an equal weight rating and a $1,850.00 price objective on the bank’s stock.

FCNCA has been the topic of several other research reports. The Goldman Sachs Group assumed coverage on First Citizens BancShares in a research report on Thursday, March 21st. They set a buy rating and a $1,950.00 target price on the stock. StockNews.com lowered First Citizens BancShares from a hold rating to a sell rating in a report on Wednesday, April 3rd. DA Davidson reissued a neutral rating on shares of First Citizens BancShares in a report on Monday, January 15th. UBS Group upped their price target on shares of First Citizens BancShares from $1,644.00 to $1,754.00 and gave the stock a buy rating in a research note on Tuesday, January 30th. Finally, Wedbush reiterated an outperform rating and issued a $1,800.00 price objective on shares of First Citizens BancShares in a research note on Monday, January 29th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of Hold and an average price target of $1,785.57.

First Citizens BancShares Stock Performance

NASDAQ:FCNCA opened at $1,601.00 on Thursday. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.14 and a quick ratio of 1.14. The firm has a market cap of $23.25 billion, a price-to-earnings ratio of 2.04 and a beta of 0.89. The firm’s fifty day moving average price is $1,558.07 and its 200 day moving average price is $1,460.25. First Citizens BancShares has a 1-year low of $945.32 and a 1-year high of $1,651.73.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Friday, January 26th. The bank reported $46.58 earnings per share for the quarter, missing the consensus estimate of $48.49 by ($1.91). First Citizens BancShares had a net margin of 51.04% and a return on equity of 13.52%. The firm had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.36 billion. On average, sell-side analysts expect that First Citizens BancShares will post 178.72 EPS for the current year.

First Citizens BancShares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Thursday, February 29th were given a $1.64 dividend. The ex-dividend date was Wednesday, February 28th. This represents a $6.56 annualized dividend and a dividend yield of 0.41%. First Citizens BancShares’s dividend payout ratio is presently 0.84%.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, insider Hope Holding Bryant acquired 300 shares of the company’s stock in a transaction dated Wednesday, February 21st. The stock was acquired at an average cost of $1,315.00 per share, with a total value of $394,500.00. Following the purchase, the insider now directly owns 1,978 shares in the company, valued at approximately $2,601,070. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Ellen R. Alemany sold 600 shares of the business’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $1,559.09, for a total value of $935,454.00. Following the completion of the transaction, the director now owns 4,842 shares of the company’s stock, valued at approximately $7,549,113.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Hope Holding Bryant bought 300 shares of First Citizens BancShares stock in a transaction on Wednesday, February 21st. The stock was purchased at an average price of $1,315.00 per share, for a total transaction of $394,500.00. Following the completion of the acquisition, the insider now owns 1,978 shares in the company, valued at approximately $2,601,070. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 1,388 shares of company stock valued at $1,825,220. Insiders own 12.85% of the company’s stock.

Institutional Investors Weigh In On First Citizens BancShares

A number of hedge funds and other institutional investors have recently modified their holdings of FCNCA. Raymond James & Associates lifted its stake in shares of First Citizens BancShares by 19.9% during the first quarter. Raymond James & Associates now owns 2,959 shares of the bank’s stock valued at $1,970,000 after buying an additional 491 shares during the period. Raymond James Financial Services Advisors Inc. purchased a new position in First Citizens BancShares during the first quarter worth approximately $207,000. US Bancorp DE boosted its holdings in shares of First Citizens BancShares by 277.0% in the 1st quarter. US Bancorp DE now owns 475 shares of the bank’s stock valued at $317,000 after purchasing an additional 349 shares during the last quarter. Cetera Advisor Networks LLC grew its stake in shares of First Citizens BancShares by 21.0% during the 1st quarter. Cetera Advisor Networks LLC now owns 513 shares of the bank’s stock valued at $341,000 after buying an additional 89 shares during the period. Finally, MetLife Investment Management LLC acquired a new stake in shares of First Citizens BancShares during the 1st quarter worth $162,000. 61.18% of the stock is currently owned by hedge funds and other institutional investors.

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.