First Citizens BancShares (NASDAQ:FCNCA) Upgraded at StockNews.com

StockNews.com upgraded shares of First Citizens BancShares (NASDAQ:FCNCA) from a sell rating to a hold rating in a research note published on Monday.

A number of other research firms have also recently weighed in on FCNCA. Keefe, Bruyette & Woods reissued an outperform rating and set a $2,100.00 price objective (up previously from $1,900.00) on shares of First Citizens BancShares in a report on Friday, April 26th. UBS Group upped their price objective on shares of First Citizens BancShares from $1,644.00 to $1,754.00 and gave the company a buy rating in a research note on Tuesday, January 30th. Barclays raised their price objective on First Citizens BancShares from $1,850.00 to $1,950.00 and gave the stock an equal weight rating in a report on Friday, April 26th. The Goldman Sachs Group began coverage on First Citizens BancShares in a report on Thursday, March 21st. They issued a buy rating and a $1,950.00 target price for the company. Finally, DA Davidson reaffirmed a neutral rating and set a $1,650.00 price target (up previously from $1,600.00) on shares of First Citizens BancShares in a research report on Monday, April 15th. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $1,829.90.

First Citizens BancShares Price Performance

First Citizens BancShares stock opened at $1,675.99 on Monday. The company’s 50 day simple moving average is $1,593.32 and its 200-day simple moving average is $1,487.76. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.14 and a current ratio of 1.14. First Citizens BancShares has a 1 year low of $945.32 and a 1 year high of $1,810.03. The company has a market capitalization of $24.34 billion, a price-to-earnings ratio of 9.30 and a beta of 0.89.

First Citizens BancShares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Friday, May 31st will be paid a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 0.39%. The ex-dividend date of this dividend is Thursday, May 30th. First Citizens BancShares’s dividend payout ratio is currently 3.64%.

Insider Buying and Selling

In related news, Director Ellen R. Alemany sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $1,766.24, for a total transaction of $1,766,240.00. Following the transaction, the director now owns 2,335 shares in the company, valued at $4,124,170.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 622 shares of the business’s stock in a transaction on Tuesday, February 20th. The stock was bought at an average cost of $1,315.00 per share, with a total value of $817,930.00. Following the acquisition, the chief executive officer now owns 97,609 shares of the company’s stock, valued at $128,355,835. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ellen R. Alemany sold 1,000 shares of First Citizens BancShares stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $1,766.24, for a total transaction of $1,766,240.00. Following the completion of the transaction, the director now directly owns 2,335 shares in the company, valued at approximately $4,124,170.40. The disclosure for this sale can be found here. Over the last 90 days, insiders purchased 1,388 shares of company stock valued at $1,825,220 and sold 2,600 shares valued at $4,458,964. Corporate insiders own 12.85% of the company’s stock.

Institutional Investors Weigh In On First Citizens BancShares

A number of institutional investors and hedge funds have recently modified their holdings of FCNCA. Raymond James Financial Services Advisors Inc. raised its holdings in shares of First Citizens BancShares by 145.4% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 1,406 shares of the bank’s stock valued at $1,995,000 after acquiring an additional 833 shares during the period. IFM Investors Pty Ltd purchased a new stake in shares of First Citizens BancShares in the first quarter valued at $3,695,000. Mackenzie Financial Corp boosted its position in shares of First Citizens BancShares by 89.3% in the fourth quarter. Mackenzie Financial Corp now owns 1,914 shares of the bank’s stock worth $2,716,000 after buying an additional 903 shares during the period. Nordea Investment Management AB grew its holdings in shares of First Citizens BancShares by 3,091.6% during the fourth quarter. Nordea Investment Management AB now owns 23,905 shares of the bank’s stock valued at $34,203,000 after buying an additional 23,156 shares in the last quarter. Finally, Reinhart Partners LLC. raised its position in First Citizens BancShares by 11.7% during the fourth quarter. Reinhart Partners LLC. now owns 56,803 shares of the bank’s stock valued at $80,602,000 after buying an additional 5,952 shares during the period. 61.18% of the stock is owned by institutional investors and hedge funds.

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.