First Citizens BancShares (NASDAQ:FCNCA) Sets New 52-Week High Following Strong Earnings

First Citizens BancShares, Inc. (NASDAQ:FCNCA)’s share price reached a new 52-week high during 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 traded. The stock had previously closed at $2,216.49.

The bank reported $45.10 EPS for the quarter, topping the consensus estimate of $39.32 by $5.78. First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%.

First Citizens BancShares Dividend Announcement

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

Analysts Set New Price Targets

FCNCA has been the topic of several research reports. Barclays upped their price objective on First Citizens BancShares from $2,250.00 to $2,456.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. StockNews.com cut shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Friday. Wedbush dropped their target price 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 report on Friday, October 25th. Deutsche Bank Aktiengesellschaft started coverage on shares of First Citizens BancShares in a research report on Monday, December 9th. They set a “buy” rating and a $2,600.00 target price for the company. Finally, Truist Financial started coverage on shares of First Citizens BancShares in a research report on Tuesday, January 7th. They set a “hold” rating and a $2,303.00 target price for the company. One 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’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $2,290.75.

Hedge Funds Weigh In On First Citizens BancShares

Large investors have recently modified their holdings of the business. Financial Life Planners acquired a new stake in First Citizens BancShares in the 4th quarter valued at about $33,000. Brooklyn Investment Group acquired a new stake in First Citizens BancShares in the 3rd quarter valued at about $39,000. GAMMA Investing LLC lifted its stake in First Citizens BancShares by 129.6% in the 3rd quarter. GAMMA Investing LLC now owns 62 shares of the bank’s stock valued at $114,000 after purchasing an additional 35 shares during the last quarter. Quarry LP acquired a new stake in First Citizens BancShares in the 2nd quarter valued at about $126,000. Finally, Private Trust Co. NA lifted its stake in First Citizens BancShares by 2,100.0% in the 3rd quarter. Private Trust Co. NA now owns 88 shares of the bank’s stock valued at $162,000 after purchasing an additional 84 shares during the last quarter. 78.01% of the stock is currently owned by institutional investors and hedge funds.

First Citizens BancShares Stock Performance

The stock has a market capitalization of $31.13 billion, a P/E ratio of 12.75, a PEG ratio of 1.03 and a beta of 0.86. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. The company’s fifty day simple moving average is $2,171.41 and its two-hundred day simple moving average is $2,035.98.

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.