UBS Group Raises First Citizens BancShares (NASDAQ:FCNCA) Price Target to $1,780.00

Posted by on Aug 10th, 2023

First Citizens BancShares (NASDAQ:FCNCA – Free Report) had its price target upped by UBS Group from $1,490.00 to $1,780.00 in a report issued on Monday, Benzinga reports. UBS Group currently has a buy rating on the bank’s stock.

Several other analysts have also recently commented on FCNCA. StockNews.com upgraded shares of First Citizens BancShares from a sell rating to a hold rating in a research note on Friday, August 4th. Atlantic Securities started coverage on shares of First Citizens BancShares in a research note on Wednesday, June 28th. They issued an overweight rating and a $1,775.00 price objective for the company.

View Our Latest Stock Report on First Citizens BancShares

First Citizens BancShares Stock Performance

Shares of FCNCA stock opened at $1,456.50 on Monday. The stock’s 50-day moving average is $1,325.30 and its two-hundred day moving average is $1,050.75. The firm has a market cap of $21.15 billion, a price-to-earnings ratio of 1.98 and a beta of 0.98. First Citizens BancShares has a 1 year low of $505.84 and a 1 year high of $1,512.07. The company has a debt-to-equity ratio of 2.10, a quick ratio of 1.25 and a current ratio of 1.20.

First Citizens BancShares (NASDAQ:FCNCA – Get Free Report) last issued its quarterly earnings data on Wednesday, May 10th. The bank reported $20.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $21.17 by ($1.08). First Citizens BancShares had a return on equity of 12.69% and a net margin of 60.22%. The firm had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.08 billion. Analysts predict that First Citizens BancShares will post 160.36 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be issued a $0.75 dividend. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $3.00 dividend on an annualized basis and a yield of 0.21%. First Citizens BancShares’s payout ratio is 0.41%.

Insider Buying and Selling at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 3,700 shares of First Citizens BancShares stock in a transaction on Friday, June 16th. The shares were purchased at an average cost of $1,233.13 per share, with a total value of $4,562,581.00. Following the completion of the transaction, the chief executive officer now directly owns 97,332 shares in the company, valued at approximately $120,023,009.16. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Chairman Ellen R. Alemany sold 1,500 shares of the business’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $1,500.28, for a total transaction of $2,250,420.00. Following the transaction, the chairman now directly owns 17,097 shares of the company’s stock, valued at $25,650,287.16. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Frank B. Holding, Jr. bought 3,700 shares of First Citizens BancShares stock in a transaction dated Friday, June 16th. The shares were purchased at an average cost of $1,233.13 per share, for a total transaction of $4,562,581.00. Following the completion of the transaction, the chief executive officer now owns 97,332 shares of the company’s stock, valued at approximately $120,023,009.16. The disclosure for this purchase can be found here. 13.40% of the stock is currently owned by corporate insiders.

Institutional Trading of First Citizens BancShares

Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in First Citizens BancShares by 106.0% during the first quarter. Vanguard Group Inc. now owns 1,105,554 shares of the bank’s stock valued at $735,855,000 after purchasing an additional 568,929 shares during the last quarter. Wellington Management Group LLP increased its stake in First Citizens BancShares by 30.9% during the first quarter. Wellington Management Group LLP now owns 594,276 shares of the bank’s stock valued at $395,550,000 after purchasing an additional 140,410 shares during the last quarter. State Street Corp increased its stake in First Citizens BancShares by 53.7% during the first quarter. State Street Corp now owns 402,593 shares of the bank’s stock valued at $267,966,000 after purchasing an additional 140,626 shares during the last quarter. Invesco Ltd. grew its position in shares of First Citizens BancShares by 113.0% during the first quarter. Invesco Ltd. now owns 371,016 shares of the bank’s stock worth $246,949,000 after acquiring an additional 196,851 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of First Citizens BancShares by 88.8% during the first quarter. Dimensional Fund Advisors LP now owns 268,916 shares of the bank’s stock worth $179,001,000 after acquiring an additional 126,483 shares during the last quarter. 64.57% of the stock is owned by institutional investors and hedge funds.

First Citizens BancShares Company Profile

(Get Free Report)

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.

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