First Citizens BancShares (NASDAQ:FCNCA) Cut to “Market Perform” at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods downgraded shares of First Citizens BancShares (NASDAQ:FCNCA) from an outperform rating to a market perform rating in a report issued on Wednesday morning, Marketbeat Ratings reports. The firm currently has $2,500.00 target price on the bank’s stock, up from their prior target price of $2,100.00.

A number of other equities analysts have also recently issued reports on FCNCA. The Goldman Sachs Group increased their price target 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. StockNews.com raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Thursday, November 14th. JPMorgan Chase & Co. decreased their price target on shares of First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating for the company in a research note on Friday, October 25th. Finally, Wedbush dropped their price objective on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, First Citizens BancShares presently has an average rating of “Hold” and an average price target of $2,113.40.

First Citizens BancShares Trading Up 0.0 %

Shares of FCNCA stock opened at $2,196.60 on Wednesday. First Citizens BancShares has a 1-year low of $1,363.97 and a 1-year high of $2,388.78. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68. The stock has a market cap of $30.73 billion, a price-to-earnings ratio of 12.58 and a beta of 0.83. The stock has a 50-day moving average of $2,088.79 and a 200-day moving average of $1,927.03.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53). First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. The firm had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.36 billion. During the same quarter last year, the firm posted $55.92 EPS. On average, equities research analysts forecast that First Citizens BancShares will post 187.88 earnings per share for the current year.

First Citizens BancShares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be issued a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.36%. The ex-dividend date of this dividend is Friday, November 29th. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.64. First Citizens BancShares’s dividend payout ratio (DPR) is currently 4.47%.

Hedge Funds Weigh In On First Citizens BancShares

A number of hedge funds have recently bought and sold shares of the company. V Square Quantitative Management LLC bought a new stake in First Citizens BancShares during the second quarter worth $35,000. Brooklyn Investment Group purchased a new position in shares of First Citizens BancShares in the 3rd quarter worth about $39,000. Gradient Investments LLC bought a new position in First Citizens BancShares during the second quarter valued at about $52,000. Blue Trust Inc. grew its position in First Citizens BancShares by 120.0% during the second quarter. Blue Trust Inc. now owns 66 shares of the bank’s stock valued at $108,000 after buying an additional 36 shares during the period. Finally, GAMMA Investing LLC increased its holdings in First Citizens BancShares by 129.6% during the third quarter. GAMMA Investing LLC now owns 62 shares of the bank’s stock worth $114,000 after buying an additional 35 shares during the last quarter. 61.18% of the stock is 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.