First Citizens BancShares (NASDAQ:FCNCA) Reaches New 52-Week High – Time to Buy?

First Citizens BancShares, Inc. (NASDAQ:FCNCA)’s stock price hit a new 52-week high during trading on Tuesday . The company traded as high as $2,248.13 and last traded at $2,238.2150, with a volume of 11227 shares changing hands. The stock had previously closed at $2,218.44.

Wall Street Analysts Forecast Growth

FCNCA has been the subject of a number of recent analyst reports. Wall Street Zen raised First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Saturday, June 27th. Piper Sandler increased their price target on shares of First Citizens BancShares from $2,050.00 to $2,100.00 and gave the company a “neutral” rating in a report on Monday, July 27th. Truist Financial raised their price objective on shares of First Citizens BancShares from $2,150.00 to $2,323.00 and gave the company a “hold” rating in a research note on Tuesday, July 28th. The Goldman Sachs Group boosted their price objective on shares of First Citizens BancShares from $2,100.00 to $2,340.00 and gave the stock a “neutral” rating in a report on Tuesday, July 7th. Finally, JPMorgan Chase & Co. increased their target price on shares of First Citizens BancShares from $2,350.00 to $2,450.00 and gave the company a “neutral” rating in a report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $2,278.31.

First Citizens BancShares Price Performance

The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.00 and a current ratio of 1.00. The stock has a market capitalization of $26.02 billion, a PE ratio of 12.01, a P/E/G ratio of 1.70 and a beta of 0.62. The company’s fifty day simple moving average is $2,089.19 and its two-hundred day simple moving average is $2,017.45.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Thursday, July 23rd. The bank reported $57.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $56.68. The company had revenue of $2.24 billion for the quarter, compared to the consensus estimate of $2.16 billion. First Citizens BancShares had a net margin of 16.28% and a return on equity of 11.98%. As a group, sell-side analysts predict that First Citizens BancShares, Inc. will post 187.23 EPS for the current year.

First Citizens BancShares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be paid a $2.10 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. First Citizens BancShares’s dividend payout ratio is presently 4.49%.

Insider Buying and Selling at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. acquired 5,940 shares of First Citizens BancShares stock in a transaction dated Tuesday, May 12th. The shares were acquired at an average cost of $1,726.82 per share, for a total transaction of $10,257,310.80. Following the completion of the transaction, the chief executive officer directly owned 38,111 shares of the company’s stock, valued at $65,810,837.02. The trade was a 18.46% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders acquired 7,190 shares of company stock valued at $12,573,868 over the last ninety days. Insiders own 14.63% of the company’s stock.

Institutional Investors Weigh In On First Citizens BancShares

A number of institutional investors have recently added to or reduced their stakes in FCNCA. MBL Wealth LLC grew its stake in First Citizens BancShares by 0.8% in the fourth quarter. MBL Wealth LLC now owns 622 shares of the bank’s stock valued at $1,335,000 after acquiring an additional 5 shares during the period. Corient Private Wealth LLC raised its holdings in shares of First Citizens BancShares by 0.6% in the second quarter. Corient Private Wealth LLC now owns 1,049 shares of the bank’s stock valued at $2,051,000 after purchasing an additional 6 shares during the last quarter. Venturi Wealth Management LLC lifted its position in First Citizens BancShares by 2.6% during the 1st quarter. Venturi Wealth Management LLC now owns 233 shares of the bank’s stock worth $439,000 after buying an additional 6 shares in the last quarter. Kingswood Wealth Advisors LLC raised its holdings in First Citizens BancShares by 3.0% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 242 shares of the bank’s stock worth $519,000 after acquiring an additional 7 shares in the last quarter. Finally, Parallel Advisors LLC raised its stake in shares of First Citizens BancShares by 8.0% during the 4th quarter. Parallel Advisors LLC now owns 95 shares of the bank’s stock worth $204,000 after purchasing an additional 7 shares in the last quarter. Hedge funds and other institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.