First Citizens BancShares (NASDAQ:FCNCA) Sets New 12-Month High at $1,872.99

First Citizens BancShares, Inc. (NASDAQ:FCNCA)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $1,872.99 and last traded at $1,872.99, with a volume of 54443 shares traded. The stock had previously closed at $1,844.40.

Wall Street Analysts Forecast Growth

FCNCA has been the topic of several research reports. Raymond James raised First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 target price on the stock in a research report on Tuesday, July 2nd. Barclays raised their target price on First Citizens BancShares from $1,850.00 to $1,950.00 and gave the stock an “equal weight” rating in a research report on Friday, April 26th. Jefferies Financial Group initiated coverage on First Citizens BancShares in a research report on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 target price on the stock. Piper Sandler cut First Citizens BancShares from an “overweight” rating to a “neutral” rating and raised their target price for the stock from $1,850.00 to $1,950.00 in a research report on Friday, April 26th. Finally, StockNews.com raised First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Monday, April 29th. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $1,857.18.

First Citizens BancShares Trading Up 10.1 %

The stock has a 50-day moving average price of $1,723.79 and a two-hundred day moving average price of $1,617.85. The stock has a market capitalization of $29.80 billion, a PE ratio of 11.39 and a beta of 0.83. The company has a debt-to-equity ratio of 1.77, a quick ratio of 1.10 and a current ratio of 1.10.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Thursday, April 25th. The bank reported $52.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $44.27 by $8.65. The company had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.30 billion. First Citizens BancShares had a return on equity of 15.48% and a net margin of 18.22%. As a group, equities analysts forecast that First Citizens BancShares, Inc. will post 191.52 earnings per share for the current year.

Insiders Place Their Bets

In other First Citizens BancShares news, Director Ellen R. Alemany sold 1,000 shares of First Citizens BancShares stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $1,757.27, for a total value of $1,757,270.00. Following the sale, the director now owns 1,335 shares of the company’s stock, valued at approximately $2,345,955.45. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other First Citizens BancShares news, Director Ellen R. Alemany sold 1,000 shares of First Citizens BancShares stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $1,757.27, for a total value of $1,757,270.00. Following the sale, the director now owns 1,335 shares of the company’s stock, valued at approximately $2,345,955.45. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Ellen R. Alemany sold 484 shares of First Citizens BancShares stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $1,750.12, for a total value of $847,058.08. Following the completion of the sale, the director now directly owns 335 shares in the company, valued at approximately $586,290.20. The disclosure for this sale can be found here. Insiders have sold a total of 3,000 shares of company stock valued at $5,273,568 in the last quarter. 13.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On First Citizens BancShares

A number of institutional investors and hedge funds have recently modified their holdings of FCNCA. Capital Research Global Investors purchased a new position in First Citizens BancShares during the 1st quarter valued at $298,180,000. Norges Bank purchased a new position in First Citizens BancShares during the 4th quarter valued at $180,039,000. Vanguard Group Inc. boosted its holdings in First Citizens BancShares by 4.6% during the 1st quarter. Vanguard Group Inc. now owns 1,064,822 shares of the bank’s stock valued at $1,740,984,000 after acquiring an additional 47,167 shares during the period. Wellington Management Group LLP boosted its holdings in First Citizens BancShares by 21.1% during the 4th quarter. Wellington Management Group LLP now owns 239,563 shares of the bank’s stock valued at $339,933,000 after acquiring an additional 41,793 shares during the period. Finally, Point72 Asset Management L.P. boosted its holdings in First Citizens BancShares by 130.1% during the 4th quarter. Point72 Asset Management L.P. now owns 46,180 shares of the bank’s stock valued at $65,528,000 after acquiring an additional 26,107 shares during the period. Hedge funds and other institutional investors own 61.18% of the company’s stock.

First Citizens BancShares Company Profile

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.