First Citizens BancShares (NASDAQ:FCNCA) Rating Increased to Hold at StockNews.com

First Citizens BancShares (NASDAQ:FCNCA) was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating in a research note issued on Thursday.

Other analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods boosted their price objective on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. JPMorgan Chase & Co. lowered their price target on First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. Wedbush dropped their price objective on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a research note on Friday, October 25th. Piper Sandler lifted their price target on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. Finally, Barclays increased their price objective on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $2,025.90.

First Citizens BancShares Trading Up 2.3 %

NASDAQ:FCNCA opened at $2,200.46 on Thursday. First Citizens BancShares has a 12-month low of $1,363.97 and a 12-month high of $2,275.90. 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’s 50 day simple moving average is $1,973.28 and its 200-day simple moving average is $1,871.30. The firm has a market cap of $31.84 billion, a P/E ratio of 12.61 and a beta of 0.80.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Thursday, October 24th. The bank reported $45.87 EPS for the quarter, missing the consensus estimate 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 business posted $55.92 EPS. Equities analysts anticipate that First Citizens BancShares will post 189.06 EPS for the current year.

First Citizens BancShares declared that its board has approved a stock buyback plan on Thursday, July 25th that allows the company to repurchase $3.50 billion in outstanding shares. This repurchase authorization allows the bank to buy up to 12.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Institutional Trading of First Citizens BancShares

Several large investors have recently added to or reduced their stakes in FCNCA. LRI Investments LLC acquired a new stake in shares of First Citizens BancShares during the first quarter valued at about $33,000. V Square Quantitative Management LLC purchased a new position in First Citizens BancShares in the second quarter valued at about $35,000. Brooklyn Investment Group acquired a new stake in First Citizens BancShares during the 3rd quarter valued at approximately $39,000. Gradient Investments LLC purchased a new stake in First Citizens BancShares during the 2nd quarter worth approximately $52,000. Finally, GAMMA Investing LLC raised its position in shares of 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 in the last quarter. 61.18% of the stock is currently owned by institutional investors and hedge funds.

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.