TD Cowen Lowers First Citizens BancShares (NASDAQ:FCNCA) Price Target to $2,500.00

First Citizens BancShares (NASDAQ:FCNCA) had its target price reduced by equities researchers at TD Cowen from $2,600.00 to $2,500.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the bank’s stock. TD Cowen’s target price suggests a potential upside of 24.95% from the stock’s previous close.

Other equities research analysts also recently issued reports about the stock. The Goldman Sachs Group downgraded shares of First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,300.00 price target on the stock. in a research note on Tuesday, January 6th. Barclays cut their price objective on First Citizens BancShares from $2,456.00 to $2,346.00 and set an “equal weight” rating for the company in a research report on Monday. Raymond James Financial upgraded shares of First Citizens BancShares from an “outperform” rating to a “strong-buy” rating and upped their target price for the company from $2,100.00 to $2,200.00 in a report on Thursday, November 20th. Piper Sandler cut their price target on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a research note on Friday, October 24th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of First Citizens BancShares in a research report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $2,245.09.

First Citizens BancShares Stock Performance

Shares of FCNCA opened at $2,000.82 on Monday. First Citizens BancShares has a one year low of $1,473.62 and a one year high of $2,245.33. The business has a fifty day moving average of $2,067.24 and a 200 day moving average of $1,950.22. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a market capitalization of $24.89 billion, a P/E ratio of 12.07 and a beta of 0.69.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings results on Friday, January 23rd. The bank reported $51.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $44.24 by $7.03. The business had revenue of $2.25 billion during the quarter, compared to the consensus estimate of $2.24 billion. First Citizens BancShares had a return on equity of 11.12% and a net margin of 15.21%. As a group, sell-side analysts anticipate that First Citizens BancShares will post 167.59 EPS for the current year.

Insider Transactions at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 135 shares of the stock in a transaction on Wednesday, November 26th. The shares were bought at an average price of $1,629.67 per share, with a total value of $220,005.45. Following the purchase, the chief executive officer directly owned 2,527 shares in the company, valued at $4,118,176.09. The trade was a 5.64% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Ellen R. Alemany bought 300 shares of the company’s stock in a transaction dated Thursday, November 13th. The stock was acquired at an average price of $1,000.00 per share, for a total transaction of $300,000.00. Following the acquisition, the director directly owned 300 shares in the company, valued at $300,000. This trade represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 13.19% of the company’s stock.

Hedge Funds Weigh In On First Citizens BancShares

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. KLP Kapitalforvaltning AS boosted its holdings in First Citizens BancShares by 23.9% during the second quarter. KLP Kapitalforvaltning AS now owns 8,800 shares of the bank’s stock valued at $17,217,000 after purchasing an additional 1,700 shares in the last quarter. Generate Investment Management Ltd bought a new position in shares of First Citizens BancShares during the 2nd quarter worth approximately $6,584,000. Thrivent Financial for Lutherans boosted its stake in First Citizens BancShares by 11.9% in the 2nd quarter. Thrivent Financial for Lutherans now owns 40,200 shares of the bank’s stock valued at $78,650,000 after buying an additional 4,264 shares in the last quarter. Live Oak Private Wealth LLC grew its position in First Citizens BancShares by 58.1% in the third quarter. Live Oak Private Wealth LLC now owns 3,297 shares of the bank’s stock valued at $5,899,000 after acquiring an additional 1,211 shares during the period. Finally, Alberta Investment Management Corp grew its position in First Citizens BancShares by 0.7% in the second quarter. Alberta Investment Management Corp now owns 28,376 shares of the bank’s stock valued at $55,517,000 after acquiring an additional 200 shares during the period. 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.