JPMorgan Chase & Co. Reaffirms Neutral Rating for First Citizens BancShares (NASDAQ:FCNCA)

First Citizens BancShares (NASDAQ:FCNCA)‘s stock had its “neutral” rating reiterated by research analysts at JPMorgan Chase & Co. in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $2,200.00 target price on the bank’s stock, down from their previous target price of $2,450.00. JPMorgan Chase & Co.‘s price target suggests a potential upside of 15.39% from the company’s current price.

Other equities analysts also recently issued research reports about the company. Weiss Ratings reiterated a “buy (b-)” rating on shares of First Citizens BancShares in a report on Friday, March 27th. UBS Group set a $2,325.00 price objective on First Citizens BancShares in a research report on Wednesday, February 4th. Barclays lowered their price objective on shares of First Citizens BancShares from $2,456.00 to $2,346.00 and set an “equal weight” rating on the stock in a research note on Monday, January 26th. Zacks Research raised shares of First Citizens BancShares from a “strong sell” rating to a “hold” rating in a report on Monday. Finally, Wall Street Zen upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, First Citizens BancShares currently has an average rating of “Moderate Buy” and an average target price of $2,211.00.

First Citizens BancShares Stock Performance

FCNCA opened at $1,906.63 on Wednesday. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.03 and a current ratio of 1.03. The company has a market cap of $22.77 billion, a PE ratio of 11.51, a price-to-earnings-growth ratio of 1.41 and a beta of 0.65. The stock has a 50-day moving average of $1,956.95 and a 200-day moving average of $1,941.27. First Citizens BancShares has a 52-week low of $1,473.62 and a 52-week high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings data on Friday, January 23rd. The bank reported $51.27 earnings per share for the quarter, beating analysts’ consensus estimates of $44.24 by $7.03. First Citizens BancShares had a return on equity of 11.18% and a net margin of 15.21%.The business had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.24 billion. As a group, equities research analysts forecast that First Citizens BancShares will post 167.59 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 92 shares of the firm’s stock in a transaction on Thursday, March 19th. The shares were purchased at an average price of $1,550.00 per share, for a total transaction of $142,600.00. Following the completion of the purchase, the chief executive officer directly owned 2,841 shares of the company’s stock, valued at approximately $4,403,550. This represents a 3.35% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have acquired a total of 258 shares of company stock worth $404,236 in the last 90 days. 13.40% of the stock is owned by insiders.

Institutional Trading of First Citizens BancShares

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Rockefeller Capital Management L.P. lifted its stake in First Citizens BancShares by 28.1% during the fourth quarter. Rockefeller Capital Management L.P. now owns 374 shares of the bank’s stock worth $804,000 after purchasing an additional 82 shares during the period. World Investment Advisors acquired a new position in shares of First Citizens BancShares in the 4th quarter worth approximately $371,000. Corient Private Wealth LLC lifted its position in shares of First Citizens BancShares by 20.3% during the 4th quarter. Corient Private Wealth LLC now owns 1,462 shares of the bank’s stock worth $3,138,000 after buying an additional 247 shares during the period. AG Campbell Advisory LLC bought a new position in shares of First Citizens BancShares during the 4th quarter worth approximately $2,168,000. Finally, Reflection Asset Management acquired a new stake in First Citizens BancShares in the 4th quarter valued at $45,000. 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.