The Goldman Sachs Group Forecasts Strong Price Appreciation for First Citizens BancShares (NASDAQ:FCNCA) Stock

First Citizens BancShares (NASDAQ:FCNCA) had its price objective upped by stock analysts at The Goldman Sachs Group from $2,100.00 to $2,340.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the bank’s stock. The Goldman Sachs Group’s target price would suggest a potential upside of 10.52% from the stock’s previous close.

FCNCA has been the subject of several other reports. Citigroup restated a “neutral” rating on shares of First Citizens BancShares in a research note on Wednesday, July 1st. Keefe, Bruyette & Woods reduced their price objective on shares of First Citizens BancShares from $2,375.00 to $2,300.00 and set an “outperform” rating on the stock in a research report on Thursday, April 9th. TD Cowen lowered their target price on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating on the stock in a report on Monday, April 27th. Zacks Research upgraded shares of First Citizens BancShares from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. Finally, JPMorgan Chase & Co. upped their target price on shares of First Citizens BancShares from $2,150.00 to $2,350.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, First Citizens BancShares has an average rating of “Hold” and a consensus price target of $2,247.08.

First Citizens BancShares Price Performance

NASDAQ:FCNCA opened at $2,117.35 on Tuesday. The business’s 50-day simple moving average is $2,022.69 and its two-hundred day simple moving average is $2,022.88. First Citizens BancShares has a 52 week low of $1,623.76 and a 52 week high of $2,232.21. The stock has a market cap of $24.54 billion, a PE ratio of 12.18, a P/E/G ratio of 1.59 and a beta of 0.62. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.67.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $43.31 by $1.55. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.The firm had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.20 billion. During the same quarter last year, the business posted $37.79 earnings per share. As a group, analysts forecast that First Citizens BancShares will post 175.42 EPS for the current fiscal year.

Insider Transactions at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. acquired 528 shares of the firm’s stock in a transaction dated Friday, June 5th. The shares were acquired at an average cost of $1,813.37 per share, with a total value of $957,459.36. Following the acquisition, the chief executive officer directly owned 64,100 shares of the company’s stock, valued at approximately $116,237,017. The trade was a 0.83% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Over the last 90 days, insiders purchased 7,190 shares of company stock valued at $12,573,868. Insiders own 14.63% of the company’s stock.

Institutional Investors Weigh In On First Citizens BancShares

Several large investors have recently bought and sold shares of the business. Allworth Financial LP increased its holdings in shares of First Citizens BancShares by 21.7% in the 3rd quarter. Allworth Financial LP now owns 28 shares of the bank’s stock worth $51,000 after buying an additional 5 shares during the last quarter. MBL Wealth LLC lifted its holdings in shares of First Citizens BancShares by 0.8% in the 4th 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 last quarter. Venturi Wealth Management LLC grew its position in First Citizens BancShares by 2.6% in the first quarter. Venturi Wealth Management LLC now owns 233 shares of the bank’s stock worth $439,000 after acquiring an additional 6 shares in the last quarter. Corient Private Wealth LLC grew its position in First Citizens BancShares by 0.6% in the second quarter. Corient Private Wealth LLC now owns 1,049 shares of the bank’s stock worth $2,051,000 after acquiring an additional 6 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC increased its stake 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 during the last quarter. 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.