First Citizens BancShares (NASDAQ:FCNCA) Upgraded to “Hold” at Wall Street Zen

First Citizens BancShares (NASDAQ:FCNCA) was upgraded by equities researchers at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued on Saturday.

Other equities research analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods lowered 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 note on Thursday, April 9th. Piper Sandler set a $2,050.00 target price on shares of First Citizens BancShares in a research note on Friday, April 24th. TD Cowen decreased their price target on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating on the stock in a research report on Monday, April 27th. Deutsche Bank Aktiengesellschaft downgraded shares of First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,154.00 price objective on the stock. in a report on Wednesday, April 8th. Finally, Zacks Research raised shares of First Citizens BancShares from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $2,215.91.

First Citizens BancShares Stock Performance

Shares of NASDAQ FCNCA opened at $2,080.89 on Friday. The company has a market capitalization of $24.12 billion, a P/E ratio of 11.97, a price-to-earnings-growth ratio of 1.61 and a beta of 0.62. The business’s 50-day moving average price is $2,014.37 and its two-hundred day moving average price is $2,020.88. First Citizens BancShares has a one year low of $1,623.76 and a one year high of $2,232.21. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.00 and a quick ratio of 1.00.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, topping the consensus estimate of $43.31 by $1.55. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. The firm had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.20 billion. During the same period in the prior year, the business posted $37.79 earnings per share. Analysts anticipate that First Citizens BancShares will post 175.61 earnings per share for the current fiscal year.

Insider Transactions at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 528 shares of the stock in a transaction on Friday, June 5th. The shares were purchased at an average price 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 $116,237,017. This represents a 0.83% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Over the last 90 days, insiders have acquired 7,190 shares of company stock valued at $12,573,868. Insiders own 14.63% of the company’s stock.

Institutional Trading of First Citizens BancShares

Several institutional investors have recently made changes to their positions in FCNCA. NewEdge Advisors LLC boosted its position in shares of First Citizens BancShares by 219.3% during the 1st quarter. NewEdge Advisors LLC now owns 1,590 shares of the bank’s stock valued at $3,001,000 after acquiring an additional 1,092 shares in the last quarter. Quantinno Capital Management LP raised its position in First Citizens BancShares by 65.5% in the first quarter. Quantinno Capital Management LP now owns 6,301 shares of the bank’s stock worth $11,876,000 after purchasing an additional 2,493 shares in the last quarter. SummitTX Capital L.P. acquired a new position in First Citizens BancShares in the first quarter worth about $1,095,000. OMERS ADMINISTRATION Corp lifted its stake in First Citizens BancShares by 25.9% during the first quarter. OMERS ADMINISTRATION Corp now owns 457 shares of the bank’s stock worth $861,000 after purchasing an additional 94 shares during the period. Finally, Lombard Odier Asset Management Switzerland SA bought a new position in First Citizens BancShares during the first quarter worth about $303,000. 78.01% of the stock is currently owned by institutional investors and hedge funds.

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.