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

First Citizens BancShares (NASDAQ:FCNCAGet Rating) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

Other research analysts have also issued research reports about the stock. Zacks Investment Research raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Monday, April 11th. Piper Sandler lowered their target price on shares of First Citizens BancShares from $1,000.00 to $900.00 in a research note on Friday, March 25th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, First Citizens BancShares currently has an average rating of “Buy” and a consensus price target of $964.00.

Shares of FCNCA opened at $620.12 on Thursday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.15. First Citizens BancShares has a 12-month low of $610.67 and a 12-month high of $947.71. The firm has a 50-day moving average price of $693.47 and a 200 day moving average price of $782.79. The firm has a market capitalization of $9.91 billion, a P/E ratio of 11.51 and a beta of 1.10.

First Citizens BancShares (NASDAQ:FCNCAGet Rating) last announced its quarterly earnings data on Wednesday, January 26th. The bank reported $12.09 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($3.54) by $15.63. First Citizens BancShares had a net margin of 27.95% and a return on equity of 13.07%. The firm had revenue of $471.66 million during the quarter, compared to analyst estimates of $446.60 million. During the same quarter in the prior year, the firm posted $13.59 earnings per share. Equities research analysts predict that First Citizens BancShares will post 66.18 earnings per share for the current fiscal year.

In other First Citizens BancShares news, Director Harold Lee Durham, Jr. bought 2,000 shares of the stock in a transaction dated Wednesday, February 23rd. The shares were acquired at an average cost of $24.60 per share, for a total transaction of $49,200.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider West Ludwig bought 150 shares of the stock in a transaction dated Thursday, February 24th. The shares were acquired at an average price of $725.86 per share, for a total transaction of $108,879.00. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 2,322 shares of company stock worth $287,021. 13.40% of the stock is owned by corporate insiders.

A number of large investors have recently bought and sold shares of the stock. BlackRock Inc. grew its position in First Citizens BancShares by 8.2% in the 4th quarter. BlackRock Inc. now owns 750,714 shares of the bank’s stock valued at $622,971,000 after buying an additional 57,112 shares during the last quarter. Egerton Capital UK LLP boosted its position in shares of First Citizens BancShares by 95.2% during the 3rd quarter. Egerton Capital UK LLP now owns 271,253 shares of the bank’s stock worth $228,712,000 after purchasing an additional 132,283 shares in the last quarter. State Street Corp boosted its position in shares of First Citizens BancShares by 6.6% during the 4th quarter. State Street Corp now owns 261,967 shares of the bank’s stock worth $217,391,000 after purchasing an additional 16,262 shares in the last quarter. Invesco Ltd. boosted its position in shares of First Citizens BancShares by 101.3% during the 3rd quarter. Invesco Ltd. now owns 183,252 shares of the bank’s stock worth $154,513,000 after purchasing an additional 92,205 shares in the last quarter. Finally, Ceredex Value Advisors LLC boosted its position in shares of First Citizens BancShares by 4.5% during the 4th quarter. Ceredex Value Advisors LLC now owns 178,308 shares of the bank’s stock worth $147,967,000 after purchasing an additional 7,635 shares in the last quarter. Hedge funds and other institutional investors own 62.59% of the company’s stock.

About First Citizens BancShares (Get Rating)

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.

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