First Citizens BancShares (NASDAQ:FCNCA) Upgraded to Hold by Zacks Investment Research

First Citizens BancShares (NASDAQ:FCNCA – Get Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Wednesday, Zacks.com reports.

According to Zacks, “First Citizens is a bank holding company engaged in general banking business. The Bank is the fifth largest commercial bank in North Carolina based upon total deposits. Its growth has been generated principally by acquisitions and de novo branching that have occurred under the leadership of the R.P. Holding family. “

A number of other research firms have also weighed in on FCNCA. StockNews.com upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Thursday, April 28th. Piper Sandler dropped their target price on First Citizens BancShares from $1,000.00 to $900.00 in a report on Friday, March 25th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, First Citizens BancShares has an average rating of “Buy” and an average target price of $964.00.

First Citizens BancShares stock traded up $12.35 during mid-day trading on Wednesday, reaching $661.07. The stock had a trading volume of 63,782 shares, compared to its average volume of 150,957. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.80 and a current ratio of 0.80. First Citizens BancShares has a fifty-two week low of $610.67 and a fifty-two week high of $947.71. The stock’s 50-day simple moving average is $659.19 and its 200-day simple moving average is $756.78. The firm has a market capitalization of $10.56 billion, a PE ratio of 11.79 and a beta of 1.06.

First Citizens BancShares (NASDAQ:FCNCA – Get Rating) last announced its quarterly earnings data on Thursday, April 28th. The bank reported $18.95 EPS for the quarter, beating analysts’ consensus estimates of $13.32 by $5.63. First Citizens BancShares had a return on equity of 11.95% and a net margin of 22.17%. During the same period in the previous year, the firm earned $14.53 earnings per share. On average, research analysts forecast that First Citizens BancShares will post 63.22 earnings per share for the current fiscal year.

In other news, CFO Craig L. Nix bought 300 shares of the stock in a transaction on Friday, April 29th. The shares were purchased at an average cost of $658.96 per share, for a total transaction of $197,688.00. Following the completion of the purchase, the chief financial officer now directly owns 805 shares in the company, valued at approximately $530,462.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider West Ludwig bought 150 shares of the stock in a transaction on Thursday, February 24th. The stock was purchased 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. Insiders have purchased 2,214 shares of company stock worth $840,307 over the last quarter. 13.40% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Dark Forest Capital Management LP purchased a new position in shares of First Citizens BancShares in the third quarter valued at $29,000. Amitell Capital Pte Ltd purchased a new position in First Citizens BancShares during the first quarter worth about $27,000. EverSource Wealth Advisors LLC purchased a new position in First Citizens BancShares during the first quarter worth about $27,000. CWM LLC purchased a new position in First Citizens BancShares during the first quarter worth about $28,000. Finally, Point72 Hong Kong Ltd purchased a new position in First Citizens BancShares during the fourth quarter worth about $37,000. Institutional investors own 39.07% 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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