First Citizens BancShares (NASDAQ:FCNCA) Coverage Initiated at Jefferies Financial Group

Equities researchers at Jefferies Financial Group began coverage on shares of First Citizens BancShares (NASDAQ:FCNCA) in a research note issued to investors on Wednesday, Marketbeat Ratings reports. The brokerage set a “hold” rating and a $2,050.00 price target on the bank’s stock. Jefferies Financial Group’s price target points to a potential upside of 11.35% from the stock’s previous close.

FCNCA has been the subject of several other reports. Piper Sandler upgraded shares of First Citizens BancShares from a “neutral” rating to an “overweight” rating and set a $2,250.00 price objective for the company in a research note on Tuesday, March 11th. The Goldman Sachs Group reduced their target price on shares of First Citizens BancShares from $2,535.00 to $2,200.00 and set a “buy” rating for the company in a report on Tuesday, March 18th. Wall Street Zen cut shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Monday, April 28th. Keefe, Bruyette & Woods raised their target price on shares of First Citizens BancShares from $2,500.00 to $2,600.00 and gave the stock an “outperform” rating in a report on Monday, January 27th. Finally, Barclays reduced their target price on shares of First Citizens BancShares from $2,568.00 to $2,400.00 and set an “equal weight” rating for the company in a report on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $2,340.33.

First Citizens BancShares Stock Performance

First Citizens BancShares stock opened at $1,841.04 on Wednesday. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08. First Citizens BancShares has a 1-year low of $1,473.62 and a 1-year high of $2,412.93. The firm has a market capitalization of $24.47 billion, a P/E ratio of 9.72, a price-to-earnings-growth ratio of 0.94 and a beta of 0.64. The company’s 50-day moving average is $1,792.78 and its 200 day moving average is $2,007.21.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Thursday, April 24th. The bank reported $37.79 EPS for the quarter, topping analysts’ consensus estimates of $37.72 by $0.07. The business had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.22 billion. First Citizens BancShares had a net margin of 18.55% and a return on equity of 13.22%. Research analysts forecast that First Citizens BancShares will post 167.59 EPS for the current year.

Insider Buying and Selling at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 350 shares of the firm’s stock in a transaction dated Friday, May 2nd. The stock was acquired at an average cost of $1,610.00 per share, with a total value of $563,500.00. Following the acquisition, the chief executive officer now owns 2,758 shares of the company’s stock, valued at approximately $4,440,380. This represents a 14.53% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Craig L. Nix bought 17 shares of First Citizens BancShares stock in a transaction on Friday, March 7th. The shares were purchased at an average cost of $1,881.13 per share, with a total value of $31,979.21. Following the completion of the purchase, the chief financial officer now directly owns 1,141 shares in the company, valued at $2,146,369.33. This trade represents a 1.51% increase in their ownership of the stock. The disclosure for this purchase can be found here. 13.40% of the stock is currently owned by corporate insiders.

Institutional Trading of First Citizens BancShares

A number of hedge funds and other institutional investors have recently made changes to their positions in FCNCA. Financial Life Planners bought a new stake in shares of First Citizens BancShares in the 4th quarter worth approximately $33,000. Hemington Wealth Management raised its holdings in shares of First Citizens BancShares by 60.0% in the 4th quarter. Hemington Wealth Management now owns 16 shares of the bank’s stock worth $33,000 after purchasing an additional 6 shares in the last quarter. Duncker Streett & Co. Inc. bought a new stake in shares of First Citizens BancShares in the 4th quarter worth approximately $36,000. MassMutual Private Wealth & Trust FSB raised its holdings in shares of First Citizens BancShares by 54.5% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank’s stock valued at $32,000 after acquiring an additional 6 shares during the period. Finally, Mather Group LLC. raised its holdings in shares of First Citizens BancShares by 38.5% during the fourth quarter. Mather Group LLC. now owns 18 shares of the bank’s stock valued at $38,000 after acquiring an additional 5 shares during the period. 78.01% of the stock is currently owned by institutional investors.

About First Citizens BancShares

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.