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

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

FCNCA has been the subject of a number of other reports. UBS Group reissued a “buy” rating and issued a $2,410.00 target price on shares of First Citizens BancShares in a report on Wednesday, July 9th. Cowen reissued a “buy” rating on shares of First Citizens BancShares in a report on Monday, July 28th. Citigroup raised their target price on shares of First Citizens BancShares from $1,900.00 to $2,050.00 and gave the company a “neutral” rating in a report on Wednesday, July 2nd. JPMorgan Chase & Co. raised their target price on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an “overweight” rating in a report on Tuesday, July 1st. Finally, Piper Sandler set a $2,150.00 price objective on shares of First Citizens BancShares and gave the stock a “neutral” rating in a research note on Monday, July 28th. Seven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $2,291.17.

First Citizens BancShares Trading Down 1.5%

First Citizens BancShares stock opened at $1,866.88 on Friday. The firm’s 50 day moving average price is $1,972.51 and its 200-day moving average price is $1,885.64. First Citizens BancShares has a 1 year low of $1,473.62 and a 1 year high of $2,412.93. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market cap of $24.12 billion, a P/E ratio of 11.02 and a beta of 0.71.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Friday, July 25th. The bank reported $44.78 earnings per share for the quarter, beating analysts’ consensus estimates of $39.08 by $5.70. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.32%. The firm had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.21 billion. On average, equities analysts predict that First Citizens BancShares will post 167.59 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Hope Holding Bryant bought 409 shares of First Citizens BancShares stock in a transaction on Thursday, August 7th. The stock was acquired at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the completion of the acquisition, the insider owned 1,764 shares of the company’s stock, valued at $2,875,320. This trade represents a 30.18% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Olivia Britton Holding bought 409 shares of First Citizens BancShares stock in a transaction on Thursday, August 7th. The stock was purchased at an average price of $1,630.00 per share, with a total value of $666,670.00. Following the completion of the acquisition, the insider directly owned 1,764 shares of the company’s stock, valued at $2,875,320. This represents a 30.18% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 1,494 shares of company stock worth $2,485,986. 13.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First Citizens BancShares

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. MassMutual Private Wealth & Trust FSB raised its holdings in shares of First Citizens BancShares by 54.5% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank’s stock worth $32,000 after acquiring an additional 6 shares during the period. MAI Capital Management raised its holdings in shares of First Citizens BancShares by 500.0% during the 2nd quarter. MAI Capital Management now owns 18 shares of the bank’s stock worth $35,000 after acquiring an additional 15 shares during the period. SVB Wealth LLC purchased a new position in shares of First Citizens BancShares during the 1st quarter worth $35,000. Creekmur Asset Management LLC purchased a new position in shares of First Citizens BancShares during the 2nd quarter worth $39,000. Finally, Allworth Financial LP raised its holdings in shares of First Citizens BancShares by 35.3% during the 2nd quarter. Allworth Financial LP now owns 23 shares of the bank’s stock worth $45,000 after acquiring an additional 6 shares during the period. Institutional investors and hedge funds own 78.01% of the company’s stock.

First Citizens BancShares Company Profile

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.