First Citizens BancShares (NASDAQ:FCNCA) Given “Buy (B-)” Rating at Weiss Ratings

First Citizens BancShares (NASDAQ:FCNCA)‘s stock had its “buy (b-)” rating reiterated by equities research analysts at Weiss Ratings in a research note issued to investors on Wednesday,Weiss Ratings reports.

Several other equities analysts also recently commented on the company. Citigroup reaffirmed an “outperform” rating on shares of First Citizens BancShares in a research report on Tuesday. Wall Street Zen downgraded First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Sunday, September 28th. Raymond James Financial set a $2,100.00 target price on First Citizens BancShares in a research report on Tuesday. Piper Sandler set a $2,150.00 price target on First Citizens BancShares and gave the stock a “neutral” rating in a research report on Monday, July 28th. Finally, Cowen reissued a “buy” rating on shares of First Citizens BancShares in a research report on Monday, July 28th. Nine analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $2,227.69.

First Citizens BancShares Price Performance

Shares of NASDAQ FCNCA opened at $1,756.20 on Wednesday. The business’s 50 day moving average price is $1,894.81 and its two-hundred day moving average price is $1,884.03. The company has a market cap of $22.69 billion, a PE ratio of 10.36 and a beta of 0.60. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.76. First Citizens BancShares has a twelve month low of $1,473.62 and a twelve month high of $2,412.93.

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

Insiders Place Their Bets

In other news, insider Hope Holding Bryant purchased 409 shares of the company’s stock in a transaction dated Thursday, August 7th. The stock was bought at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the purchase, the insider owned 1,764 shares of the company’s stock, valued at approximately $2,875,320. The trade was a 30.18% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Olivia Britton Holding purchased 409 shares of the company’s stock in a transaction dated 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 purchase, the insider directly owned 1,764 shares in the company, valued at $2,875,320. The trade was a 30.18% increase in their position. The disclosure for this purchase can be found here. Insiders acquired 1,494 shares of company stock worth $2,485,986 over the last three months. Insiders own 13.40% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Steph & Co. bought a new position in First Citizens BancShares during the 3rd quarter worth $32,000. SVB Wealth LLC bought a new position in First Citizens BancShares during the 1st quarter worth $35,000. MAI Capital Management raised its position in 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 purchasing an additional 15 shares during the last quarter. Creekmur Asset Management LLC acquired a new stake in First Citizens BancShares during the 2nd quarter worth about $39,000. Finally, Community Bank N.A. bought a new position in shares of First Citizens BancShares in the 1st quarter worth about $44,000. 78.01% of the stock is owned by institutional investors.

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.