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

First Citizens BancShares (NASDAQ:FCNCA) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.

Other research analysts also recently issued research reports about the company. Truist Financial increased their price objective on First Citizens BancShares from $2,050.00 to $2,150.00 and gave the company a “hold” rating in a report on Monday, January 26th. Piper Sandler boosted their target price on First Citizens BancShares from $2,000.00 to $2,100.00 and gave the stock a “neutral” rating in a research note on Thursday, January 29th. The Goldman Sachs Group downgraded First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,300.00 price target for the company. in a report on Tuesday, January 6th. TD Cowen dropped their price target on shares of First Citizens BancShares from $2,600.00 to $2,500.00 and set a “buy” rating on the stock in a research note on Monday, January 26th. Finally, Citigroup reissued a “buy” rating on shares of First Citizens BancShares in a report on Monday, January 26th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $2,238.27.

First Citizens BancShares Stock Performance

Shares of FCNCA stock opened at $1,884.66 on Monday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.72. The firm has a fifty day moving average price of $1,968.65 and a 200 day moving average price of $1,941.84. The company has a market cap of $22.50 billion, a P/E ratio of 11.37, a PEG ratio of 1.37 and a beta of 0.68. First Citizens BancShares has a 12 month low of $1,473.62 and a 12 month high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Friday, January 23rd. The bank reported $51.27 EPS for the quarter, beating the consensus estimate of $44.24 by $7.03. First Citizens BancShares had a return on equity of 11.18% and a net margin of 15.21%.The firm had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.24 billion. Sell-side analysts predict that First Citizens BancShares will post 167.59 earnings per share for the current fiscal year.

Insider Buying and Selling at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. bought 92 shares of First Citizens BancShares stock in a transaction dated Thursday, March 19th. The stock was acquired at an average cost of $1,550.00 per share, with a total value of $142,600.00. Following the acquisition, the chief executive officer owned 2,841 shares of the company’s stock, valued at approximately $4,403,550. This trade represents a 3.35% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last ninety days, insiders bought 258 shares of company stock valued at $404,236. 13.19% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of First Citizens BancShares by 117,518.9% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 205,833 shares of the bank’s stock valued at $441,755,000 after acquiring an additional 205,658 shares during the period. Norges Bank purchased a new position in shares of First Citizens BancShares during the fourth quarter worth approximately $116,565,000. River Road Asset Management LLC increased its holdings in shares of First Citizens BancShares by 574.0% in the 4th quarter. River Road Asset Management LLC now owns 55,402 shares of the bank’s stock valued at $118,903,000 after acquiring an additional 47,182 shares during the period. Orion Porfolio Solutions LLC increased its holdings in shares of First Citizens BancShares by 2,057.4% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 47,506 shares of the bank’s stock valued at $92,944,000 after acquiring an additional 45,304 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its position in First Citizens BancShares by 390.2% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 48,299 shares of the bank’s stock valued at $84,995,000 after purchasing an additional 38,446 shares during the last quarter. Hedge funds and other institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.