First Citizens BancShares’ (FCNCA) Market Perform Rating Reiterated at Keefe, Bruyette & Woods

First Citizens BancShares (NASDAQ:FCNCA)‘s stock had its “market perform” rating reaffirmed by stock analysts at Keefe, Bruyette & Woods in a note issued to investors on Thursday,Benzinga reports. They currently have a $2,300.00 target price on the bank’s stock. Keefe, Bruyette & Woods’ price target points to a potential upside of 12.49% from the stock’s current price.

FCNCA has been the topic of a number of other research reports. TD Cowen decreased their target price on First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating on the stock in a research report on Monday, April 27th. Citigroup lowered shares of First Citizens BancShares from a “neutral” rating to a “market perform” rating in a report on Thursday. Weiss Ratings cut shares of First Citizens BancShares from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 22nd. Zacks Research raised shares of First Citizens BancShares from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. Finally, The Goldman Sachs Group raised their target price on shares of First Citizens BancShares from $2,100.00 to $2,340.00 and gave the company a “neutral” rating in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, First Citizens BancShares currently has a consensus rating of “Hold” and a consensus price target of $2,247.08.

First Citizens BancShares Stock Down 2.3%

NASDAQ FCNCA opened at $2,044.62 on Thursday. First Citizens BancShares has a fifty-two week low of $1,623.76 and a fifty-two week high of $2,232.21. The business has a fifty day moving average price of $2,027.32 and a two-hundred day moving average price of $2,022.30. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a market capitalization of $23.70 billion, a PE ratio of 11.76, a PEG ratio of 1.58 and a beta of 0.62.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, topping analysts’ consensus estimates of $43.31 by $1.55. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.The company had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.20 billion. During the same quarter in the previous year, the firm earned $37.79 EPS. Equities analysts expect that First Citizens BancShares will post 177 earnings per share for the current fiscal year.

Insider Activity at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. purchased 528 shares of First Citizens BancShares stock in a transaction dated Friday, June 5th. The shares were bought at an average cost of $1,813.37 per share, for a total transaction of $957,459.36. Following the completion of the acquisition, the chief executive officer owned 64,100 shares in the company, valued at approximately $116,237,017. This trade represents a 0.83% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders bought 7,190 shares of company stock worth $12,573,868 over the last quarter. Company insiders own 14.63% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. increased its position in First Citizens BancShares by 117,518.9% in the 4th 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. Dimensional Fund Advisors LP lifted its holdings in shares of First Citizens BancShares by 1.5% during the first quarter. Dimensional Fund Advisors LP now owns 125,947 shares of the bank’s stock worth $237,333,000 after purchasing an additional 1,886 shares during the period. Morgan Stanley lifted its holdings in shares of First Citizens BancShares by 31.8% during the fourth quarter. Morgan Stanley now owns 123,048 shares of the bank’s stock worth $264,087,000 after purchasing an additional 29,681 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of First Citizens BancShares by 11.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 122,317 shares of the bank’s stock worth $262,514,000 after purchasing an additional 12,303 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of First Citizens BancShares by 20.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 91,876 shares of the bank’s stock worth $174,048,000 after purchasing an additional 15,788 shares during the last quarter. 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.