First Citizens BancShares (NASDAQ:FCNCA) Given New $2,450.00 Price Target at JPMorgan Chase & Co.

First Citizens BancShares (NASDAQ:FCNCAGet Free Report) had its target price raised by investment analysts at JPMorgan Chase & Co. from $2,350.00 to $2,450.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the bank’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 12.72% from the stock’s previous close.

Several other research analysts have also issued reports on FCNCA. Wall Street Zen upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Saturday, June 27th. Deutsche Bank Aktiengesellschaft lowered First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,154.00 price target for the company. in a research note on Wednesday, April 8th. Piper Sandler set a $2,050.00 price objective on First Citizens BancShares in a research report on Friday, April 24th. Fundamental Research set a $2,350.00 price objective on First Citizens BancShares in a report on Wednesday, July 1st. Finally, Zacks Research upgraded First Citizens BancShares from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat, First Citizens BancShares has an average rating of “Hold” and a consensus price target of $2,258.85.

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First Citizens BancShares Price Performance

NASDAQ FCNCA traded down $39.29 during trading hours on Friday, hitting $2,173.48. The company had a trading volume of 38,537 shares, compared to its average volume of 90,934. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a market capitalization of $25.18 billion, a price-to-earnings ratio of 12.56, a PEG ratio of 1.57 and a beta of 0.62. First Citizens BancShares has a 52 week low of $1,623.76 and a 52 week high of $2,237.82. The firm has a 50 day simple moving average of $2,059.46 and a 200 day simple moving average of $2,017.36.

First Citizens BancShares (NASDAQ:FCNCAGet Free Report) last posted its earnings results on Thursday, July 23rd. The bank reported $57.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $56.68. The business had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.16 billion. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. Equities research analysts expect that First Citizens BancShares will post 177.18 earnings per share for the current year.

Insider Transactions at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 5,940 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were purchased at an average price of $1,726.82 per share, for a total transaction of $10,257,310.80. Following the acquisition, the chief executive officer owned 38,111 shares in the company, valued at approximately $65,810,837.02. This represents a 18.46% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders acquired a total of 7,190 shares of company stock valued at $12,573,868 in the last ninety days. 14.63% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Hilton Head Capital Partners LLC purchased a new stake in First Citizens BancShares in the fourth quarter worth about $26,000. Reflection Asset Management bought a new stake in shares of First Citizens BancShares in the 4th quarter worth approximately $45,000. Global Assets Advisory LLC bought a new stake in shares of First Citizens BancShares in the 1st quarter worth approximately $45,000. UMB Bank n.a. grew its stake in shares of First Citizens BancShares by 50.0% in the 4th quarter. UMB Bank n.a. now owns 24 shares of the bank’s stock worth $52,000 after buying an additional 8 shares during the last quarter. Finally, Jessup Wealth Management Inc purchased a new stake in shares of First Citizens BancShares in the 4th quarter worth approximately $56,000. 78.01% of the stock is owned by hedge funds and other institutional investors.

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First Citizens BancShares Company Profile

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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.

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Analyst Recommendations for First Citizens BancShares (NASDAQ:FCNCA)

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