Brokerages Set First Citizens BancShares, Inc. (NASDAQ:FCNCA) Target Price at $2,247.08

Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) have earned an average rating of “Hold” from the thirteen brokerages that are currently covering the firm, Marketbeat reports. Ten equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $2,247.0833.

Several research firms have recently weighed in on FCNCA. Citigroup downgraded First Citizens BancShares from a “neutral” rating to a “market perform” rating in a research note on Thursday, July 9th. TD Cowen dropped their price objective on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating on the stock in a report on Monday, April 27th. The Goldman Sachs Group upped their price objective on shares of First Citizens BancShares from $2,100.00 to $2,340.00 and gave the company a “neutral” rating in a report on Tuesday, July 7th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $2,300.00 target price on shares of First Citizens BancShares in a research report on Thursday, July 9th. Finally, JPMorgan Chase & Co. lifted their target price on shares of First Citizens BancShares from $2,150.00 to $2,350.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 1st.

Insider Buying and Selling

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. acquired 5,940 shares of First Citizens BancShares stock in a transaction that occurred on Tuesday, May 12th. The stock was acquired at an average cost of $1,726.82 per share, for a total transaction of $10,257,310.80. Following the purchase, the chief executive officer owned 38,111 shares of the company’s stock, valued at approximately $65,810,837.02. This represents a 18.46% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last ninety days, insiders have purchased 7,190 shares of company stock valued at $12,573,868. 14.63% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First Citizens BancShares

Large investors have recently made changes to their positions in the stock. Hilton Head Capital Partners LLC bought a new stake in shares of First Citizens BancShares during the 4th quarter valued at $26,000. Harbor Investment Advisory LLC boosted its stake in First Citizens BancShares by 150.0% in the 4th quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank’s stock worth $32,000 after purchasing an additional 9 shares during the period. Reflection Asset Management bought a new position in First Citizens BancShares in the 4th quarter worth about $45,000. Global Assets Advisory LLC purchased a new position in First Citizens BancShares during the 1st quarter valued at about $45,000. Finally, UMB Bank n.a. lifted its holdings in shares of First Citizens BancShares by 50.0% in the fourth quarter. UMB Bank n.a. now owns 24 shares of the bank’s stock worth $52,000 after buying an additional 8 shares in the last quarter. 78.01% of the stock is owned by institutional investors.

First Citizens BancShares Price Performance

Shares of NASDAQ FCNCA opened at $2,077.57 on Monday. The stock has a fifty day simple moving average of $2,053.95 and a two-hundred day simple moving average of $2,016.98. First Citizens BancShares has a 1-year low of $1,623.76 and a 1-year high of $2,232.21. The firm has a market cap of $24.08 billion, a price-to-earnings ratio of 11.95, a price-to-earnings-growth ratio of 1.56 and a beta of 0.62. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.67.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.20 billion. During the same period in the previous year, the company posted $37.79 earnings per share. Analysts anticipate that First Citizens BancShares will post 177.18 earnings per share for the current year.

About First Citizens BancShares

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.