First Citizens BancShares (NASDAQ:FCNCA) Earns “Market Perform” Rating from Keefe, Bruyette & Woods

First Citizens BancShares (NASDAQ:FCNCA)‘s stock had its “market perform” rating reissued by equities researchers at Keefe, Bruyette & Woods in a research note issued to investors on Thursday, MarketBeat reports. They presently have a $2,300.00 price target on the bank’s stock. Keefe, Bruyette & Woods’ price target indicates a potential upside of 9.91% from the company’s previous close.

A number of other research firms have also weighed in on FCNCA. Citigroup lowered shares of First Citizens BancShares from a “neutral” rating to a “market perform” rating in a research note on Thursday. JPMorgan Chase & Co. lifted their price objective on First Citizens BancShares from $2,150.00 to $2,350.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 1st. Deutsche Bank Aktiengesellschaft lowered First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,154.00 price objective on the stock. in a research note on Wednesday, April 8th. Wall Street Zen upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Saturday, June 27th. Finally, Piper Sandler set a $2,050.00 target price on First Citizens BancShares in a research note on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $2,247.08.

First Citizens BancShares Trading Up 0.5%

Shares of FCNCA opened at $2,092.59 on Thursday. First Citizens BancShares has a 52-week low of $1,623.76 and a 52-week high of $2,232.21. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.67. The firm’s fifty day moving average is $2,031.72 and its two-hundred day moving average is $2,022.43. The stock has a market cap of $24.25 billion, a PE ratio of 12.03, a price-to-earnings-growth ratio of 1.57 and a beta of 0.62.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, beating analysts’ consensus estimates of $43.31 by $1.55. The business had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.20 billion. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. During the same period in the prior year, the business earned $37.79 earnings per share. Research analysts forecast that First Citizens BancShares will post 177.18 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 5,940 shares of First Citizens BancShares stock in a transaction on Tuesday, May 12th. The shares were bought at an average price of $1,726.82 per share, for a total transaction of $10,257,310.80. Following the completion of the transaction, the chief executive officer directly owned 38,111 shares of the company’s stock, valued at $65,810,837.02. This trade represents a 18.46% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Insiders purchased 7,190 shares of company stock valued at $12,573,868 in the last ninety days. Corporate insiders own 14.63% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. lifted its stake in First Citizens BancShares by 117,518.9% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 205,833 shares of the bank’s stock worth $441,755,000 after purchasing an additional 205,658 shares in the last quarter. Dimensional Fund Advisors LP boosted its position 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 buying an additional 1,886 shares during the period. Morgan Stanley grew its stake in shares of First Citizens BancShares by 31.8% in the fourth quarter. Morgan Stanley now owns 123,048 shares of the bank’s stock valued at $264,087,000 after buying an additional 29,681 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of First Citizens BancShares by 11.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 122,317 shares of the bank’s stock valued at $262,514,000 after buying an additional 12,303 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of First Citizens BancShares by 20.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 91,876 shares of the bank’s stock valued at $174,048,000 after buying an additional 15,788 shares during the period. 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.