First Citizens BancShares’ (FCNCA) “Underweight” Rating Reaffirmed at JPMorgan Chase & Co.

First Citizens BancShares (NASDAQ:FCNCA)‘s stock had its “underweight” rating reiterated by equities research analysts at JPMorgan Chase & Co. in a research note issued on Monday, Benzinga reports. They currently have a $2,200.00 price target on the bank’s stock, down from their previous price target of $2,300.00. JPMorgan Chase & Co.‘s price objective would indicate a potential downside of 7.40% from the company’s current price.

Several other analysts have also recently commented on FCNCA. Jefferies Financial Group reiterated a “hold” rating and issued a $2,550.00 price objective on shares of First Citizens BancShares in a research note on Friday. Fundamental Research set a $2,350.00 target price on shares of First Citizens BancShares in a research report on Wednesday, July 1st. Truist Financial upped their target price on shares of First Citizens BancShares from $2,150.00 to $2,323.00 and gave the stock a “hold” rating in a research report on Tuesday, July 28th. UBS Group assumed coverage on shares of First Citizens BancShares in a report on Monday, September 14th. They issued a “neutral” rating and a $2,250.00 target price for the company. Finally, Barclays set a $2,650.00 price target on shares of First Citizens BancShares in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, First Citizens BancShares currently has a consensus rating of “Hold” and a consensus price target of $2,293.62.

First Citizens BancShares Price Performance

FCNCA stock opened at $2,375.84 on Monday. The company has a fifty day moving average price of $2,134.59 and a 200 day moving average price of $2,088.78. First Citizens BancShares has a 12 month low of $1,735.03 and a 12 month high of $2,429.96. The company has a market cap of $26.82 billion, a price-to-earnings ratio of 12.17, a price-to-earnings-growth ratio of 1.76 and a beta of 0.58. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.00 and a quick ratio of 1.00.

First Citizens BancShares (NASDAQ:FCNCA) last announced its earnings results on Friday, October 23rd. The bank reported $55.37 earnings per share for the quarter, beating the consensus estimate of $46.18 by $9.19. The company had revenue of $2.27 billion for the quarter, compared to the consensus estimate of $2.23 billion. First Citizens BancShares had a return on equity of 12.49% and a net margin of 16.54%. Sell-side analysts expect that First Citizens BancShares will post 193.20 earnings per share for the current year.

Insider Buying and Selling at First Citizens BancShares

In related news, Director Diane E. Morais acquired 50 shares of the stock in a transaction dated Wednesday, August 19th. The stock was bought at an average cost of $2,168.11 per share, with a total value of $108,405.50. Following the purchase, the director directly owned 100 shares of the company’s stock, valued at approximately $216,811. This represents a 100.00% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Olivia Britton Holding sold 7,000 shares of the company’s stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $19.53, for a total value of $136,710.00. Following the sale, the insider owned 15,000 shares of the company’s stock, valued at $292,950. This represents a 31.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 14.63% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP boosted its position in shares of First Citizens BancShares by 1.5% in 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. Reinhart Partners LLC. boosted its holdings in First Citizens BancShares by 7.5% in the 2nd quarter. Reinhart Partners LLC. now owns 84,206 shares of the bank’s stock worth $175,253,000 after acquiring an additional 5,909 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in 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 worth $174,048,000 after acquiring an additional 15,788 shares during the period. Check Capital Management Inc. CA grew its position in First Citizens BancShares by 3.0% in the first quarter. Check Capital Management Inc. CA now owns 44,068 shares of the bank’s stock valued at $83,054,000 after acquiring an additional 1,280 shares in the last quarter. Finally, First Trust Advisors LP grew its position in First Citizens BancShares by 44.7% in the first quarter. First Trust Advisors LP now owns 43,247 shares of the bank’s stock valued at $81,506,000 after acquiring an additional 13,366 shares in the last quarter. Institutional investors and hedge funds own 78.01% of the company’s stock.

About First Citizens BancShares

First Citizens BancShares, Inc is a bank holding company headquartered in Raleigh, North Carolina. Its principal subsidiary, First-Citizens Bank & Trust Company, provides banking and financial services to individuals, businesses, and institutions through a network of branches and digital banking channels.

The bank offers deposit accounts, consumer and residential lending, commercial and industrial loans, commercial real estate financing, equipment finance, treasury management, and payment services.