First Citizens BancShares (NASDAQ:FCNCA) Shares Gap Up to $1,862.27

First Citizens BancShares, Inc. (NASDAQ:FCNCA) shares gapped up before the market opened on Thursday . The stock had previously closed at $1,862.27, but opened at $1,927.30. First Citizens BancShares shares last traded at $1,985.22, with a volume of 5,251 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $2,100.00 target price (up from $1,900.00) on shares of First Citizens BancShares in a research note on Friday, April 26th. Barclays upped their target price on shares of First Citizens BancShares from $1,850.00 to $1,950.00 and gave the stock an “equal weight” rating in a research note on Friday, April 26th. DA Davidson reaffirmed a “neutral” rating and set a $1,650.00 price target (up previously from $1,600.00) on shares of First Citizens BancShares in a research note on Monday, April 15th. Raymond James raised First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price objective on the stock in a research note on Tuesday, July 2nd. Finally, Jefferies Financial Group assumed coverage on First Citizens BancShares in a report on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 price objective on the stock. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $1,857.18.

First Citizens BancShares Stock Performance

The firm has a 50 day moving average price of $1,723.79 and a 200-day moving average price of $1,617.85. The stock has a market capitalization of $28.77 billion, a PE ratio of 10.98 and a beta of 0.83. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 1.77.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings data on Thursday, April 25th. The bank reported $52.92 EPS for the quarter, beating the consensus estimate of $44.27 by $8.65. First Citizens BancShares had a net margin of 18.22% and a return on equity of 15.48%. The business had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.30 billion. Research analysts expect that First Citizens BancShares, Inc. will post 191.52 EPS for the current fiscal year.

Insider Buying and Selling at First Citizens BancShares

In other news, Director Ellen R. Alemany sold 1,000 shares of the company’s stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $1,757.27, for a total value of $1,757,270.00. Following the sale, the director now owns 1,335 shares in the company, valued at $2,345,955.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other First Citizens BancShares news, Director Ellen R. Alemany sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $1,757.27, for a total value of $1,757,270.00. Following the sale, the director now directly owns 1,335 shares of the company’s stock, valued at $2,345,955.45. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Ellen R. Alemany sold 516 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $1,750.00, for a total value of $903,000.00. Following the transaction, the director now directly owns 819 shares of the company’s stock, valued at $1,433,250. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,000 shares of company stock worth $5,273,568. Insiders own 13.40% of the company’s stock.

Hedge Funds Weigh In On First Citizens BancShares

Several hedge funds and other institutional investors have recently modified their holdings of FCNCA. LRI Investments LLC lifted its position in First Citizens BancShares by 1,005.0% during the second quarter. LRI Investments LLC now owns 221 shares of the bank’s stock worth $373,000 after buying an additional 201 shares in the last quarter. Colton Groome Financial Advisors LLC purchased a new position in shares of First Citizens BancShares during the 2nd quarter worth $337,000. SeaCrest Wealth Management LLC acquired a new position in shares of First Citizens BancShares during the 2nd quarter valued at about $278,000. Mason & Associates Inc purchased a new stake in shares of First Citizens BancShares in the second quarter valued at about $204,000. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its position in First Citizens BancShares by 6.9% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 25,380 shares of the bank’s stock worth $42,730,000 after purchasing an additional 1,628 shares during the last quarter. 61.18% of the stock is owned by hedge funds and other institutional investors.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc operates as the holding company for First-Citizens Bank & Trust Company that provides retail and commercial banking services to individuals, businesses, and professionals. The company's deposit products include checking, savings, money market, and time deposit accounts.