First Citizens BancShares (NASDAQ:FCNCA) Stock Rating Upgraded by StockNews.com

First Citizens BancShares (NASDAQ:FCNCA) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

FCNCA has been the topic of a number of other reports. JPMorgan Chase & Co. reduced their price target on shares of First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating on the stock in a research report on Friday, October 25th. Keefe, Bruyette & Woods boosted their price target on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Wedbush lowered their price target on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. Piper Sandler upped their price objective on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Finally, Barclays increased their price target on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, First Citizens BancShares currently has a consensus rating of “Moderate Buy” and a consensus target price of $2,025.90.

First Citizens BancShares Trading Down 0.5 %

First Citizens BancShares stock traded down $11.05 during mid-day trading on Thursday, hitting $2,152.02. 82,152 shares of the stock were exchanged, compared to its average volume of 87,549. The firm’s fifty day simple moving average is $1,967.24 and its two-hundred day simple moving average is $1,867.87. The stock has a market capitalization of $31.14 billion, a price-to-earnings ratio of 12.33 and a beta of 0.80. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68. First Citizens BancShares has a 12 month low of $1,363.97 and a 12 month high of $2,275.90.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings data on Thursday, October 24th. The bank reported $45.87 EPS for the quarter, missing the consensus estimate of $47.40 by ($1.53). The business had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.36 billion. First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%. During the same period last year, the company earned $55.92 earnings per share. Analysts forecast that First Citizens BancShares will post 189.06 EPS for the current year.

First Citizens BancShares declared that its board has approved a stock buyback program on Thursday, July 25th that authorizes the company to buyback $3.50 billion in shares. This buyback authorization authorizes the bank to repurchase up to 12.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Envestnet Portfolio Solutions Inc. lifted its holdings in shares of First Citizens BancShares by 13.7% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 183 shares of the bank’s stock valued at $299,000 after buying an additional 22 shares during the period. Empowered Funds LLC purchased a new position in First Citizens BancShares during the first quarter worth $263,000. Sei Investments Co. increased its position in First Citizens BancShares by 67.5% during the first quarter. Sei Investments Co. now owns 6,067 shares of the bank’s stock worth $9,921,000 after buying an additional 2,444 shares in the last quarter. Russell Investments Group Ltd. increased its position in First Citizens BancShares by 46.3% during the first quarter. Russell Investments Group Ltd. now owns 10,305 shares of the bank’s stock worth $16,849,000 after buying an additional 3,260 shares in the last quarter. Finally, US Bancorp DE increased its position in First Citizens BancShares by 1.9% during the first quarter. US Bancorp DE now owns 632 shares of the bank’s stock worth $1,033,000 after buying an additional 12 shares in the last quarter. 61.18% of the stock is owned by institutional investors and hedge funds.

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.