First Citizens BancShares (NASDAQ:FCNCA) Cut to Hold at Citigroup

First Citizens BancShares (NASDAQ:FCNCA) was downgraded by investment analysts at Citigroup from a “strong-buy” rating to a “hold” rating in a note issued to investors on Tuesday,Zacks.com reports.

Other research analysts have also issued research reports about the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of First Citizens BancShares in a research note on Monday, December 9th. They issued a “buy” rating and a $2,600.00 target price for the company. Keefe, Bruyette & Woods cut First Citizens BancShares from an “outperform” rating to a “market perform” rating and upped their price target for the company from $2,100.00 to $2,500.00 in a report on Wednesday, December 4th. Wedbush decreased their price objective 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. UBS Group started coverage on First Citizens BancShares in a research report on Tuesday. They set a “buy” rating and a $2,700.00 price objective on the stock. Finally, JPMorgan Chase & Co. reduced their target price on First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. Seven research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $2,243.64.

First Citizens BancShares Trading Up 2.0 %

First Citizens BancShares stock opened at $2,070.94 on Tuesday. The business’s 50-day simple moving average is $2,122.95 and its 200-day simple moving average is $1,948.22. First Citizens BancShares has a 52 week low of $1,363.97 and a 52 week high of $2,388.78. The firm has a market capitalization of $28.97 billion, a PE ratio of 11.86 and a beta of 0.83. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings data on Thursday, October 24th. The bank reported $45.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $47.40 by ($1.53). The company had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.36 billion. First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. During the same quarter in the previous year, the business posted $55.92 EPS. Equities research analysts forecast that First Citizens BancShares will post 187.88 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in FCNCA. Brooklyn Investment Group bought a new position in First Citizens BancShares in the 3rd quarter valued at $39,000. GAMMA Investing LLC increased its position in First Citizens BancShares by 129.6% in the third quarter. GAMMA Investing LLC now owns 62 shares of the bank’s stock worth $114,000 after purchasing an additional 35 shares during the period. National Bank of Canada FI raised its holdings in First Citizens BancShares by 17.7% during the 2nd quarter. National Bank of Canada FI now owns 73 shares of the bank’s stock worth $124,000 after purchasing an additional 11 shares during the last quarter. Quarry LP acquired a new position in First Citizens BancShares during the 2nd quarter valued at about $126,000. Finally, Private Trust Co. NA lifted its holdings in First Citizens BancShares by 2,100.0% in the third quarter. Private Trust Co. NA now owns 88 shares of the bank’s stock valued at $162,000 after buying an additional 84 shares during the period. 78.01% of the stock is owned by 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.