First Citizens BancShares (NASDAQ:FCNCA) Stock Keeps Underweight Rating at JPMorgan Chase & Co.

Key Points

• JPMorgan reiterated its “underweight” rating on First Citizens BancShares and cut its price target from $2,300 to $2,200, implying 7.4% downside from the stock’s current price.
• Analyst sentiment is broadly cautious: the stock carries an average “hold” rating and an average price target of $2,293.62, based on one strong buy, two buys, ten holds, and one sell rating.
• First Citizens exceeded quarterly expectations, reporting $55.37 in EPS versus the $46.18 consensus estimate and $2.27 billion in revenue versus $2.23 billion expected.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report)'s stock had its "underweight" rating reiterated by investment analysts at JPMorgan Chase & Co. in a report issued on Monday, Benzinga reports. They currently have a $2,200.00 price objective on the bank's stock, down from their prior price objective of $2,300.00. JPMorgan Chase & Co.'s price target suggests a potential downside of 7.40% from the stock's current price.

A number of other research analysts also recently issued reports on the stock. Citigroup restated a "neutral" rating on shares of First Citizens BancShares in a research report on Thursday, October 1st. UBS Group initiated coverage on First Citizens BancShares in a research report on Monday, September 14th. They set a "neutral" rating and a $2,250.00 target price on the stock. Fundamental Research set a $2,350.00 target price on First Citizens BancShares in a research note on Wednesday, July 1st. Weiss Ratings raised shares of First Citizens BancShares from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, October 16th. Finally, Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $2,300.00 price objective on shares of First Citizens BancShares in a research report on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $2,293.62.

First Citizens BancShares Price Performance

NASDAQ FCNCA opened at $2,375.84 on Monday. The business has a fifty day moving average price of $2,134.59 and a two-hundred day moving average price of $2,088.78. 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 has a fifty-two week low of $1,735.03 and a fifty-two week high of $2,429.96. The stock has a market capitalization of $26.82 billion, a PE ratio of 12.17, a PEG ratio of 1.76 and a beta of 0.58.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings results on Friday, October 23rd. The bank reported $55.37 earnings per share (EPS) 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 analyst estimates of $2.23 billion. First Citizens BancShares had a net margin of 16.54% and a return on equity of 12.49%. Equities analysts expect that First Citizens BancShares will post 193.20 earnings per share for the current fiscal year.

Insider Activity at First Citizens BancShares

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

Hedge Funds Weigh In On First Citizens BancShares

Several large investors have recently made changes to their positions in FCNCA. Allspring Global Investments Holdings LLC increased its stake in First Citizens BancShares by 20.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 91,876 shares of the bank's stock valued at $174,048,000 after purchasing an additional 15,788 shares during the last quarter. First Trust Advisors LP raised its holdings in First Citizens BancShares by 44.7% during the first quarter. First Trust Advisors LP now owns 43,247 shares of the bank's stock worth $81,506,000 after purchasing an additional 13,366 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of First Citizens BancShares by 137.9% during the 1st quarter. Renaissance Technologies LLC now owns 15,286 shares of the bank's stock worth $28,809,000 after buying an additional 8,860 shares during the last quarter. Reinhart Partners LLC. lifted its position in shares of First Citizens BancShares by 7.5% during the 2nd quarter. Reinhart Partners LLC. now owns 84,206 shares of the bank's stock worth $175,253,000 after buying an additional 5,909 shares during the last quarter. Finally, Sei Investments Co. lifted its position in shares of First Citizens BancShares by 36.3% during the 1st quarter. Sei Investments Co. now owns 13,413 shares of the bank's stock worth $25,279,000 after buying an additional 3,573 shares during the last quarter. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

First Citizens BancShares Company Profile

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.

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