First Citizens BancShares (NASDAQ:FCNCA) Stock Price Target Lowered at JPMorgan Chase & Co.

Key Points

• JPMorgan lowered First Citizens BancShares’ price target to $2,300 from $2,450 while maintaining a neutral rating, implying approximately 14% upside from the reported share price.
• Analyst sentiment remains cautious: MarketBeat reports an overall “Hold” consensus and an average price target of $2,261, despite one analyst rating the stock a Strong Buy and two rating it a Buy.
• FCNCA shares fell $42.63 to $2,017.57 during Thursday trading. The bank recently exceeded quarterly expectations, reporting $57.09 in earnings per share and $2.43 billion in revenue.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) had its target price reduced by research analysts at JPMorgan Chase & Co. from $2,450.00 to $2,300.00 in a research note issued on Thursday, Benzinga reports. The firm presently has a "neutral" rating on the bank's stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 14.00% from the stock's current price.

A number of other research analysts have also commented on the stock. Piper Sandler upped their price target on shares of First Citizens BancShares from $2,050.00 to $2,100.00 and gave the company a "neutral" rating in a research note on Monday, July 27th. Barclays boosted their price objective on First Citizens BancShares from $2,346.00 to $2,376.00 and gave the stock an "equal weight" rating in a report on Monday, July 27th. Fundamental Research set a $2,350.00 target price on First Citizens BancShares in a research note on Wednesday, July 1st. Jefferies Financial Group reaffirmed a "hold" rating and issued a $2,300.00 price objective on shares of First Citizens BancShares in a report on Thursday, July 23rd. Finally, Weiss Ratings raised shares of First Citizens BancShares from a "hold (c+)" rating to a "buy (b)" rating in a research report on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $2,261.00.

First Citizens BancShares Stock Performance

First Citizens BancShares stock traded down $42.63 during mid-day trading on Thursday, hitting $2,017.57. 15,238 shares of the company's stock traded hands, compared to its average volume of 82,912. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a 50 day simple moving average of $2,170.47 and a two-hundred day simple moving average of $2,057.19. First Citizens BancShares has a fifty-two week low of $1,623.76 and a fifty-two week high of $2,296.30. The stock has a market cap of $22.78 billion, a price-to-earnings ratio of 10.75, a P/E/G ratio of 1.54 and a beta of 0.60.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The bank reported $57.09 earnings per share for the quarter, beating the consensus estimate of $0.41 by $56.68. The company had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.16 billion. First Citizens BancShares had a net margin of 16.28% and a return on equity of 12.07%. On average, research analysts expect that First Citizens BancShares will post 191.94 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Diane E. Morais bought 50 shares of the business's stock in a transaction on Wednesday, August 19th. The shares were purchased at an average price of $2,168.11 per share, for a total transaction of $108,405.50. Following the completion of the transaction, the director directly owned 100 shares of the company's stock, valued at approximately $216,811. This represents a 100.00% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Olivia Britton Holding sold 7,000 shares of the business's stock in a transaction on 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 in the company, valued at $292,950. This represents a 31.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 14.63% of the company's stock.

Institutional Trading of First Citizens BancShares

Several institutional investors have recently modified their holdings of FCNCA. Hilton Head Capital Partners LLC bought a new position in shares of First Citizens BancShares during the fourth quarter worth about $26,000. Integrated Wealth Concepts LLC bought a new position in First Citizens BancShares during the second quarter worth $31,000. Jones Financial Companies Lllp bought a new stake in First Citizens BancShares during the second quarter valued at $42,000. Reflection Asset Management bought a new position in shares of First Citizens BancShares in the 4th quarter worth about $45,000. Finally, Global Assets Advisory LLC bought a new stake in shares of First Citizens BancShares during the 1st quarter valued at about $45,000. Institutional investors own 78.01% of the company's stock.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc is a financial holding company headquartered in Raleigh, North Carolina. Through its principal subsidiary, First-Citizens Bank & Trust Company, the company provides banking and financial services to individuals, businesses, nonprofit organizations and government entities.

Its offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, treasury management, wealth management and investment services.

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