First Citizens BancShares (NASDAQ:FCNCA) Stock Price Target Raised at Truist Financial

Key Points

• Truist Financial raised its price target for First Citizens BancShares from $2,323 to $2,470 while maintaining a “hold” rating, implying roughly 5% upside. Analysts overall also rate the stock “Hold,” with a consensus target of $2,355.31.
• First Citizens exceeded quarterly expectations, reporting $55.37 in EPS versus the $46.18 estimate and $2.27 billion in revenue versus $2.23 billion expected.
• The bank authorized a $1.2 billion share-repurchase program, allowing it to buy back up to 4.5% of outstanding shares; FCNCA recently traded near $2,353, close to its 52-week high of $2,429.96.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) had its target price raised by equities research analysts at Truist Financial from $2,323.00 to $2,470.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a "hold" rating on the bank's stock. Truist Financial's price target indicates a potential upside of 4.98% from the stock's current price.

Several other research analysts have also recently issued reports on FCNCA. JPMorgan Chase & Co. restated an "underweight" rating and issued a $2,200.00 price objective (down from $2,300.00) on shares of First Citizens BancShares in a research note on Monday. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $2,300.00 target price on shares of First Citizens BancShares in a research report on Thursday, July 9th. Fundamental Research set a $2,350.00 price target on shares of First Citizens BancShares in a report on Wednesday, July 1st. The Goldman Sachs Group raised their price target on shares of First Citizens BancShares from $2,100.00 to $2,340.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 7th. Finally, 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. One 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 given a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $2,355.31.

First Citizens BancShares Stock Performance

FCNCA stock traded down $2.60 during midday trading on Wednesday, reaching $2,352.91. The stock had a trading volume of 33,582 shares, compared to its average volume of 82,965. The stock has a market cap of $26.56 billion, a PE ratio of 12.05, a P/E/G ratio of 1.76 and a beta of 0.58. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a fifty day simple moving average of $2,139.47 and a two-hundred day simple moving average of $2,062.00. First Citizens BancShares has a 52-week low of $1,735.03 and a 52-week high of $2,429.96.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its quarterly earnings results on Friday, October 23rd. The bank reported $55.37 EPS for the quarter, topping analysts' consensus estimates of $46.18 by $9.19. The company had revenue of $2.27 billion during the quarter, compared to analysts' expectations of $2.23 billion. First Citizens BancShares had a return on equity of 12.49% and a net margin of 16.54%. As a group, equities research analysts anticipate that First Citizens BancShares will post 194.20 EPS for the current year.

First Citizens BancShares declared that its board has authorized a share buyback plan on Friday, October 23rd that authorizes the company to repurchase $1.20 billion in outstanding shares. This buyback authorization authorizes the bank to repurchase up to 4.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.

Insider Activity

In related news, major shareholder Olivia Britton Holding sold 7,000 shares of the firm's 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 directly owned 15,000 shares of the company's stock, valued at $292,950. This trade represents a 31.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Diane E. Morais bought 50 shares of the company's stock in a transaction that occurred on Wednesday, August 19th. The shares were bought at an average cost of $2,168.11 per share, for a total transaction of $108,405.50. Following the completion of the acquisition, the director owned 100 shares of the company's stock, valued at $216,811. This trade represents a 100.00% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 14.63% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of FCNCA. Dimensional Fund Advisors LP boosted its holdings in First Citizens BancShares by 1.5% during the first quarter. Dimensional Fund Advisors LP now owns 125,947 shares of the bank's stock worth $237,333,000 after buying an additional 1,886 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings 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 buying an additional 15,788 shares in the last quarter. Reinhart Partners LLC. raised its position in shares of First Citizens BancShares by 7.5% in the second quarter. Reinhart Partners LLC. now owns 84,206 shares of the bank's stock worth $175,253,000 after acquiring an additional 5,909 shares during the period. Check Capital Management Inc. CA raised its position in shares of First Citizens BancShares by 3.0% in the first quarter. Check Capital Management Inc. CA now owns 44,068 shares of the bank's stock worth $83,054,000 after acquiring an additional 1,280 shares during the period. Finally, First Trust Advisors LP boosted its stake in shares of First Citizens BancShares by 44.7% during the 1st quarter. First Trust Advisors LP now owns 43,247 shares of the bank's stock worth $81,506,000 after acquiring an additional 13,366 shares in the last quarter. 78.01% of the stock is owned by institutional investors and hedge funds.

About First Citizens BancShares

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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