UBS Group Upgrades First Citizens BancShares (NASDAQ:FCNCA) to Hold

Key Points

• UBS Group upgraded First Citizens BancShares to “Hold”, aligning with the broader analyst consensus. Eleven analysts rate the stock Hold, while the consensus price target is $2,272.54.
• First Citizens reported strong quarterly results, with $57.09 in earnings per share and $2.43 billion in revenue, exceeding analyst expectations of $0.41 EPS and $2.16 billion in revenue.
• FCNCA shares opened at $2,173.88, near their 50-day moving average, while institutional investors own 78.01% of the stock. Director Diane Morais also recently purchased 50 shares worth approximately $108,406.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) was upgraded by investment analysts at UBS Group to a "hold" rating in a research report issued to clients and investors on Monday, Zacks reports.

A number of other research analysts have also recently commented on FCNCA. Weiss Ratings raised First Citizens BancShares from a "hold (c+)" rating to a "buy (b)" rating in a report on Tuesday, August 11th. Citigroup restated a "neutral" rating on shares of First Citizens BancShares in a research report on Friday, July 24th. Truist Financial lifted their target price on First Citizens BancShares from $2,150.00 to $2,323.00 and gave the stock a "hold" rating in a report on Tuesday, July 28th. Wall Street Zen raised First Citizens BancShares from a "sell" rating to a "hold" rating in a research report on Saturday, June 27th. Finally, JPMorgan Chase & Co. raised their price target on First Citizens BancShares from $2,350.00 to $2,450.00 and gave the stock a "neutral" rating in a research report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $2,272.54.

First Citizens BancShares Trading Up 0.0%

Shares of NASDAQ:FCNCA opened at $2,173.88 on Monday. The stock has a 50 day moving average of $2,169.56 and a 200 day moving average of $2,043.29. The company has a market cap of $24.54 billion, a PE ratio of 11.62, a price-to-earnings-growth ratio of 1.64 and a beta of 0.60. First Citizens BancShares has a 12-month low of $1,623.76 and a 12-month high of $2,296.30. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.59.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its earnings results on Thursday, July 23rd. The bank reported $57.09 EPS for the quarter, topping analysts' consensus estimates of $0.41 by $56.68. First Citizens BancShares had a net margin of 16.28% and a return on equity of 12.07%. The company had revenue of $2.43 billion for the quarter, compared to analysts' expectations of $2.16 billion. As a group, equities research analysts expect that First Citizens BancShares will post 192.11 EPS for the current year.

Insider Activity at First Citizens BancShares

In other news, Director Diane Morais bought 50 shares of the firm's stock in a transaction that occurred on Wednesday, August 19th. The stock was bought at an average price of $2,168.11 per share, with a total value 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. The trade was a 100.00% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 14.63% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First Citizens BancShares

Several institutional investors and hedge funds have recently bought and sold shares of the company. Check Capital Management Inc. CA boosted its position in First Citizens BancShares by 21.0% in the fourth quarter. Check Capital Management Inc. CA now owns 42,788 shares of the bank's stock valued at $91,831,000 after buying an additional 7,424 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of First Citizens BancShares by 181.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,438 shares of the bank's stock worth $3,087,000 after purchasing an additional 927 shares during the last quarter. Mizuho Markets Cayman LP acquired a new position in First Citizens BancShares during the fourth quarter valued at $17,191,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund acquired a new position in First Citizens BancShares during the fourth quarter valued at $5,226,000. Finally, Swedbank AB lifted its position in First Citizens BancShares by 61.0% during the fourth quarter. Swedbank AB now owns 4,410 shares of the bank's stock valued at $9,465,000 after purchasing an additional 1,671 shares during the period. 78.01% of the stock is owned by hedge funds and other institutional investors.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc is the financial holding company for First-Citizens Bank & Trust Company, which operates under the First Citizens Bank name. Headquartered in Raleigh, North Carolina, the company provides banking and financial services to individuals, businesses, nonprofit organizations and government entities.

Its offerings include checking and savings accounts, consumer and commercial loans, mortgages, credit cards, cash-management and treasury services, investment services, and wealth management.

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