Barclays Issues Pessimistic Forecast for First Citizens BancShares (NASDAQ:FCNCA) Stock Price

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) had its target price dropped by analysts at Barclays from $2,568.00 to $2,400.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an "equal weight" rating on the bank's stock. Barclays's target price would suggest a potential upside of 36.58% from the stock's previous close.

Several other equities research analysts have also issued reports on FCNCA. Piper Sandler upgraded shares of First Citizens BancShares from a "neutral" rating to an "overweight" rating and set a $2,250.00 target price for the company in a report on Tuesday, March 11th. The Goldman Sachs Group decreased their price objective on shares of First Citizens BancShares from $2,535.00 to $2,200.00 and set a "buy" rating for the company in a report on Tuesday, March 18th. JPMorgan Chase & Co. lifted their price objective on shares of First Citizens BancShares from $2,550.00 to $2,600.00 and gave the company an "overweight" rating in a report on Tuesday, January 7th. Keefe, Bruyette & Woods lifted their price objective on shares of First Citizens BancShares from $2,500.00 to $2,600.00 and gave the company an "outperform" rating in a report on Monday, January 27th. Finally, Truist Financial boosted their price target on shares of First Citizens BancShares from $2,303.00 to $2,384.00 and gave the company a "hold" rating in a report on Wednesday, January 29th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $2,330.82.

First Citizens BancShares Stock Performance

Shares of First Citizens BancShares stock traded down $35.78 during trading hours on Friday, reaching $1,757.27. 24,162 shares of the stock traded hands, compared to its average volume of 88,664. The company has a 50 day moving average price of $1,802.34 and a 200 day moving average price of $2,021.89. The firm has a market capitalization of $23.86 billion, a price-to-earnings ratio of 9.28, a P/E/G ratio of 0.94 and a beta of 0.66. First Citizens BancShares has a one year low of $1,473.62 and a one year high of $2,412.93. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The bank reported $37.79 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $37.72 by $0.07. The firm had revenue of $2.30 billion during the quarter, compared to analysts' expectations of $2.22 billion. First Citizens BancShares had a net margin of 18.55% and a return on equity of 13.22%. On average, equities research analysts expect that First Citizens BancShares will post 167.59 earnings per share for the current fiscal year.

Insider Activity

In other First Citizens BancShares news, CFO Craig L. Nix acquired 17 shares of the firm's stock in a transaction dated Friday, March 7th. The stock was purchased at an average price of $1,881.13 per share, for a total transaction of $31,979.21. Following the acquisition, the chief financial officer now owns 1,141 shares in the company, valued at approximately $2,146,369.33. This trade represents a 1.51 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 13.40% of the company's stock.

Institutional Trading of First Citizens BancShares

Several hedge funds and other institutional investors have recently made changes to their positions in FCNCA. MassMutual Private Wealth & Trust FSB raised its stake in First Citizens BancShares by 54.5% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank's stock worth $32,000 after acquiring an additional 6 shares during the last quarter. Financial Life Planners purchased a new position in First Citizens BancShares in the 4th quarter worth $33,000. Hemington Wealth Management raised its stake in First Citizens BancShares by 60.0% in the 4th quarter. Hemington Wealth Management now owns 16 shares of the bank's stock worth $33,000 after acquiring an additional 6 shares during the last quarter. Duncker Streett & Co. Inc. purchased a new position in First Citizens BancShares in the 4th quarter worth $36,000. Finally, Mather Group LLC. raised its stake in First Citizens BancShares by 38.5% in the 4th quarter. Mather Group LLC. now owns 18 shares of the bank's stock worth $38,000 after acquiring an additional 5 shares during the last quarter. Hedge funds and other institutional investors own 78.01% of the company's stock.

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.